Accounting & Finance Revision — Pearson EDI Vocationally-Related Qualification
Complete Pearson EDI Vocationally-Related Qualification Accounting & Finance specification revision resources. Tailored syllabus coverage with topic breakdowns, quizzes, and practice questions.
Specification Topics
- Process routine payments and receipts using a computerised system
- Setting up accounting software to manage accounting information
- Carry out stock control processes using a computerised system
Top Exam Board Tips
- Always verify the trial balance after entering a batch of transactions to identify discrepancies early.
- Tick off each item systematically on the bank statement against the system records during reconciliation.
- Use the payroll summary to prepare salary journals and double-check the net pay control account.
- Employ the software's search and filter functions to locate transactions quickly when correcting errors.
- Allocate time in the assessment to demonstrate backup and restoration procedures, as these are frequently examined.
- Practice restoring from a sample backup multiple times to ensure you can do it under timed conditions.
- Memorise the standard chart of accounts numbering scheme to quickly set up new accounts.
- Always run an aged receivables/payables report after processing transactions to check for errors.
- Double-check journal entries by previewing the trial balance before posting.
- Read report requirements carefully; note any specific criteria like date range or customer group.
Common Mistakes to Avoid
- Failing to create a backup before restoring data, risking data loss.
- Not reconciling the petty cash float frequently, leading to unexplained differences.
- Posting non-credit payments to wrong supplier accounts due to errors in supplier selection.
- Deleting original erroneous transactions instead of posting correcting entries, destroying the audit trail.
- Omitting employer's National Insurance contributions from the salary journal.
- Misinterpreting timing differences as errors during bank reconciliation, such as classifying unpresented cheques as mistakes.
- Selecting incorrect date ranges or filters when generating reports, thus omitting or including extraneous transactions.
- Confusing data backup with data restoration; learners may overwrite current data accidentally.
Key Terminology & Definitions
- Data entry and restoration
- Petty cash processing
- Non-credit transaction management
- Error identification and correction
- Salary journal adjustments
- Bank reconciliation procedures
- System Initialisation and Data Restoration
- Chart of Accounts Configuration
- Sales and Purchase Ledger Processing
- Bank and Cash Transactions
- Journal Entries and Adjustments
- Financial Reporting and Parameterisation
- Order processing and status management
- Stock level reconciliation
- Invoice and credit note generation