Define accounting
Concept: Introduction to Accounting
State what is end product of financial accounting?
Concept: Introduction to Accounting
Enumerate main objectives of accounting
Concept: Introduction to Accounting
Who are the users of accounting information?
Concept: Introduction to Accounting
State the nature of accounting information required by long-term lenders
Concept: Introduction to Accounting
Who are the external users of information?
Concept: Introduction to Accounting
Enumerate informational needs of management
Concept: Introduction to Accounting
The fundamental steps in the accounting process are diagrammatically presented below:
Concept: Recording of Transactions 1
Why is the evidence provided by source documents important to accounting?
Concept: Recording of Transactions 1
Should a transaction be first recorded in a journal or ledger? Why?
Concept: Recording of Transactions 1
Why are some accounting systems called double accounting systems?
Concept: Recording of Transactions 1
Give a specimen of an account
Concept: Recording of Transactions 1
What is the purpose of posting J.F numbers that are entered in the journal at the time entries are posted to the accounts
Concept: Recording of Transactions 1
If a transaction has the effect of decreasing an asset, is the decrease recorded as a debit or as a credit? If the transaction has the effect of decreasing a liability, is the decrease recorded as a debit or as a credit?
Concept: Recording of Transactions 1
Describe the events recorded in accounting systems and the importance of source documents in those systems?
Concept: Recording of Transactions 1
Describe how debits and credits are used to analyse transactions
Concept: Recording of Transactions 1
Describe how accounts are used to record information about the effects of transactions?
Concept: Recording of Transactions 1
What are special purpose books?
Concept: Recording of Transactions 2
Explain the meaning of posting of journal entries?
Concept: Recording of Transactions 2
Define the purpose of maintaining subsidiary journal
Concept: Recording of Transactions 2