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Operating the Firm and Typical Transactions

Objective 8 In this section you will learn how to enter typical transactions for our simulated company BIS Ltd over four years of operations that includes seven accounting periods.


A Review of Key Concepts in Accounting Systems: Ledgers

Typical Transaction in the Accounting System

Starting Operations

Month One First Year (M1) Accounting Period

Quarter One First Year (Q1) Typical Transactions

Quarter Two First Year (Q2) Typical Transactions

End of First Year (Y1) Typical Transactions

2nd Year (Y2) Typical Transactions

3rd Year (Y3) Typical Transactions

4th Year (Y4) Typical Transactions

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