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Summary: Accounting
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Read the summary and the most important questions on Accounting
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1 Lecture 1
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Difference between book-keeping and accounting
Book-keeping involves the process of recording business event systematically and accurately according to set rules.
Accounting is the entire process of recording, summarising, analysing, interpreting and reporting the financial information of an organisation -
Financial vs management accounting
Financial accounting - primarily concerned with therecording ofoverall outcomes for atime period prepared for use byexternal users , as well asinternal users .
Management accounting - used inday to day decision making byinternal users . -
2 Lecture 2
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Forumla for derving profit
Revenues - Expenses = Profit earned/Loss incurred -
Historical cost concept
Business transactions are recorded in terms of their cost prices at the time that the transactions take place. -
What doe the statement of changes in equity do?
Shows the change in owners’equity during the period, additional capitalcontributions , profit or loss, minus drawings -
What does the statement of cash flow show?
Presents a classified summary of cash movements during the period. -
What is the expanded accounting equation?
(NCA + CA) = (Capital + PFY - Drawings) + (NCL + CL) -
What is the double-entry bookkeeping system?
Each transaction affects at least two accounts equally -
What is carrying value?
Carrying value is the original cost of an asset, less theaccumulated amount of anydepreciation -
3 Lecture 4
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Why are Revenue and expenses ledger accounts called temporary accounts?
Because they are closed off and the balance transferred to the Income Summary account at the end of each accounting period.
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