Sunrise Pharmaceuticals’ is a combined manual and computerised practice set for a wholesale complany that buys from major pharmaceutical enterprises and sells mainly to chemists. Although it involves a private company and the application of international accoutning standards, there are not complicated corporate type transactions included within.

Part A of this practice set provides experience in manually recording and posting a variety of business transactions from information provided in source documents. This will assit students in gaining an understanding of the flow of data in an accounting system, as many of these processes are out of sight in a computerised accounting system. Completion of the practice set for a one-month period should ensure a greater appreciation of:

The steps in the accounting cycle for a business
The use of special journals for processing data more efficiently
The use of subsidiary ledgers to remove detail from the general ledger
The perpetual inventory system
The bank account reconciliation
Balance-day adjustments and the general ledger closing process
How the accounting cycle culminates in the preparation of financial statements
How the goods and services tax (GST) impacts on accounting
The variety of source documents, and
How to extract information from source documents to record transactions