Introducing Accounting in Business Overview: This chapter will mainly be a review for you, as you have covered most of the concepts in ACCT 100. You should spend your time reviewing the old concepts, and especially studying the new ones. What’s New in this Chapter? · The corporate form of business ownership. · Accounts that pertain to corporations, Common Stock, Retained Earnings, and Dividends. · Some accounting principles, or at least their names. · Two Financial Statements - Statemen...
1.0 INTRODUCTION Bookkeeping is a concept, typically defined as the systematic recording of the facts that show the position of a business. Every business organization maintains financial records through bookkeeping. This common accounting procedure normally is performed toward the end of the work day or work week. Book keeping involves recording all expenses and payments received. The time spent in performing this procedure varies according to the size of the organization. Meanwhile, a bookk...
INTRODUCTION The computer information age of the 21st century led to the use of computerized accounting systems by different organizations. This is a departure from the manual system. However, most of the accounting source documents in Nigeria such as invoices, a receipt is prepared manually by small businesses except a few organizations whose accounting system is fully computerized to the extent of generating computer-based invoices and receipts. This unit focuses on how accounting data are ...
INTRODUCTION Accounting is a system meant for measuring business activities, processing of information into reports and making the findings available to decision-makers. The documents, which communicate these findings about the performance of an organisation in monetary terms, are called financial statements. Usually, accounting is understood as the Language of Business. However, a business may have a lot of aspects which may not be of financial nature. As such, a better way to understand acc...
Main Content 3.1 Historical Background of Taxation in Nigeria Prior to the imposition of colonial rule in Nigeria, a well-organised system of direct taxation was in existence in Northern Nigeria under the autocratic rule of the Fulani conquerors. This was made possible by religion, organized and efficient administration of the Northern Emirs. Whereas in Southern parts on Nigeria, political and administrative institutions were yet to be well developed, consequently the tax system was less deve...
UNIT 1: Introduction Accounting has rightly been termed as the language of the business. The basic function of a language is to serve as a means of communication. Accounting also serves this function. It communicates the results of business operations to various parties who have some stake in the business viz., the proprietor, creditors, investors, Government and other agencies. Though accounting is generally associated with business but it is not only business which makes use of accounting. ...
ACCOUNTING - INTRODUCTION Accounting is the art of identifying, measuring, recording, and communicating economic information about an organisation or other entity, in order to permit informed judgments by users of the information. Microsoft Encarta Reference Library 2004 INTRODUCTION 1 Bookkeeping: record-keeping aspect of accounting which provides data to which accounting principles are applied n Created in response to the development of trade and commerce, earliest 1340. n First published a...
Chapter 1 Accumulation and Discounting 1.1. Time Factor in Quantitative Analysis of Financial Transactions The basic elements of financial models is time and money. In essence, financial models reflect one extent or another the quantitative relations between sums of money referring to various time points. The fact that with time the cost or, better to say, the value of money changes now due to constant inflation, is obvious to everyone. The ruble today and the ruble tomorrow, in a week, month...
Chapter 1 Introduction to Accounting1.1 Introduction The purpose of accounting is to provide a means of recording, reporting, summarizing, and interpreting economic data. In order to do this, an accounting system must be designed. A system design serves the needs of users of accounting information. Once a system has been designed, reports can be issued and decisions based upon these reports are made for various departments. Since accounting is used by everyone in one form or another, a good u...
Introduction to Present-, Forward and Futures Prices Assume that we want to buy a number of coffee beans with delivery in nine months. However, we are concerned about what the (spot) price of coffee beans might be then, so we draw up a contract where we agree on the price today. There are now at least three ways in which we can arrange the payment: 1) we pay now, in advance. We call this price the present price of coffee beans with delivery in nine months' time and denote it by P. Note that t...
2.0 OBJECTIVES It is hoped that by the end of this unit, you will be able to: · understand the meaning of money and its evolution. · show the various types of money and the functions that money performs in every economy. 3.0 MAIN CONTENT 3.1 Definition of Money? Everybody who has reached the age of Kindergarten knows what money is. You possibly have touched money today. However, the term ‘money’ means different things to the ordinary man in the street. It is often used to describe wealt...
Meaning and Scope of Accounting Accounting is the language of business. The main objective of Accounting is to safeguard the interests of the business, its proprietors and others connected with the business transactions. This is done by providing suitable information to the owners, creditors, shareholders, Government, financial institutions and other related agencies. Definition of Accounting The American Accounting Association defines accounting as "the process of identifying, measuring and ...
INTRODUCTION From the last Unit, it would be clear that the financial managers are central to the management of a company’s funds. They are responsible for a company’s investment decisions, advising on the allocation of funds in terms of the total amount of assets, the composition of fixed and current assets, and the consequent risk profile of the choices. They are also responsible for the raising of funds, choosing from a wide variety of institutions and markets, with each source of fina...
The General Context Banks have traditionally played a key role in the financial system by acting as financial intermediaries between ultimate savers and borrowers. As asset transformers, they have accepted deposits with one set of characteristics and created assets with a different set; in particular, they have engaged in maturity transformation with debt contracts on both sides of the balance sheet. They have also been the central mechanism within the payments system. For these and other rea...
1.0 INTRODUCTION This unit will take a look at definition, characteristics and crises in the Political Economy of Banking. 2.0 OBJECTIVES By the end of this unit, you should be able to: i. Define political Economy of Banking ii. Identify the characteristics of Political Economy of Banking iii. Discuss Structure of Banking 3.0 MAIN CONTENT 3.1 MEANING OF POLITICAL ECONOMY OF BANKING The structure and regulation of a country’s financial markets and institutions are the focus of much policy at...