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    Accounting As A System

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    julian baker
    The document outlines key accounting concepts and principles, including: (1) Accounting concepts such as accrual, matching, prudence, consistency, and separate entity; (2) The accounting cycle which involves analyzing transactions, recording them, posting to ledgers, making adjustments, preparing financial statements, and closing books; (3) Types of business organizations like sole proprietorships, partnerships, corporations and non-profits and how their accounting differs.

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    Accounting As A System

    Uploaded by

    julian baker
    21 views34 pages
    The document outlines key accounting concepts and principles, including: (1) Accounting concepts such as accrual, matching, prudence, consistency, and separate entity; (2) The accounting cycle which involves analyzing transactions, recording them, posting to ledgers, making adjustments, preparing financial statements, and closing books; (3) Types of business organizations like sole proprietorships, partnerships, corporations and non-profits and how their accounting differs.

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    ACCOUNTING AS A SYSTEM

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    The document outlines key accounting concepts and principles, including: (1) Accounting concepts such as accrual, matching, prudence, consistency, and separate entity; (2) The accounting cycle which involves analyzing transactions, recording them, posting to ledgers, making adjustments, preparing financial statements, and closing books; (3) Types of business organizations like sole proprietorships, partnerships, corporations and non-profits and how their accounting differs.

    Copyright:

    © All Rights Reserved
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    Download as pptx, pdf, or txt
    21 views34 pages

    Accounting As A System

    Uploaded by

    julian baker
    The document outlines key accounting concepts and principles, including: (1) Accounting concepts such as accrual, matching, prudence, consistency, and separate entity; (2) The accounting cycle which involves analyzing transactions, recording them, posting to ledgers, making adjustments, preparing financial statements, and closing books; (3) Types of business organizations like sole proprietorships, partnerships, corporations and non-profits and how their accounting differs.

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    ACCOUNTING AS A

    SYSTEM
    SECTION 2
    CONCEPTS - SYLLABUS

    1. outline the concepts and conventions that guide the accounting process;
    (a) accounting concepts and conventions; and,

    (b) principles which guide the accounting process:

    (i) accrual and matching;

    (ii) prudence (conservatism);

    (iii) consistency; and,

    (iv) separate entity.


    ACCOUNTING CONCEPTS

    Accounting Concepts are the assumptions on the basis of which financial


    statements of a business are prepared. The word concept means idea
    or notion. Concepts are the basic assumptions and conditions on
    which accounting principles are formed.
    ACCOUNTING CONCEPTS
    ACCOUNTING CONCEPTS
    PRUDENCE CONCEPT
    PRUDENCE CONCEPT
    CONSISTENCY CONCEPT
    ACCRUAL CONCEPT
    ACCRUAL CONCEPT
    SEPARATE ENTITY PRINCPLE
    ACCOUNTING CYCLE-SYLLABUS

     describe the accounting cycle;


     The accounting cycle with its diagrammatic representations.
    ACCOUNTING CYCLE
    ACCOUNTING CYCLE
    ACCOUNTING CYCLE
    ACCOUNTING CYCLE

     Review notes from the Lamorell Text Chapter 2 (Accounting as a Process)


     To send copy of chapter
    LETS DRAW THE ACCOUNTING CYCLE

    Step 1
    Analyzing
    Source
    Documents

    Step 2
    Step 7 Post
    Recording
    Closing Trial
    Books of
    Balance
    Prime Entry

    Step 6
    Income Step 3
    Statement Posting to
    and Balance Ledger
    Sheet

    Step 5 Step 4
    Making Preparing
    Adjusting the Trial
    Entries Balance
    ACCOUNTING CYCLE
    ACCOUNTING CYCLE
    ACCOUNTING CYCLE
    TYPES OF BUSINESS ORGANISATIONS -
    SYLLABUS

     appraise the accounting features of various types of business


    organizations;
    Types of business organisations:
     (a) Sole Traders;
     (b) Partnerships;
     (c) Corporations (Limited Liability companies);
     (d) Cooperatives; and,
     (e) Non-Profit Organisations.
    TYPES OF BUSINESS ORGANISATIONS
    TYPES OF BUSINESS ORGANISATIONS
    TYPES OF BUSINESS ORGANISATIONS
    TYPES OF BUSINESS ORGANISATIONS
    TYPES OF BUSINESS ORGANISATIONS
    MAIN FINANCIAL STATEMENTS -
    SYLLABUS
     identify the main financial statements prepared by various business organisations;
     Financial Statements:
     (a) Income Statement (Trading and Profit and Loss A/C); /Statement of
    Comprehensive Income
     (b) Income and Expenditure A/C;
     c) Balance Sheets; and, /Statement of Financial Position
     (d) Cash Flow Statements.
     (Teachers are not expected to teach how to prepare the financial statements at
    this stage. However, the Income and Expenditure A/C should only be identified and
    the purpose stated). See Section 9.
    MAIN FINANCIAL STATEMENTS
    MAIN FINANCIAL STATEMENTS
    TECHNOLOGY IN ACCOUNTING -
    SYLLABUS

     assess the role and impact of technology on the accounting process;

     (a) accounting processes which could be readily performed by the use of the
    computer, for example, payroll, inventory control, receivables and payables
    schedules;

     (b) software currently being used in Accounting; and,

     (c) advantages and disadvantages of using the computer in Accounting.


    TECHNOLOGY IN ACCOUNTING
    TECHNOLOGY IN ACCOUNTING
    TECHNOLOGY IN ACCOUNTING
    RESEARCH PROJECT

     How is the computer used in accounting for the following departments:


    Payroll, Inventory Control, Receivables and Payables Schedules?

     Describe three advantages and three disadvantages of using the computer in


    accounting?

     Describe what accounting software do businesses use? Use Two such as


    Peachtree accounting and QuickBooks.

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