CHAPTER 7 PARTNERHSIP ACCOUNTS
I. PARTNERSHIPS-BASIC PRINCIPLES Definition: a partnership is two or more individuals jointly carrying on business with a view to making
Continue reading Chapter 6 Provisions and Liabilities
I. Provision A provision is a liability of uncertain timing or amount. Uncertainty is what distinguishes a provision from another
Continue reading CHAPTER 5 PREPARATION OF FINANCIAL STATEMENT
I. COST OF GOODS SOLD Cost of goods sold (Dr)= beginning inventory (Dr)+ purchase(Dr) – ending inventory(Cr) Entry for cost
Continue reading CHAPTER 4 PURCHASE LEDGER RECONCILIATION AND SALES LEDGER RECONCILIATION
I. THE NATURE OF PURCHASE AND SALES LEDGER CONTROL ACCOUNTS The balance on the control account should equal the sum
Continue reading CHAPTER 3 NON-CURRENT ASSET
I. IAS 16 PROPERTY, PLANT AND EQUIPMENT IAS 16 property, plant and equipment provide the rules relating to accounting for
Continue reading CHAPTER 2 INTRODUCTION TO FINAL ACCOUNTS
The income statement is a financial statement that shows the financial performance of a business for an accounting period. ………………………
Continue reading CHAPTER 1 RECORDING TRANSACTION
Accounting: Accounting records a business’s transactions to produce financial statements such as income statement (IS) and statement of financial position
Continue reading FA2 Maintaining Financial Records
Chapters for FA2 Maintaining Financial Records as follows:
Continue reading Accounting Differences between Public Accountability Company & SME (Small and Medium Entity)
Accounting Differences between Public Accountability Company & SME (Small and Medium Entity) In July 2009, the International Accounting Standards Board
Continue reading Purpose, issuer and receiver of delivery note
Purpose of issuing delivery note: Delivery note is a document accompanying a shipment of goods that lists the description, and
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