2. What is Accounting?
• Accounting deals with finances of the businesses.
• Accounting is a subject that is directly about financial status of an entity
or individual financial standing.
• Accounting is about assisting with financial literacy and financial
performance.
• Accounting assists with the knowledge in terms of bad debt and good
debt.
• Accounting is the fundamental of financial trade as opposed to barter
trading.
• Modern Accounting was developed in 1400’s.
5. ACCOUNTING EQUATION
• ASSET= OWNERS EQUITY + LIABILITIES
• Assets are used by the entity in the process of production, and they are
there for a period longer than a year.
• Liabilities are the debts of the business that are for longer for a year
which are non-current and shorter than a year which is current assets.
• Owners' equity is the earnings of the business that are there to increase
value of the entity and relate to the total retains of the business.
6. ACCOUNTING IN SCHOOL
• The depth of accounting is covered
from grade 10.
• Accounting covers the principles of
double entry and single entry in
details.
• Accounting is life skill because it
looks at the financial need hence it
is an important subject.
• Accounting is not only about a
certain career path, but it is about
monetary advancements.
7. PRINCIPLES AND SKILLS ENHANCED BY
ACCOUNTING
ETHICAL BEHAVIOUR. HOW TO SAVE MONEY IMPACT MONETARY
SUCCESS HAS ON LIFE.
8. CHANGES IN ACCOUNTING
• Club accounts and Kings code were
removed.
• Implementation of Generally Accepted
Accounting Principles (GAAP).
• Practical application enhancements over
the theoretical approach.
• Monetary control and financial
productivity.
• Internal control and ethical behaviour.
9. CREATIVITY IN ACCOUNTING
Promotes ways to counter
competition in the market
for goods and services
production.
It assists with maximization
of profits and counters
losses that might be there.
This ensures that the
accounting equation is on
par with the influence in the
financial statements.
It opens room for
improvement and enhances
the knowledge response of
students.
10. THANK YOU
‘THE PATH THAT GOES FROM
POINT A TO POINT B IS THE SAME
AS THE PATH THAT GOES FROM
POINT B BACK TO POINT A’
11. REFERENCE
Aziz, K. (2015, September 28). Basic accounting principles [PowerPoint slides].
https://www.slideshare.net/khalid1173/accounting-53263254?qid=599c61dd-de11-4771-
82ed-b11f38098763&v=&b=&from_search=9
Hobson, R. (2016, July 21). Accounting grade 10-12 [PowerPoint slides].
https://www.slideshare.net/RoyHobson/subject-choice-accounting?qid=d0f137d1-7a93-
4deb-91b5-fcf1a8df85da&v=&b=&from_search=12
Karthik, B. S. (2016, November 11). Creative accounting [PowerPoint slides].
https://www.slideshare.net/KarthikBS13/creative-accounting-68673921?qid=79e106ac-a06f-45ac-
a6a9-e16d7137de4a&v=&b=&from_search=11
Shankar, P. (2014,August 24). History of accounting [PowerPoint slides].
https://www.slideshare.net/drpadmashankar/history-of-accounting-
38292492?qid=8b978d23-56cc-42d0-8f01-95a27ee21b66&v=&b=&from_search=102
Watson,A. (202, December 13). Integrated Reporting:The South African Experience [PowerPoint
slides].College of Accounting, University of CapeTown.
https://www.slideshare.net/IFAC_Multimedia/integrated-reporting-the-south-african-
experience?qid=60815458-7f31-4098-ae7f-009c5a1506d0&v=&b=&from_search=1
