Page 36 - F3 -FA Integrated Workbook STUDENT 2018-19
P. 36

Chapter 3




                          Overview











                                             Transaction occurs







                                                  Recorded in                      Day books
                    Simple lists of                 books of
                  daily transactions                                               Cash book
                                                  prime entry                      The journal





                     Accounting                      Used to                    Double-entry used
                   equation must                update ledger                  to reflect ‘duality’ of
                   always balance                   accounts                       transactions







                                                                              Ledgers balanced to
                                                                                prepare basic trial
                                                                                   balance (see
                                                                                separate chapter)





















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