Introduction to Bookkeeping

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Information about Introduction to Bookkeeping
Finance

Published on March 12, 2014

Author: ThreeSixtyAcademy

Source: slideshare.net

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Introduction The term ‘accounting’ is generally used to describe a range of activities associated with: • Keeping financial records for a business • Preparing financial statements for a business • Preparing financial reports for use by owners/managers Accounting is divided into two main functions; • Financial Accounting • Management Accounting

Financial Accounting Financial accounting is concerned with the activities of; • Keeping financial records (bookkeeping) • Preparing financial statements (accounting) Financial accounting is compulsory as all businesses; • Are legally required to keep appropriate financial records • Also legally required to prepare financial statements

Management Accounting Management accounting is a voluntary activity. It is also a form of ‘internal accounting’. Management accounts are useable by management for the purpose of planning and controlling the business. Activities associated with management accounting are; • Cost accounting • Financial forecasting • Budgetary control

Bookkeeping and Accounting As outlined bookkeeping and accounting are activities within the function of financial accounting. The following slides will give you more of an insight into the difference and functions of; • Bookkeeping • Accounting - The Trading and Profit and Loss Account - The Balance Sheet

Bookkeeping Bookkeeping is the system of processing the day to day financial transactions of a business. The type of bookkeeping system maintained by a business organisation depends on the size of the organisation; • Small businesses tend to use single entry bookkeeping • Larger businesses usually use double entry bookkeeping Most businesses using double entry bookkeeping systems tend to use a computerised accounting system.

Accounting Accounting is the use of financial information from a bookkeeping system in order to create financial statements. Accounting includes the classification, summarising, measurement, and communication of financial information. The financial statements prepared on behalf of a business as the basis of reporting and communication include; • The Trading and Profit and Loss Account • The Balance Sheet

Trading & Profit & Loss Account The Trading and Profit and Loss Account is a form of performance statement. It is prepared for a particular period of time (normally a financial year). The Trading and Profit and Loss Account is an account of; • Income earned by the business • Costs and expenses incurred by the business • Profit and loss generated by the business

The Balance Sheet The Balance Sheet is a statement of financial position as at a particular period in time (normally the financial year end). The balance sheet is sometimes referred to as a ‘financial window’. The Balance Sheet provides the reader with the following; • What a business owns (its assets) • What a business owes (capital and liability obligations)

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