Ants Pants: Manual Accounting Practice Set

Ants Pants: a manual accounting practice set is designed to introduce students to the processing of accounting information for a complete accounting cycle based on the periodic inventory system. This comprehensive practice set guides students through the process of recording and preparing a range of accounting transactions.

The major advantage of teaching and learning with a manual practice set is that students will gain a genuine understanding of the underlying processes involved in preparing a set of financial statements. This same level and depth of understanding is harder to achieve with the sole use of computerised accounting practise sets and software packages as stand alone learning aids.

It has two months of transactions in order to give both lecturers and students greater flexibility in using the set over one or two semesters.

Introduction
Background
Accounting Procedures
Chart of Accounts
Requirements – Transactions for June
Requirements – Transactions for July
Documents - June
Transactions for July
Journals – June and July
General Journal
Sales and Sales Returns Journal
Purchases and Purchases Returns Journal
Cash Receipts Journal
Cash Payments Journal
Petty Cash Book
Subsidiary Ledgers – June and July
Accounts Receivable Subsidiary Ledger
Accounts Payable Subsidiary Ledger
General Ledgers – June and July
Final Statements – June and July
Bank Reconciliation Statement
Schedules of Subsidiary Ledger Balances
Worksheet
Profit and Loss Statement - June
Balance Sheet - June
Profit and Loss Statement - July
Balance Sheet - July

• Ants Pants: A Manual Accounting Practice Set is based on a wholesale business which sells a range of jeans to various retailers at competitive prices. The owner of the business has just employed a salesman and a bookkeeper to take a more active role in business operations.
• Two months of transactions are provided in order to give both lecturers and students greater flexibility in using the set over one or two semesters.
• Ants Pants has been prepared to accompany Accounting by Horngren, Harrison, Bamber, Best, Fraser and Willett, but may also be used in conjunction with other introductory accounting texts.

Robert Grose, BBusAcc, MEcon, Dip Ed, CPA, is a senior lecturer in the School of Accounting and Law at RMIT. Robert is a successful and longstanding author of both manual and computerised practice sets.