ALP101-G ACCOUNTING CONCEPTS, PRINCIPLES AND PROCEDURES.

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ALP101-G ACCOUNTING CONCEPTS, PRINCIPLES AND PROCEDURES

ACCOUNTING VS BOOKKEEPING BOOKKEEPING Identify transactions – Identify transactions – Recording of transactions – Recording of transactions – Keeping a set of records Keeping a set of recordsACCOUNTING Using the information and record them orderly and report to interested parties Using the information and record them orderly and report to interested parties

FORMS OF OWNERSHIP Sole Traders Partnerships Close Corporations Companies

USERS OF FINANCIAL STATEMENTS InvestorsCreditorsEmployeesGovernmentManagement

LU1: BASIC CONCEPTS EntityAssetsLiabilitiesEquityProfits Income Accounts Expenditure Accounts CapitalDrawings

CONCEPTS Entity -An economic unit whose financial results are determined on their own. -Results for each entity.

ASSETS Non Current Assets Property, Plant and Equipment BuildingsVehiclesEquipment

ASSETS Current Assets InventoryDebtors Cash and cash equivalents

CONCEPTS LIABILITIES -Money owed by the business. -Two categories -Non Current Liabilities -Current Liabilities

CONCEPTS EQUITY -Share of the business that belongs to the owner. -The net worth of the owner. -OE = A - L

CONCEPTS INCOME -What the business earns -Income fro sales or services rendered -Other income

CONCEPTS EXPENSES - Cost incurred in the running of the business

CONCEPTS CAPITAL -What the owner bring into the business -Capital contribution

CONCEPTS Drawings -What the owner takes out of the business. -Cash or inventory