LCCIBookKeeping2_Samplepages_001.pdf

Passport to Success

Level 2 Book-keeping and Accounts

Sample pages

For further

information

Tel. +44 (0) 8707 202909

Email. enquiries@ediplc.com

www.lcci.org.uk

London Chamber of Commerce and

Industry (LCCI) International Qualifications

are provided by EDI, a leading

international awarding body.

Passport to Success

Level 2 Book-keeping & Accounts

The initials LCCI and the words LONDON CHAMBER OF COMMERCE AND INDUSTRY are registered

trademarks belonging to the London Chamber of Commerce and Industry and are used under licence.

Every effort has been made to trace all copyright holders, but if any have been inadvertently overlooked the

Publishers will be pleased to make the necessary arrangements at the first opportunity.

First published in 2008

exclusively for EDI by

Hodder Education,

Part of Hachette Livre UK

338 Euston Road

London NW1 3BH

Impression number 5 4 3 2 1

Year 2012 2011 2010 2009 2008

reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying

and recording, or held within any information storage and retrieval system, without permission in writing

from the publisher or under licence from the Copyright Licensing Agency Limited. Further details of such

licences (for reprographic reproduction) may be obtained from the Copyright Licensing Agency Limited,

Saffron House, 6–10 Kirby Street, London EC1N 8TS.

Cover photo www.fotolia.com

Typeset in 11/13 Garamond ITC Lt by Dorchester Typesetting Group Ltd

Printed in Dubai

A catalogue record for this title is available from the British Library

ISBN: 978 1862 471122

Contents

Introduction

1 Advanced Aspects of Depreciation

2 Adjusting for Accruals and Prepayments

3 Bad Debts and Provision for Doubtful Debts

4 Introduction to Partnership Accounts

5 Admission and Retirement of Partners

6 Dissolution of a Partnership

7 Formation of a Company – Meaning, Purpose and Effect

8 Limited Companies – The Profit and Loss Account

9 Limited Companies – The Balance Sheet

10 Control Accounts

100

11 Incomplete Records

116

12 Stock Valuation

132

13 Manufacturing Accounts

144

14 Non-trading Organisations

162

15 Non-trading Organisations:

Subscriptions Account and Balance Sheet

173

16 Errors and the Use of a Suspense Account

188

17 Calculation and Interpretation of Ratios

204

18 Preparing Simple Financial Statements Using Ratios

225

Introduction

This workbook has been written specifically to help you prepare for the

LCCI IQ Level 2 Book-keeping and Accounts exam. The content is organised

and presented in chapters that map directly to the revised syllabus to ensure

that you cover all the topics for the exam. Concepts are introduced and

sequenced in a way that will help you to develop and build on your book-

keeping and accounting knowledge and skills. To help you bring together and

reinforce your learning, examples and exercises are provided with solutions

and notes to show how to apply the principles and make the necessary

calculations.

In addition, you will find the workbook language simple and easy to read.

The clear presentation and layout of the book will make it easy for you to find

specific concepts and identify key new terms, which are highlighted in blue .

To help you make the best of your learning experience the book has been

designed with the following features:

Learning targets stated at the beginning of each chapter – these outline

what you should learn by the end of the chapter. You can use these as a

checklist to make sure that you have met all the learning outcomes for

the syllabus topic.

Improve your grade – these are tips given by the Chief Examiner to

help you to do better in the exam. Tips may be given either on the

application of key accounting principles, how they are tested in the

exam or how you should respond to exam questions on the topic.

Think about it – these are questions, posed throughout the workbook,

which are designed to broaden your knowledge beyond each chapter

content and link concepts in each chapter to other concepts in the

book. This will help you understand how the different topics relate to

each other. Answers are not given in the workbook but are available in

the Solutions Booklet.

Chapter summary – highlights the key points covered in the chapter.

This provides you, at a glance, with the important points from the

chapter and gives you the opportunity to check your learning.

Target practice – questions at the end of each chapter to help you

consolidate and apply the concepts learnt. These questions are similar

to the examination questions and are therefore important for practice

and revision purposes. Answers are not provided in the workbook but

can be found in the Solutions Booklet, available for download from the

qualification page of the LCCI website, www.lcci.org.uk.

Whether you attend classes or study on your own, this workbook is an ideal

learning resource.

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