BOOK KEEPING

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TOPIC 4: PARTNERSHIPS | B/KEEPING FORM 4

The Basic Characteristics of a Partnership Describe the basic characteristics of a partnership Definition: The proprietorship form of ownership suffers from certain limitations such as limited resources,...
BOOK KEEPING FORM THREE

TOPIC 3: CONSIGNMENT | B/KEEPING FORM 4

The Account in the Consignors and Consignee’s Books Show the account in the consignors and consignee’s books Consignment Overview Consignment occurs when goods are sent by their owner...

TOPIC 2: JOINT VENTURES ~ BOOK KEEPING FORM 4

The Meaning of Joint Venture Define a joint venture An association of two or more individuals or companies engaged in a solitary business enterprise for profit without actual...

TOPIC 1: BILLS OF EXCHANGE | B/KEEPING FORM 4

Meaning of a Bill of Exchange Define a bill of exchange Bill of exchange is written order letter in which there is not any condition. Writer’s sign...
BOOK KEEPING FORM THREE

TOPIC 13: GOVERNMENT BUDGETING PROCEDURE | B/KEEPING FORM 3

Meaning of a Budget Define a budget : A budget is a set of interlinked plans that quantitatively describe an entity’s projected future operations. A budget is...

TOPIC 12: ACCOUNTS OF NON-PROFIT MAKING ORGANIZATIONS | B/KEEPING FORM 3

Accounting of Non-Profit Making Organizations Preparation of Statement of Affairs Prepare statements of affairs Certainly, proper accounting is essential for non-trading institutions. These concerns maintain, generally, a cash book...

TOPIC 11: INCOMPLETE RECORDS | B/KEEPING FORM 3

Statements Showing Profit or Loss From Incomplete Records Draw up statements to show profit or loss from incomplete records Some times, businesses, especially small businesses...
BOOK KEEPING FORM THREE

TOPIC 9: MANUFACTURING ACCOUNT | B/KEEPING FORM 3

Manufacturing Account Difference in Accounting for Stocks between Manufacturing Companies and Merchandising Companies Explain the difference in accounting for stocks between manufacturing companies and merchandising companies The...

TOPIC 8: BALANCE SHEET (CLASSIFIED) | B/KEEPING FORM 3

Meaning of Each Asset and Liability Classification Appearing on a Balance Sheet Define each asset and liability classification appearing on a balance sheet A classified balance sheet...

TOPIC 7: FINANCIAL STATEMENTS | B/KEEPING FORM 3

General Purpose Financial Statements Describe general purpose financial statements Financial Statements Definition: Financial statements are a collection of reports about an organization’s financial results, financial condition, and cash flows. They...
BOOK KEEPING FORM THREE

TOPIC 6: BAD DEBTS | B/KEEPING FORM 3

The Bad Depts Account Show the bad debts account What are bad debts? The term bad debts usually refers to accounts receivable (or trade accounts receivable) that will not be...

TOPIC 5:DEPRECIATION | B/KEEPING FORM 3

Cost of a Fixed Asset Determine the cost of a fixed asset Depreciation is the systematic reduction in the recorded cost of a fixed asset. Examples of fixed...

TOPIC 4: CAPITAL EXPENDITURE AND REVENUE EXPENDITURE | B/KEEPING FORM 3

Meaning of Capital Expenditure and Revenue Expenditure Give the meaning of capital expenditure and revenue expenditure Capital Expenditure Payments made in cash or cash equivalents over a period...
BOOK KEEPING FORM THREE

TOPIC 3: ADJUSTMENTS | B/KEEPING FORM 3

Adjusting entries are accounting journal entries that convert a company’s accounting records to theaccrual basis of accounting.An adjusting journal entry is typically made just...
BOOK KEEPING FORM THREE

TOPIC 2: CORRECTION OF ERRORS | B/KEEPING FORM 3

Wrong Entries Identify wrong entries An accounting error is a non-fraudulent discrepancy in financial documentation. The term is used in financial reporting. Types of accounting errors include: ...
BOOK KEEPING FORM THREE

TOPIC 1: GENERAL JOURNAL | B/KEEPING FORM 3

The Purpose of General Journal Explain the purpose of the General journal You are an accounting student; you do not need to be told just how...

TOPIC 3: BANK RECONCILIATION STATEMENT | B/KEEPING FORM 2

Meaning of Bank Reconciliation Statement Define Bank reconciliation Statement Bank reconciliation is the process of matching the balances in an entity’s accounting records for a cash...

TOPIC 5: SOURCES OF GOVERNMENT FUNDS AND EXPENDITURE ESTIMATES | B/KEEPING FORM 2

Sources of Government Funds and Expenditure Estimates Indentify sources of government funds and Expenditure Estimates Government revenue refer to the income generated by the government through...

TOPIC 4: GOVERNMENT ACCOUNTING TERMINOLOGY | B/KEEPING FORM 2

Meaning of the term Accounting Define the term accounting Accounting is the systematic and comprehensive recording of financial transactions pertaining to a business. Accounting also refers...

TOPIC 2: COLUMNAR CASH BOOK (PETTY CASH AND IMPREST SYSEM) | B/KEEPING FORM 2

Operation of the Petty Cash Book Determine the operation of the petty cash Book Petty Cash Book: Petty cash book is a kind of cash book which...

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