http://accountinghomeworkrescue.com/accounting-the-evolution-of
There are many functions of both the idea of accounting and accountants in general. The need for bookkeeping and records, as well as keeping numbers is both an organizational tool that is used by many, as well as a framework for an entire business model. In order for a business to thrive and progress, it needs to have a strong sense of bookkeeping properties, which incorporates accounting greatly. Even in households, there is a large need for a type of accounting practice. The numbers of every bill and purchased item needs to be accounted for in one way or another to prevent a debt or loss of money. This idea of organization and checks and balances is what keeps bookkeeping and accounting so relevant today. Check out the above link for accounting homework help.
Bookkeeping Basic & Quickbooks for ContractorsTerry Chong
Focus-Grow Bookkeeping presented Bookkeeping / Quickbooks for Contractors at SFPUC Contractor Assistance Center, SF on 3/2014. Sponsored by Merriwether & Williams Insurance Services. It talks about cash flow vs. profit, using credit to fund expansion, and Quickbooks set-up and reports: home page, items, estimate, invoices, job reports, financial reports (Balance Sheet, Profit & Loss), labor hours, payroll, labor burden for job costing.
http://accountinghomeworkrescue.com/accounting-the-evolution-of
There are many functions of both the idea of accounting and accountants in general. The need for bookkeeping and records, as well as keeping numbers is both an organizational tool that is used by many, as well as a framework for an entire business model. In order for a business to thrive and progress, it needs to have a strong sense of bookkeeping properties, which incorporates accounting greatly. Even in households, there is a large need for a type of accounting practice. The numbers of every bill and purchased item needs to be accounted for in one way or another to prevent a debt or loss of money. This idea of organization and checks and balances is what keeps bookkeeping and accounting so relevant today. Check out the above link for accounting homework help.
Bookkeeping Basic & Quickbooks for ContractorsTerry Chong
Focus-Grow Bookkeeping presented Bookkeeping / Quickbooks for Contractors at SFPUC Contractor Assistance Center, SF on 3/2014. Sponsored by Merriwether & Williams Insurance Services. It talks about cash flow vs. profit, using credit to fund expansion, and Quickbooks set-up and reports: home page, items, estimate, invoices, job reports, financial reports (Balance Sheet, Profit & Loss), labor hours, payroll, labor burden for job costing.
Material for PGPSE participants of AFTERSCHOOOL CENTRE FOR SOCIAL ENTREPRENEURSHIP. PGPSE is an entrepreneurship oriented programme, open for all, free for all.
Introduction to Accounting
Theory base of Accounting
Recording of Transactions – I
Recording of Transactions – II
Bank Reconciliation Statement
Trial Balance and Rectification of errors
Depreciation, Provisions and Reserves
Bill of Exchange
Financial Statements -I
Financial Statements -II
Accounts from Incomplete Records
Application of Computers in Accounting
Computerised Accounting System
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Manager, Digital Lendings
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Job Description:
Manager, Digital Lendings
Place of work- Addis Ababa
DB/ Vacancy-0075/23
Job Summary
The Manager implements the Bank’s policy, procedure, projects, training, and communication strategies for acquisition, development and retention and optimization of digital lendings. The individual is responsible for regulatory compliance, business continuity, alternate channels lending portfolio management and control, expense management and budgeting/forecasts
Job Requirements:
Academic & Professional Qualification
Bachelor Degree in Accounting, Economics, Marketing Managerment, Business Administration, Management and/or related fields.
Master’s in Accounting, Economics, Business Administration, Management and/or related fields is an added advantage.
Experience
Minimum of 8 (eight) years relevant work experience on similar roles.
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Demonstrated business acumen - able to create strategy and actions that impact business success.
High-level interpersonal and cross-cultural skills, including ability to build consensus, alliances and collaborative relationships with sensitivity to diversity/inclusion.
Creativity and innovation skills, with ability to use technology and other modern tools to drive decision making and implementation.
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1. Introduction to BookkeepingIntroduction to Bookkeeping
and Accountingand Accounting
Introduction to BookkeepingIntroduction to Bookkeeping
and Accountingand Accounting
DBS3024 BUSINESS TRANSACTIONDBS3024 BUSINESS TRANSACTION
by
Stephen Ong
Visiting Fellow, Birmingham City
University Business School
Visiting Professor, Shenzhen
University
3. 1 - 3
Learning objectivesLearning objectives
After the lecture, you should be able to:After the lecture, you should be able to:
Explain what accounting is aboutExplain what accounting is about
Briefly describe the history ofBriefly describe the history of
accountingaccounting
Explain the relationship betweenExplain the relationship between
bookkeeping and accountingbookkeeping and accounting
List the main users of accountingList the main users of accounting
information and what accountinginformation and what accounting
information they are interested ininformation they are interested in
4. 1 - 4
Learning objectivesLearning objectives
(Continued)(Continued)
Present and explain the accountingPresent and explain the accounting
equationequation
Explain the relationship between theExplain the relationship between the
accounting equation and the layout ofaccounting equation and the layout of
the statement of financial positionthe statement of financial position
(balance sheet)(balance sheet)
Explain the meaning of the termsExplain the meaning of the terms
assets, capital, liabilities, accountsassets, capital, liabilities, accounts
receivable (debtors) and accountsreceivable (debtors) and accounts
payable (creditors)payable (creditors)
5. 1 - 5
Learning objectivesLearning objectives
(Continued)(Continued)
Describe how accounting transactionsDescribe how accounting transactions
affect the items in the accountingaffect the items in the accounting
equationequation
Draw up statements of financial positionDraw up statements of financial position
after different accounting transactionsafter different accounting transactions
have occurredhave occurred
7. 1 - 7
What is accounting?What is accounting?
Accounting can be defined as:Accounting can be defined as:
The process of identifying, measuringThe process of identifying, measuring
and communicating economicand communicating economic
information to permit informedinformation to permit informed
judgements and decisions by users ofjudgements and decisions by users of
that information.that information.
8. 1 - 8
The history of accountingThe history of accounting
Accounting has existed for at leastAccounting has existed for at least
10,000 years, with early records10,000 years, with early records
indicating its use in Mesopotamia.indicating its use in Mesopotamia.
The “Pipe Roll” is the earliest system inThe “Pipe Roll” is the earliest system in
England, which was an annualEngland, which was an annual
description of rents, fines and taxes duedescription of rents, fines and taxes due
to the King.to the King.
Double entry bookkeepingDouble entry bookkeeping was firstwas first
used by an Italian firm in Southernused by an Italian firm in Southern
France in 1299.France in 1299.
9. 1 - 9
EthicsEthics
The IFAC Code states that aThe IFAC Code states that a
professional accountant must complyprofessional accountant must comply
with the following fundamentalwith the following fundamental
principles:principles:
IntegrityIntegrity
ObjectivityObjectivity
Professional competence and due careProfessional competence and due care
ConfidentialityConfidentiality
Professional behaviourProfessional behaviour
10. 1 - 10
What are the objectives ofWhat are the objectives of
accounting?accounting?
Is the business making a profit or aIs the business making a profit or a
loss?loss?
What is the business worth?What is the business worth?
What is a transaction worth?What is a transaction worth?
How much cash is in the business?How much cash is in the business?
How wealthy is the business?How wealthy is the business?
How much is the business owed?How much is the business owed?
How much does the business owe?How much does the business owe?
Keeping a financial check on activities.Keeping a financial check on activities.
11. 1 - 11
What is bookkeeping?What is bookkeeping?
Bookkeeping is the process ofBookkeeping is the process of
recordingrecording
data relating to accounting transactionsdata relating to accounting transactions
in the accounting books.in the accounting books.
13. Basic concept of FinancialBasic concept of Financial
ControlControl
14. 1 - 14
Users of accountingUsers of accounting
informationinformation
ManagersManagers
Owner(s) of the businessOwner(s) of the business
A prospective buyerA prospective buyer
The bankThe bank
Tax inspectorsTax inspectors
A prospective partnerA prospective partner
InvestorsInvestors
CreditorsCreditors
18. Source Business DocumentsSource Business Documents
InvoiceInvoice
Credit noteCredit note
Debit noteDebit note
Paying-in slipsPaying-in slips
Cheque counterfoilCheque counterfoil
ReceiptReceipt
Petty cash voucherPetty cash voucher
Bankers’ Automated Clearing Service (BACS)Bankers’ Automated Clearing Service (BACS)
receiptreceipt
National Electronic Cheque Information ClearingNational Electronic Cheque Information Clearing
System (eSPICK )System (eSPICK )
Interbank GIRO (MyClear)Interbank GIRO (MyClear)
Malaysian Electronic Payment System (MEPS)Malaysian Electronic Payment System (MEPS)
19. Books of original entryBooks of original entry
The journalThe journal
Sales day book (sales journal)Sales day book (sales journal)
Purchases day book (purchasesPurchases day book (purchases
journal)journal)
Purchases returns day book (returnsPurchases returns day book (returns
outwards day book/journal)outwards day book/journal)
Sales return day book (returns inwardsSales return day book (returns inwards
day book/journal)day book/journal)
Cash bookCash book
Petty cash bookPetty cash book
20. Types of LedgerTypes of Ledger
SALES LEDGERSALES LEDGER
((Debtors’ ledger)Debtors’ ledger)
Shows records ofShows records of
customers’ personalcustomers’ personal
accountsaccounts
GENERAL LEDGERGENERAL LEDGER
(Nominal ledger)(Nominal ledger)
Contains theContains the
remainingremaining doubledouble
entry accountsentry accounts,,
such as assets,such as assets,
capital, expensescapital, expenses
and income.and income.
PURCHASE LEDGERPURCHASE LEDGER
((Creditors’ ledger)Creditors’ ledger)
Shows records ofShows records of
suppliers’ personalsuppliers’ personal
accountsaccounts
22. 1 - 22
33
The balance sheet and theThe balance sheet and the
accounting equationaccounting equation
23. 1 - 23
The accounting equationThe accounting equation
Resources supplied by the owner = Resources in theResources supplied by the owner = Resources in the
businessbusiness
Capital = AssetsCapital = Assets
But if someone else has provided some of the assets:But if someone else has provided some of the assets:
Capital = Assets - LiabilitiesCapital = Assets - Liabilities
24. 1 - 24
The statement of financial position andThe statement of financial position and
the effects of business transactionsthe effects of business transactions
On 1 May 2011, B. Blake started in businessOn 1 May 2011, B. Blake started in business
and depositedand deposited RM60,000RM60,000 into a bank accountinto a bank account
opened specially for the businessopened specially for the business
Statement of financial position as at 1 May 2011Statement of financial position as at 1 May 2011
Assets: Cash at bankAssets: Cash at bank RM60,000RM60,000
CapitalCapital RM60,000RM60,000
25. 1 - 25
The statement of financial position and theThe statement of financial position and the
effects of business transactions (Continued)effects of business transactions (Continued)
On 3 May 2011, Blake buys a small shop forOn 3 May 2011, Blake buys a small shop for
RM32,000RM32,000, paying by cheque, paying by cheque
Statement of financial position as at 2 May 2011Statement of financial position as at 2 May 2011
Assets RMAssets RM
ShopShop 32,00032,000
Cash at bankCash at bank 28,00028,000
60,00060,000
CapitalCapital 60,00060,000
26. 1 - 26
On 6 May 2011, Blake buys some goods forOn 6 May 2011, Blake buys some goods for
RM7,000RM7,000 from D. Smith and agrees to pay for themfrom D. Smith and agrees to pay for them
some time within the next two weekssome time within the next two weeks
Statement of financial position as at 6 May 2011Statement of financial position as at 6 May 2011
AssetsAssets RMRM
ShopShop 32,00032,000
InventoryInventory 7,0007,000
Cash at bankCash at bank 28,00028,000
67,00067,000
Less: Account payableLess: Account payable (7,000)(7,000)
60,00060,000
CapitalCapital 60,00060,000
The statement of financial position and the
effects of business transactions (Continued)
27. 1 - 27
On 10 May 2011, goods which costOn 10 May 2011, goods which cost RM600RM600 were sold towere sold to
J. Brown for the same amount, the money to be paid laterJ. Brown for the same amount, the money to be paid later
Statement of financial position as at 10 May 2011Statement of financial position as at 10 May 2011
Assets RMAssets RM
ShopShop 32,00032,000
InventoryInventory 6,4006,400
Account receivableAccount receivable 600600
Cash at bankCash at bank 28,00028,000
67,00067,000
Less: Account payableLess: Account payable (7,000)(7,000)
60,00060,000
CapitalCapital 60,00060,000
The statement of financial position and the
effects of business transactions (Continued)
28. 1 - 28
On 13 May 2011, goods which costOn 13 May 2011, goods which cost RM400RM400 were sold towere sold to
D. Daley for the same amount. Daley paid for themD. Daley for the same amount. Daley paid for them
immediately by chequeimmediately by cheque
Statement of financial position as at 13 May 2011Statement of financial position as at 13 May 2011
Assets RMAssets RM
ShopShop 32,00032,000
InventoryInventory 6,0006,000
Account receivableAccount receivable 600600
Cash at bankCash at bank 28,40028,400
67,00067,000
Less: Account payableLess: Account payable (7,000)(7,000)
60,00060,000
CapitalCapital 60,00060,000
The statement of financial position and the
effects of business transactions (Continued)
29. 1 - 29
On 15 May 2011, Blake pays a cheque forOn 15 May 2011, Blake pays a cheque for RM3,000RM3,000 to D.to D.
Smith in part payment of the amount owingSmith in part payment of the amount owing
Statement of financial position as at 15 May 2011Statement of financial position as at 15 May 2011
Assets RMAssets RM
ShopShop 32,00032,000
InventoryInventory 6,0006,000
Account receivableAccount receivable 600600
Cash at bankCash at bank 25,40025,400
64,00064,000
Less: Account payableLess: Account payable (4,000)(4,000)
60,00060,000
CapitalCapital 60,00060,000
The statement of financial position and the
effects of business transactions (Continued)
30. 1 - 30
J. Brown, who owed Blake RM600, makes a partJ. Brown, who owed Blake RM600, makes a part
payment ofpayment of RM200RM200 by cheque on 31 May 2011by cheque on 31 May 2011
Statement of financial position as at 31 May 2011Statement of financial position as at 31 May 2011
Assets RMAssets RM
ShopShop 32,00032,000
InventoryInventory 6,0006,000
Account receivableAccount receivable 400400
Cash at bankCash at bank 25,60025,600
64,00064,000
Less: Account payableLess: Account payable (4,000)(4,000)
60,00060,000
CapitalCapital 60,00060,000
The statement of financial position and the
effects of business transactions (Continued)
31. Equality of the accountingEquality of the accounting
equationequation
32. 1 - 32
Learning outcomesLearning outcomes
You should have now learnt:You should have now learnt:
1.1. Accounting is concerned with theAccounting is concerned with the
recording, classifying and summarising ofrecording, classifying and summarising of
data, and then communicating what hasdata, and then communicating what has
been learnt from itbeen learnt from it
2.2. Accounting has existed for at least 10,000Accounting has existed for at least 10,000
years but a formal, generally acceptedyears but a formal, generally accepted
method of recording accounting data hasmethod of recording accounting data has
only been in existence for the last 500 yearsonly been in existence for the last 500 years
33. 1 - 33
Learning outcomesLearning outcomes
(Continued)(Continued)
3.3. It may not only be the owner of a businessIt may not only be the owner of a business
who will need the accounting information. Itwho will need the accounting information. It
may need to be shown to others, e.g. themay need to be shown to others, e.g. the
bank or the Inspector of Taxes.bank or the Inspector of Taxes.
4.4. Accounting information can help theAccounting information can help the
owner(s) of a business to plan for the future.owner(s) of a business to plan for the future.
5.5. The accounting equation is:The accounting equation is:
Capital = AssetsCapital = Assets −− LiabilitiesLiabilities
6.6. The two sides of the accounting equation areThe two sides of the accounting equation are
represented by the two parts of therepresented by the two parts of the
statement of financial position.statement of financial position.
34. 1 - 34
Learning outcomesLearning outcomes
(Continued)(Continued)
7.7. The total of one part of the statement ofThe total of one part of the statement of
financial position should always be equalfinancial position should always be equal
to the total of the other part.to the total of the other part.
8.8. Every transaction affects two items in theEvery transaction affects two items in the
accounting equation. Sometimes that mayaccounting equation. Sometimes that may
involve the same item being affectedinvolve the same item being affected
twice, once positively (going up) and oncetwice, once positively (going up) and once
negatively (going down).negatively (going down).
9.9. Every transaction affects two items in theEvery transaction affects two items in the
statement of financial position.statement of financial position.
35. Resources : Core ReadingResources : Core Reading
Wood, Frank and Robinson, SheilaWood, Frank and Robinson, Sheila
(2009)(2009) Bookkeeping and AccountsBookkeeping and Accounts ,7,7thth
Edition, Pearson/ FT Prentice HallEdition, Pearson/ FT Prentice Hall
Wood, Frank and Sangster, Alan
(2012) Business Accounting ,12th
Edition, Pearson/ FT Prentice Hall
Fortes, Hilary (2011) Accounting
Simplified , Pearson/ FT Prentice Hall