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BOOK KEEPING FORM ONE NOTES

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EXERCISES ENGLISH LANGUAGE

BOOK KEEPING FORM ONE NOTES

Bookkeeping is the recording of financial transactions, and is part of the process of accounting in business and other organizations.

It involves preparing source documents for all transactions, operations, and other events of a business. Transactions include purchases, sales, receipts and payments by an individual person or an organization/corporation.

There are several standard methods of bookkeeping, including the single-entry and double-entry bookkeeping systems. While these may be viewed as “real” bookkeeping, any process for recording financial transactions is a bookkeeping process.

The person in an organisation who is employed to perform bookkeeping functions is usually called the bookkeeper (or book-keeper).

BOOK KEEPING FORM ONE NOTES

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They usually write the daybooks (which contain records of sales, purchases, receipts, and payments), and document each financial transaction, whether cash or credit, into the correct daybook—that is, petty cash book, suppliers ledger, customer ledger, etc.—and the general ledger.

Thereafter, an accountant can create financial reports from the information recorded by the bookkeeper. The bookkeeper brings the books to the trial balance stage, from which an accountant may prepare financial reports for the organisation, such as the income statement and balance sheet.

BOOK KEEPING FORM ONE NOTES

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TOPIC 1: SUBJECT MATTER OF BOOK KEEPING

TOPIC 2: BOOKS OF PRIME ENTRY

TOPIC 3: CLASSIFICATION OF ACCOUNTS

TOPIC 4: TRIAL BALANCE

TOPIC 5: STOC

TOPIC 6: ELEMENTARY TRADING PROFIT AND LOSS ACCOUNT

TOPIC 7: ELEMENTARY BALANCE SHEET

BOOK KEEPING FORM ONE NOTES

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