Scribd
Upload
150 views

Fabm2 Lesson10 Accounting Practice Set

This document provides instructions for completing an accounting practice set for a merchandising business. It discusses different types of business forms like purchase requests, purchase orders, delivery receipts, invoices, and check vouchers. It associates these forms with the appropriate accounting books, like cash disbursement books, cash receipts books, sales journals, and purchases journals. The instructions guide the user to fill out the business and bank forms for sample transactions. They are to record the transactions in journals, post to ledgers, prepare a trial balance, make adjusting entries, and produce financial statements. Closing entries are also prepared to complete the practice set.

Uploaded by

Trisha Torres
Copyright
© © All Rights Reserved
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
150 views

Fabm2 Lesson10 Accounting Practice Set

This document provides instructions for completing an accounting practice set for a merchandising business. It discusses different types of business forms like purchase requests, purchase orders, delivery receipts, invoices, and check vouchers. It associates these forms with the appropriate accounting books, like cash disbursement books, cash receipts books, sales journals, and purchases journals. The instructions guide the user to fill out the business and bank forms for sample transactions. They are to record the transactions in journals, post to ledgers, prepare a trial balance, make adjusting entries, and produce financial statements. Closing entries are also prepared to complete the practice set.

Uploaded by

Trisha Torres
Copyright
© © All Rights Reserved
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
You are on page 1/ 9

LESSON 10:

ACCOUNTING
PRACTICE SET
Prepared by: Lovely I. Gelsano
LEARNING  Submit a completed accounting practice set for a
OBJECTIVES merchandising business.
DIFFERENT
KIND OF
BUSINESS
FORMS
Check vouchers – used to
document the disbursement
Purchase request – to document the processes
process. Used to document the
involve prior to sending a confirmed order to the
following reconciliation process:
seller. This may include getting quotations from
orders are authorized, deliveries
various suppliers and securing budgetary approval to
are from valid orders, and purchase
ensure there is funding for the purchase.
invoices represent actual deliveries
and agreed upon price.

Internal business forms – forms used only within the business.


Official receipts – used to
Purchase order – a form document cash transaction.
prepared by the buyer and The entity receiving the cash
sent to the seller to document will prepare the Official
the order and agreed upon Receipts (OR). The entity
terms of the purchase. paying will receive the OR as
evidence of payment made.

External business forms – forms used by both


buyer and seller.
 Delivery receipts–a form prepared by the seller, with a copy
given to the buyer, to document the delivery of the items
ordered.
 Purchase /Sales invoice –It contains information on the
prices of the items delivered and the terms of the purchase.
This should be consistent with the information on the
purchase order. The purchase invoice and sales invoice are
the same form. It is referred to as purchase invoice by the
buyer because it documents its purchase transaction. On the
other hand, the same form is referred to as sales invoice by
the seller to document its sale transaction.

CONT.
Business Forms Accounting Books
• Associate the Check voucher (check voucher Cash disbursement books
following package includes purchase request,
purchase order, delivery receipts and
business forms purchase invoice), suppliers’ official
with the receipt received for cash payment.
respective Official receipt issued for cash Cash receipts books
payment and cash register tapes.
accounting
Sales invoice issued to customers. Sales journal
books: Purchase invoice received from Purchases journal
seller.
Fill out the business and bank forms to document the given business transactions.

Go through Record the business transactions in the appropriate journal. Use the general and special
journals provided in the accounting practice set.
the instruction
to fill up the Post the journal entries in the appropriate subsidiary ledgers and general ledger accounts.

accounting Summarize the ledger accounts and list the balances on the trial balance.
practice set.
This will
Record the necessary adjusting entries. Information to prepare the adjusting entries are
normally provided in the accounting practice set.

normally Prepare the financial statements from the trial balance.


include the
following: Prepare necessary closing entries and record on the general journal and ledger.

You may perform financial statement analysis of the completed financial statements.
END.

You might also like