Free AAT Level 2 Accounting Tutorial – Understanding Double Entry | Osborne Training

Hello there and also welcome to this short recap
session- introduction to increase entrance bookkeeping likewise a summary of the
AAT level 2 structure training course in general, alright. So, here is for those of
you that could be curious about studying the foundation degree 2 program. My name is
Emma and I will take you via this sample session. So, foundation program all at once
then for AAT, there are 2 modules linked together- bookkeeping purchases and also
accounting controls, as well as they cover dual entry bookkeeping as well as also our
acquisitions and sales major. So all our invoices, credit rating notes, and also various other
documentation that we need to refine that we after that put into our double entry
accounting system.It likewise considers

basic costing alright, so a little bit of
management audit and also how we start to cost points. And after that there'' s additionally a. computerized accounting component where we consider software that is your.
dual entry bookkeeping however on the computer system, so likes of SAGE as an example. Ideally we require our hands-on dual entrance accounting expertise to understand.
whether our details on Sage is right or not. Okay so believing of or looking at.
double-entry accounting specifically after that as we pointed out at first, so.
this is the underpinning expertise that is needed by all accountants and.
It ' s based. Every deal.
need to have two sides- one debit access and also one credit rating entrance. It complies with the principle as one side increases so the opposite side decreases,.
as well as then all our deals are published to what we call T accounts in the.
general ledger, fine. Because they are, they are called T accounts.
literally shaped like an uppercase T. Every purchase will certainly belong to one of.
these 5 categories, okay- Revenue, Expense, Asset, Responsibility, or.
Resources. Every deal will be uploaded into one of these categories. The.
5 categories then create the basis of our two major economic declarations, fine- statement of earnings or loss or declaration of economic placement. The statement of earnings or loss is built.
on the premise of revenue minus expense amounts to revenues, yet we could.
also experience a loss if we have actually invested more money than we have actually gotten. So I have actually simply included that in there in brackets. And afterwards our statement of.
economic placement is based upon the formula of obligations minus assets.
equals capital.This is also understood this sum in calculation is additionally referred to as the. accounting equation, alright.
And after that last however not least after that so how. do we remember which side whatever belongs to, so we ' ve obtained this really beneficial. acronym recognized as “DEADCLIC”, okay.
We ' ve got our Debits as well as our Expenditures as well as Properties and Drawings and then our. Credit score entries include our Responsibilities, Earnings,
and As well asFunding Okay, so really brief quick intro there to the double-entry.
So thanks significantly. for seeing and joining me, my name is Emma and also I really hope to see you once again
soon.Thank you really much!.

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