What is a journal? A journal is a chronological record of the transactions of a business entity. It is a form of diary that is used to record transactions before they are posted to the related ledgers. There are two basic types of journal: special and general journals. A special journal is designed in a tabular form to record one type of transaction involving sales and purchases. Examples of special journals are sales journal, purchases journal, sales return journal and purchases return jour...
COURSE CONTENT The course content consists basically of the treatment of accounting transactions according tothe provisions of relevant accounting standards. COURSE AIM The aim of the course is to introduce you to basic principles of accounting and to understand how financial documents are posted into accounting record in order to determine the profit orloss of an organization. It also includes practical treatment of accounting transactions conducted through the bank and how errors in account...
CATALOG DESCRIPTION: “The course is designed to enable students to learn the application of the double entry system of book keeping, as well as the underlying principles, concepts, conventions and classification of accounts as applied in different types of transactions. The course will examine students on their ability to apply their knowledge to practical tasks, their ability to record transactions by double entry systems and their appreciation of the use of modern methods in the preparati...
Trial Balance The trail balance can be defined as the list of all balances extracted from the ledger accounts at a given point in time drawn up to test the arithmetic accuracy of accounting entries. The debit balances are shown under the debit column and the credit balances under the credit column. As has been mentioned, the total of the debit balances should agree with the total of the credit balances if the double entry principle have been correctly applied. The failure of the totals to agr...
he final accounts represent the presentation of financial information for a particular period or year to the users of financial report. The final accounts of a sole trader basically consist of statement of profit or loss and statement of financial position. Our focus in this study unit is the statement of profit or loss without end of year adjustment. The preparation of statement of profit or loss will enable the business owner to ascertain the profit or loss from the business for a particula...
Earliest Computer • Originally calculations were computed by humans, whose job title was computers. • These human computers were typically engaged in the calculation of a mathematical expression. • The calculations of this period were specialized and expensive, requiring years of training in mathematics. • The first use of the word "computer" was recorded in 1613, referring to a person who carried out calculations, or computations, and the word continued to be used in that sense until...
Economics students will welcome the new edition of this excellent textbook. Given that many students come into economics courses without having studied mathematics for a number of years, this clearly written book will help to develop quantitative skills in even the least numerate student up to the required level for a general Economics or Business Studies course. All explanations of mathematical concepts are set out in the context of applications in economics. This new edition incorporates se...
Learning objectives: at the end of the semester and upon completion of all learning activities, students will be able to: • Know the history of libraries • Highlight the relationship between library and education • Describe university libraries and other types of libraries • Understand the concept of study skills (reference services) • Understand the types of library materials • Understand the use of library resources including e-learning, e-materials, etc. • Use library catalog...
What F3/FFA is about Paper F3/FFA aims to develop your knowledge and understanding of the underlying principles, concepts and regulations relating to financial accounting. You will need to demonstrate technical proficiency in the use of double entry techniques, including the preparation of basic financial statements for incorporated and unincorporated entities, as well as simple consolidated financial statements for group incorporated entities. You also need to be able to conduct a basic inte...
Revising a political science textbook through five editions is a wonderfully compelling way to confront the reality of political change. When we wrote the first edition, the United States had never experienced a significant terrorist attack, an elected president had never been impeached, the Institutional Revolutionary Party (PRI) still controlled Mexico, Saddam Hussein had a firm grip on power in Iraq, ethnic conflicts in southern and eastern Europe were only beginning, the “Euro” was st...
Defining the Term Communication Since communication happens around us all the time, the process is often taken for granted. A large amount of time is spent communicating hence there is need to make sure that ideas and information are put in a way that everyone involved can understand. Thinking about what to say, working out the best way of saying it, finding the right words, making sure the other person understands and understanding anything heshe says in reply are all vital stages in communi...
Algebra is concerned with operations of numbers and we shall begin with a review of this operations and numbers. The first set of numbers usually encountered is the set of positive integers including zero.
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Definition of a business Enterprise Entrepreneur Intrepreneur Entrepreneurship Entrepreneurship theory and practice
1. ____________ is the organization that formulates and implements statues that regulates intellectual property (a) WIIPO (b) WIPO (c) WIOP (d) WICO 2. ____________ is a type of business that combines the attractive features of partnership and corporations (a) Limited Liability Company (b) Sole Trader (c) Business Plan (d) Entrepreneur 3. _________ creates new market and product. Here, the entrepreneurs are leaders not followers (a) Expeditionary Marketing (b) Real Time Marketing (c) Virtua...