Black Friday!

Whether or not you shopped till you dropped, Black Friday is one of those events that gives you the excuse to spend money. Every transaction you made purchasing an item/product, the store will give a receipt. This receipt is a proof that you have made a purchase and it is a source of evidence. This is an example of a source document. A source document is any form of payment evidence. For example, telephone bills, electricity bills and retail receipts. Make sure to hang on to them because they might come in play when a transaction goes wrong!

Equation Analysis Sheet!

We learnt how to set up Equation Analysis Sheets this chapter. Every financial change that could change the financial position is called a business transaction.  Every transaction is to be verified and neatly recorded on the equation analysis sheet. We would write the beginning transaction on the first row and then the transaction. After that row, it would be the new total. Repeated steps.