Transcription of Unit 1Unit 1 Basic principles of Accounting
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Unit 1Unit 1 Basic principles of Accounting
Basic principles ofAccountingWhat is Accounting ? Accounting is concerned with two separatebut COMPLEMENTARY business activities: The detailed recording of all the financial transactions of thebusiness (called bookkeeping). The preparation of periodic statements (or accounts) whichsummarise the detailed information, so that the financialperformance of a business can be of the financial details follows certain procedures andthese records bookkeeping s end product become the rawmaterial for the production of the final accounts of the module deals primarily with the first of these two aspectsof Accounting , covering in depth the purposes and conventions ofaccounting, the sources and recording of information and theways in which records are verified. However, as the subject istreated in an INTEGRATEDway over three modules, reference willsometimes be made in this module to topics dealt with fully inModules 2 and unit is divided into five sections:Section 1: Introduction to AccountingSection 2: The Accounting equationSection 3: The double entry systemSection 4: The LedgersSection 5: The Trial BalanceUnit 1 Unit 1 GlossaryCOMPLEMENTARY each activitydepends on the otherINTEGRATED treated as a combinedwhole Cambridge University University Press978-0-521-68074-5 - nssc Accounting Module 1 Hansie HendricksExcerptMore information2 nssc AccountingSection 1 Introduction to
978-0-521-68074-5 - NSSC Accounting Module 1 Hansie Hendricks Excerpt More information. Ethics in the job, combating fraud and financial risk management Ethics The word “ethics” refers to a set of moral principles or values that are embraced by a certain community. The business community,
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