Day: February 16, 2021

CONTROL ACCOUNTS The two most common examples of control accounts are the sales ledger control account and purchases ledger control account. These are sometimes known respectively as the trade receivables ledger and the trade payables ledger control accounts. A control Read More …

ACCRUALS AND PREPAYMENTS The overriding criteria when preparing accounts, is that the Statement of Comprehensive Income  must give a true and fair view of the profit or loss earned for the period and that the Statement of Financial Position must Read More …

ENTRY/BOOKS OF FIRST ENTRY In order to extract a trial balance, an Statement of Comprehensive Income  and Statement of Financial Position, the information must be posted to the accounting books.  These accounting books are known by a number of names Read More …

GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP)  The phrase Generally Accepted Accounting Principles is a technical accounting term that encompasses the conventions, rules and procedures necessary to define accepted accounting practice at a particular time.  It includes not only broad guidelines of Read More …

 INTRODUCTION Financial accounting is a branch of economics.  It involves gathering, recording, summarising and presenting information to the various users of financial information.  THE OBJECTIVE OF FINANCIAL STATEMENTS The objective of financial statements is to provide information about the financial Read More …

INTRODUCTION –INTERNATIONAL FEDERATION OF ACCOUNTANTS (IFAC) The IFAC Board has established the International Ethics Standards Board for Accountants (IESBA) to develop and issue, under its own authority, high quality ethical standards and other pronouncements for professional accountants for use around Read More …

Information Systems  INTRODUCTION In the previous 4 chapters we have looked at how information systems are supporting various business functions such as sales and marketing, finance and accounting and human resources. We also looked at how information systems are helping Read More …

Business Integration Integration is a process of combining various parts or elements into a more harmonious, effective, and productive unit, and by this process, somehow make the whole greater than the sum of its parts. An integrated team, whether in Read More …

Human Resource Management Managing human resources is one of the key elements in the co-ordination and management of an organisation. An organisational workforce represents one of its most valuable resources. However, human resources are also potentially the most difficult to Read More …

Finance and Accounting This chapter provides an overview of the Finance and Accounting function. The main activities involved in finance and accounting function include: Financial Management. Financial Reporting Management Accounts The aim of the chapter is to Provide an introduction Read More …