Principles of Bookkeeping Controls: AAT Level 2 Q2022 Study Guide (AAT Level 2 Q2022 Study Guides)

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This unit builds on the knowledge and skills acquired from studying Introduction to Bookkeeping and explores control accounts, journals and reconciliations. The exam kit gives you plenty of exam style questions and answers to test your knowledge and practice. Our standard delivery deadline for UK classroom courses is one week prior to the first course date. The Principles of Bookkeeping Controls (POBC) AAT Revision Kit, meticulously crafted by Premier Books, is an essential tool for individuals preparing to master the critical aspects of bookkeeping controls in accordance with the AAT curriculum. This comprehensive kit is designed to assist learners in refining their understanding of bookkeeping controls and preparing them for success in AAT exams.

Principles of Bookkeeping Controls (POBC) - Premier Books Principles of Bookkeeping Controls (POBC) - Premier Books

Tangible and intangible assets are part of the Balance Sheet. Intangible assets include royalty and goodwill, while tangible assets include the following: Knowing these nine bookkeeping basics is essential for any bookkeeper to perform their job well. They apply to almost any business type and size, which makes having these basic bookkeeping skills valuable. Studying for an AAT qualification is a much more cost-effective option for school-leavers. It offers the promise of a career in a well-respected profession and doesn’t lead to the eye-watering levels of debt associated with a typical university education. Your employer may fund the costs of your studies if you're already working in a related field and want to develop your learning. You'll need to speak to them to see if you're eligible and whether they would be willing to fund the cost. How much it costs to deliver your study materials and how long it takes depends on where in the world you live.Being able to study at home gives me so much more flexibility around my job. When it’s really busy at work I generally don’t get time to study during the week, so I make it up at the weekend" This unit builds on the knowledge and skills acquired from studying Introduction to Bookkeeping and explores control accounts, journals and reconciliations. The single-entry system is one of the two main types of bookkeeping. This works for sole proprietors and small business owners who deal with minimal and uncomplicated transactions. Aside from the Balance Sheet, bookkeepers also create the Income Statement. This covers the revenue, costs, and expenses of the business. In the retained earnings account, bookkeepers monitor any profit the company makes that isn’t paid out to owners and investors.

Principles of Bookkeeping Controls (POBC) - Study Manual Principles of Bookkeeping Controls (POBC) - Study Manual

You’ll be introduced to double-entry bookkeeping systems and ledger accounting. You will also learn how to record day-to-day financial transactions within the ledger accounts. Anyone who has not yet registered with the AAT, or registered with the AAT after the 1st September 2022, you must start on the new Q2022 syllabus. You must pass all unit assessments in the qualification you are taking. All assessments are computer-based exams and have a time restriction. As with the Balance Sheet, bookkeepers are also responsible for tagging transactions under the right accounts in the Income Statement. 9. Retained Earnings Please note that due to varying interpretations of the post-Brexit EU/UK trading agreement, some EU countries are imposing import duty on the value of the goods received from the UK. It is payable by the end consumer via the delivery company and your delivery may be withheld until paid. This may vary from country to country and be up to a value of 20% of the value of the study material.Free access to eBook version, including interactive online assessments* expertly designed to reflect the format and syllabus coverage of the AAT assessment It’s important to keep payroll expenses accurate and updated to ensure the business meets legal requirements. Bookkeeping Controls is a mandatory unit in this qualification. Learning outcomes for bookkeeping controls

Principles of Bookkeeping Controls AAT LEVEL 2 - Q2022 - Principles of Bookkeeping Controls

Cash covers both physical and electronic money (such as transferred funds). Some businesses start off by using the cash basis and as they grow, they shift to the accrual basis of accounting. 7. Accrual Basis of Accounting You’ll be awarded a grade (pass, merit, or distinction) based on how you perform across the qualification. Individual units are not awarded grades, but the marks achieved in all assessments contribute to your overall grade for the qualification. Book an exam Exams The compliance with laws and regulations are not the purpose of accounting controls, but rather to help a company be the best version of itself for all stakeholders. A noteworthy aspect of the POBC Study Manual is its practicality. It goes beyond theoretical knowledge, offering exercises, practice questions, and case studies that enable learners to apply what they’ve learned. This hands-on approach not only reinforces understanding but also equips individuals with the skills needed to implement effective bookkeeping controls in a professional setting. Liabilities cover all the payables or debts to creditors and suppliers — that is, the money owed to them. Equity covers the investment or capitalization that business owners put into the business. 8. Income Statement

The first three basics of bookkeeping discussed above are what you’ll find in the Balance Sheet. To balance the books, you need to carefully monitor the assets, liabilities, and equity. Liabilities are what the business owes. This includes short- and long-term debts: accounts payable and loans payable (current and non-current):