BUSS1030 Lecture Notes - Lecture 4: Financial Statement, Standard Cost Accounting, Tax Deduction

• School: University of Sydney
• Department: Business Studies
• Course: BUSS1030
• Professor: All

Document Summary

** mid-sem only covers up to half of lec 5!!! Source document first thing you have when having a transaction like evidence of transaction. Record external & non-business transaction (mostly not record) Leave post ref blank first fill in after doing ledger. Closing balance is brought down to another ledger (account) determine the real balance (debit/credit) by looking at opening balance (closing balance just simply for balancing) Balance (20286 dr/cr) manually calculate the balance. Purpose to see if debit & credit balances if not, then may have errors in either ledger/journal errors that can be detected. Post in credit side, forgot to post in debit side (total debit total credit) Post the same account twice on either debit or credit side (total debit total credit / Transposition error (total debit total credit / 9) mix up a number get a whole no without decimal places. Create more than 1 error impossible to detect.