Professional Documents
Culture Documents
Describe accounting, the different types of organisations and analyse the uses and users
of financial information, the purpose of preparing the financial reports.
Identify the accounting process by describing the transactions and sources of documents,
Analyse and record the transactions after understanding and with the knowledge of the
accounting equation, debits, credits, double entry system, journal, ledger postings, T-
Account, trial balance. Apply accounting concepts and principles to prepare financial
reports for unincorporated businesses.
Apply the various adjustments to the accounts for the preparation of Financial Statements
and able to formulate using Spread Sheets. Plan their financial needs and able to provide
information regarding the sources of capital.
Define control accounts and apply the technique of preparing the debtors control account
and creditors control account.
CHAPTER - 1
INTRODUCTION TO
ACCOUNTING
ACCOUNTING IS A LANGUAGE OF
BUSINESS.
1.Bookkeeping 2.Accounting
Bookkeeping:
Recording of data,
Classifying & Summarizing data,
Communicating what has been learned from
the data.
DEFINITION OF ACCOUNTING
vi. Investors:
i. Sole Traders
iv. Companies
i. Sole Traders:
Limited liability
Owners liability is limited to the amount invested in
the company.