Accounting records
Accounting records are the documents, transaction data and account balances from which financial statements are prepared. They include invoices, bank records, journals, ledger accounts and supporting schedules. A useful record shows what happened, when it happened, the amount and the accounts affected, with an audit trail back to evidence. Records may be electronic or manual.
Worked example
A supplier invoice supports a credit purchase entered in the purchases records and posted to inventory or purchases and trade payables.
Common mistake
A list of cash receipts alone is incomplete: credit transactions, adjustments and liabilities must also be recorded.
Where it appears in your exams
| Qualification | Exam | Relationship | Period |
|---|---|---|---|
| ACCA | F1 | Direct | July 2027–August 2028 |
| ACCA | F2 | Direct | July 2027–August 2028 |
| ACCA | FA | Direct | September 2026–June 2027 |
| ACCA | K1 | Direct | July 2027–August 2028 |
| CIMA | BA3 | Direct | Official assessment-window verification pending |
| FIA | FFA | Direct | September 2026–June 2027 |