BOOK KEEPING FORM THREE FULL 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).
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 THREE
Get free Biology Notes for form one from this post and other more secondary notes from our site
TOPIC 1:
GENERAL JOURNAL
TOPIC 2:
CORRECTION OF ERRORS
TOPIC 3:
ADJUSTMENTS
TOPIC 4:
CAPITAL EXPENDITURE AND REVENUE EXPENDITURE
TOPIC 5:
DEPRECIATION
TOPIC 6:
BAD DEBTS
TOPIC 7:
FINANCIAL STATEMENTS
TOPIC 8:
BALANCE SHEET (CLASSIFIED)
TOPIC 9:
MANUFACTURING ACCOUNT
TOPIC 11:
INCOMPLETE RECORDS
TOPIC 12:
ACCOUNTS OF NON-PROFIT MAKING ORGANIZATIONS
TOPIC 13:
GOVERNMENT BUDGETING PROCEDURE
BOOK KEEPING FORM THREE
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