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AAT Level 3 FAPS Exam Financial Accounting Revision Book Study Guide $10.38
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AAT Level 3 FAPS Exam Financial Accounting Revision Book Study Guide

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This study guide covers all important sections of the FAPS exam, with all the journals you need to remember importantly. It gives a good base for your revision.

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Document information

  • October 6, 2023
  • 30
  • 2023/2024
  • Other
  • Unknown

Subjects

  • book
  • revision
  • accountancy
  • aat
  • finance
  • study
  • faps
  • financial accounting
  • aat level 3
  • level 3 accounting
  • revise aat
  • revision guide
  • study guide

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  • AAT
  • AAT
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Content preview

AAT
LEVEL 3
FINANCIAL
ACCOUNTING
Chart Your Course
(Create Your Success)




PREPARING
FINANCIAL
STATEMENTS
Key Revision Points to
help you pass your exam.

,Section 1




Knowledge
Refresher
Accounting Equation
Assets - Liabilities = Capital
OR
Assets - Capital = Liabilities
OR
Assets = Liabilities + Capital



Account Descriptions
Sales Daybooks - Invoices sent to credit customers for goods or services
provided by the business.
Sales returns - Credit notes sent to credit customers for returns or to correct
errors on original invoice.
Purchase Daybooks - Invoices received from suppliers for items bought on
credit.
Purchase returns - Credit notes received from credit suppliers for returns or to
correct errors on original invoice.
Discounts allowed - Credit notes sent out regarding a prompt payment
discount.
Discounts received - Credit notes received regarding a prompt payment
discount.

, Section 1 cont.

Cash book - All bank and cash payments and receipts. This includes receipts
from credit customers and payments to credit suppliers. Importantly, it is the
first place that cash sales or purchases are recorded.
Petty cash book - Payments for expenses made out of petty cash (the small
amount of cash physically held in the business).
Journals - Accounting corrections and adjustments.

Note: The Cashbook doubles as a general ledger account for bank/cash.


Receivables Ledger Control Account

Sales Daybook DR Total - Receivables Ledger Control Account

CR Net - Sales

CR VAT

Sales Returns DR Net - Sales Returns
Daybook


DR VAT

CR Total - Receivables Ledger Control Account

Cashbook - There is DR Bank/Cash
no VAT as already
accounted for in SDB


CR Receivables Ledger Control Account

Discount Allowed DR Net - Discount Allowed
Daybook


DR VAT

CR Total - Receivables Ledger Control Account

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