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BOOK KEEPING FORM THREE NOTES

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BOOK KEEPING FORM THREE NOTES
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BOOK KEEPING FORM THREE NOTES

Bookkeeping is the recording of financial transactions, and is part of the process of accounting in business and other organizations.

It involves preparing source documents for all transactions, operations, and other events of a business. Transactions include purchases, sales, receipts and payments by an individual person or an organization/corporation.

There are several standard methods of bookkeeping, including the single-entry and double-entry bookkeeping systems. While these may be viewed as “real” bookkeeping, any process for recording financial transactions is a bookkeeping process.

BOOK KEEPING FORM THREE NOTES

Get free Biology Notes for form one from this post and other more secondary notes from our site

TOPIC 1:

GENERAL JOURNAL

TOPIC 2:

CORRECTION OF ERRORS

TOPIC 3:

ADJUSTMENTS 

TOPIC 4:

CAPITAL EXPENDITURE AND REVENUE EXPENDITURE

TOPIC 5:

DEPRECIATION 

TOPIC 6:

BAD DEBTS

TOPIC 7:

FINANCIAL STATEMENTS

TOPIC 8:

BALANCE SHEET (CLASSIFIED) 

TOPIC 9:

MANUFACTURING ACCOUNT

TOPIC 11:

INCOMPLETE RECORDS

TOPIC 12:

ACCOUNTS OF NON-PROFIT MAKING ORGANIZATIONS

TOPIC 13:

GOVERNMENT BUDGETING PROCEDURE

BOOK KEEPING FORM THREE NOTES

The person in an organisation who is employed to perform bookkeeping functions is usually called the bookkeeper (or book-keeper).

They usually write the daybooks (which contain records of sales, purchases, receipts, and payments), and document each financial transaction, whether cash or credit, into the correct daybook—that is, petty cash book, suppliers ledger, customer ledger, etc.—and the general ledger.

Thereafter, an accountant can create financial reports from the information recorded by the bookkeeper.

The bookkeeper brings the books to the trial balance stage, from which an accountant may prepare financial reports for the organisation, such as the income statement and balance sheet.

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