Home › Subjects › O-Level Principles of Accounts › The accounting information system and the accounting cycle

O-Level The accounting information system and the accounting cycle

What the O-Level syllabus expects for The accounting information system and the accounting cycle, and how to practise it.

What the syllabus expects

• Set out the sequence in which each transaction type passes through the accounting information system
  Scope: Cycle stages: identifying and recording, adjusting, reporting, closing
• Explain the way each transaction type flows through the accounting information system
• Give the reasons source documents exist
• Give what each kind of source document is for
  Scope: Receipts, invoices, remittance advice, bank statement, payment voucher, credit notes, debit notes
• Name the source documents involved in a transaction
• Explain what the Trial Balance is for
• Explain where the Trial Balance falls short
• Draw up a Trial Balance

More O-Level Principles of Accounts topics

Roles of accounting and of accountants · Stakeholders and what they need in order to decide · Judging profitability · Judging liquidity · Judging efficiency of inventory and trade receivables management · Kinds of business · all of O-Level Principles of Accounts