Sports Station: A Manual Accounting Practice Set

Abstract

Sports Station is a manual practice set, produced primarily as a teaching aid to be used in association with introductory accounting texts and the international accounting standards. This practice set provides experience in manually recording and posting a variety of business transactions common to small businesses, so that students gain an understanding of the flow of data in an accounting system. Many of these processes are out of sight in a computerised accounting system. Completion of the practice set for a one-month period should ensure a greater appreciation of: * The steps in the accounting cycle for a small business * The use of special journals for processing data more efficiently * The use of subsidiary ledgers to remove detail from the General ledger * The perpetual inventory system * The bank account reconciliation * Balance-day adjustments and the General ledger closing process * How the accounting cycle culminates in the preparation of financial statements * How the goods and services tax (GST) impacts on accounting * The variety of source documents, and * How to extract information from source documents to record transactions