Stats: 3,191,976 members, 7,946,238 topics. Date: Wednesday, 11 September 2024 at 02:45 PM |
Nairaland Forum / Nairaland / General / Education / Nairaland Jamb Tutorial Centre {account Thread} (1111 Views)
2016 NAIRALAND JAMB TUTORIAL {the Physics Thread } / Nairaland Jamb Tutorial Centre {chemistry Thread} / Nairaland Jamb Tutorial Centre. {NJTC} (2) (3) (4)
Nairaland Jamb Tutorial Centre {account Thread} by Nobody: 6:50am On Nov 29, 2014 |
NJTC account lecture room TUTORs pickabeau1 Jaru adsonstone smithsammy |
Re: Nairaland Jamb Tutorial Centre {account Thread} by Odunharry(m): 7:09am On Nov 29, 2014 |
pickabeau1 Jarus |
Re: Nairaland Jamb Tutorial Centre {account Thread} by Nobody: 7:13am On Nov 29, 2014 |
Let set the ball rolling. I would like to know the importance of book keeping Sir, please kindly explain the errors that do not affect the trial balance. |
Re: Nairaland Jamb Tutorial Centre {account Thread} by pickabeau1: 7:47am On Nov 29, 2014 |
GoldenDr: This is more like it First of All, let me define what Accounting is about and notice the bolded parts of the definition Accounting, is the measurement, processing and communication of financial information about economic entities.Accounting measures the results of an organization's economic activities and conveys this information to a variety of users including investors, creditors, management, and regulators. Keeping records and measuring this information is more or less what book keeping is about - Keeping the books Historically, all transactions are recorded in what was called Day Books so Sales records will be written in the Sales Journal or Day Book. On a periodic basis, the summary of these transactions were transferred into General ledger. these journals were on books hence the term book keeping Nowdays with computerisation, transactions are booked and relevant entries in the corresponding journals and the GL is updated real time or in some cases batch mode Errors that do not affect the Trial Balance - error of omission - That is the debit and credit entries were omitted all together - error of transition - if the relevant entries are made with wrong figures - - You can see more here http://www.accounting-world.com/2012/05/rectification-of-errors-errors-not_29.html |
Re: Nairaland Jamb Tutorial Centre {account Thread} by Odunharry(m): 7:56am On Nov 29, 2014 |
nice one pickabeau1 In addition,Book keeping is simply recording of daily transaction as they occur.. Book keeping is quite diffrent from Accounting. Accounting, is the measurement, processing and communication of financial information to enable users make decision... And who are the users of this information? We have Government,creditors,debtors,Banks,Firms,Employees,Shareholders e.t.c 1 Like |
Re: Nairaland Jamb Tutorial Centre {account Thread} by Nobody: 8:55am On Nov 29, 2014 |
Book keeping is the systematic daily recording of transactions. What are the information needs of these users? |
Re: Nairaland Jamb Tutorial Centre {account Thread} by Jarus(m): 2:35pm On Nov 29, 2014 |
Students, from all the definitions of Book Keeping given above, you will see that "RECORDING" is common. That is the key word. Bear that in mind in the MCQs in the exam. Recording and transactions are key words to watch out for. For accounting, if asked to define, the key words you will watch out for in the objectives are, classifying, summarising, presenting and communicating. (sometimes one or two similar words may be used, or one or two of these may be missing. Communicating is hardly missing though. These are things you will watch of in the objectives. 1 Like |
Re: Nairaland Jamb Tutorial Centre {account Thread} by Jarus(m): 2:44pm On Nov 29, 2014 |
GoldenDr: Information Needs of Users of Accounting/Financial Information 1, Management - For decision making on the performance/profitability of the business 2, Existing Shareholders/Investors- To know the performance of the company 3, Potential Shareholders/Investors - To decide whether the company is worth investing in. 4, Government - For taxation and other purposes like regulation 5, Journalists/Media- For analysis of the economy or business 6, Employees - To give an insight into the state of the company, whether it is a going concern, whether the company will continue to meet its obligations to them (salary, benefits etc). A prospective employee can also use it to decide whether to join the company. 7, Creditors - These are banks and other institutions that are planning to or have given loans to the business. They use accounting information to decide whether the company will be able to repay them back. 8, Suppliers - These are people that supply goods to the business. Most times, it is on credit. They use the information to decide whether the company will be liquid enough to pay for the goods bought or to be bought from them. 4 Likes |
Re: Nairaland Jamb Tutorial Centre {account Thread} by Odunharry(m): 2:47pm On Nov 29, 2014 |
Nice one Jarus 1 Like |
(1) (Reply)
Ahmadu Bello University 2015/2016 POST-UTME Screening Execise Is On / Subscription To Tandfonline.com To Get An Article / Did You Know These Everyday Things Had Names?
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 27 |