SESSION 1 LEARNING OBJECTIVESL01 Understand the principles of processing financial transactionsExplain the purpose and content of the books of prime entry (1.2)
L02 Understand the double entry bookkeeping system
Explain the accounting equation and how it relates to a double entry bookkeeping system.(2.1)
Outline how the books of prime entry integrate with the double entry bookkeeping system. (2.2)
Describe the processing of financial transactions from the books of prime entry into the double entry bookkeeping system (2.4)
Define capital income and capital expenditure (2.5)
Define revenue income and revenue expenditure (2.6)
AAT Level 2 Standards: ow.ly/RfqUT
PBKT AAT Study and Assessment Guide: ow.ly/RflwJ
To achieve these learning objectives you will:
scan relevant sources to research topic questions
critically assess presentation techniques and prepare a group presentation to explain research findings.
select appropriate note making techniques to prepare individual revision aids.
Give and receive feedback from peers to check understanding
1. Watch the video on this page which gives a brief introduction and timeline of the double entry bookkeeping system. 2. In your teams, scan the resources in the following link to answer one set of the questions below. http://accessyoutube.org.uk/double+entry+bookkeeping Q 1 - What is double-entry bookkeeping?
Explain the purpose of a double entry accounting system.
Give a definition for a double entry in accounting.
Describe the differences between double entry bookkeeping and single entry bookkeeping.
Q 2 - What is an account?
Explain the purpose of accounts.
Give definitions for the five different categories of accounts.
Describe the differences between capital accounts and revenue accounts.
Q 3 - How is accounting information recorded?
List the processes used to record financial transactions.
Give definitions for a book of prime entry and a ledger.
Describe the purposes of contents of the books of prime entry.
Q 4 - What is the accounting equation?
State the accounting equation.
Give definitions for debit (entries) and credit (entries).
Describe how debit and credit entries affect different categories of accounts.
Extension"Luca Pacioli did invent the double entry bookkeeping system." Consider the arguments for and against this statement
1. Scan relevant sources to research topic questions
Caption: : Luca Pacioli - the Father of accounting https://youtu.be/W5AdCsjXFkQ
2. Critically assess presentation techniques and prepare a group presentation to explain research findings.
Each member of your team should create a different GoConqr activity for your question.
As a team choose the one activity which you think would be the best revision aid for your topic.
Present the chosen activity to the whole group. Explain why you think this activity was the best choice.
3. Select appropriate note making techniques to prepare individual revision aids.
Create personalised notes ensuring that they include the learning outcomes (Screen 1). You may want to create new notes or adapt others.
Share your resource(s) with the group.
4. Give and receive feedback from peers to check understanding
Critically evaluate at least 3 activities and give constructive feedback.
Review any comments made on your resource(s)
2.Prepare a group presentation 3.Prepare individual revision aids. 4.Give and receive feedback