Accounting students and business owners will be familiar with the different types of transactions that generate receipts, invoices, credit notes, bills, vouchers and emails.
These documents prove business activities have taken place and they fall under 4 types of transactions:
4 Types of transactions
1. Cash transactions
These are divided into cash and bank. Then, they are further divided into large and small amounts.
2. Goods for resale on credit
These are divided into sales, purchases, returns inwards and returns outwards. They are treated differently from goods for resale using cash.
3. Goods not for resale on credit
These are divided into assets, liabilities, income, capital and expenses. These are treated differently from goods not for resale using cash.
4. Transactions that do not involve money
These are opening accounts, transferring information from one account to another, correcting errors, and recording of depreciation, bad debts and investing or withdrawals of fixed assets and expenses.
As long as it enters, moves around or leaves the business, and does not involve money, it falls into this category.
These FREE posters will help you to learn about transactions quickly so that you can spend your study time learning the difficult topics. These posters will help prepare you to do homework better, pass exams or do basic accounting for a small business.
How to learn about transactions with these FREE posters
When you download these free posters to learn about transactions, you can print the documents on paper size 8.5×11 inches. There are 3 posters in landscape and portrait orientation.
Stick the posters on the wall of your study area to learn about transactions. Whenever you are doing an accounting question, make sure to look up and check your posters for guidance.
You will see that the transactions must be understood clearly in order to record them into the appropriate Journals and Ledgers.
Eventually, you would not have to look at the posters again because you would learn about transactions so well that the information would be stuck in your memories.
Download FREE posters and learn about transactions
4 Types of Transactions
Labelling Transactions
Transactions Question and Answer
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