JSS2 Business Studies Lesson Note on Book -Keeping Ethics

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Topic: BOOKKEEPING ETHICS

CONTENT:     

1. Meaning   of TAP
2. Need   for   TAP
3. Attributes of TAP
4. Due process
5. Problems created by lack of TAP and their solutions.

Sub- Topic 1:  THE MEANING OF TAP AND NEED FOR TAP

TAP is an acronym which is well-known in Nigeria. It stands for transparency, accountability and probity. These three summaries the foundation of book keeping ethics and standard.

MEANING OF TRANSPARENCY

Transparency is defined as the quality of being truthful without a hidden agenda. A bookkeeper should be transparent in carrying out his duties either in keeping valuable records or recording business transactions.

ACCOUNTABILITY

Accountability means to be responsible/ accountable for any action that takes place. A book- keeper should   be ready to explain any point which seems to hidden to the

Officer-involved in book-keeping accountability is very important.

PROBITY

Probity means uprightness and honesty of character. A book keeper should not falsify entries in any of the records. It helps in effective keeping of records.

Attributes of Probity

1. To follow laid down guidelines and regulation.
2. To reduce corruption: it helps to reduce corruption especially in private sectors.
3. Fairness to all: this means that financial dealing of any organization is handled in such a way that no one is cheated.

THE NEED FOR TAP

TAP is a very important thing which helps business owners to achieve success in book keeping.  The need for TAP is as follows:

• To reduce corruption in private and public sectors
• To allow things to be done in their proper way
• To follow the rule of law in doing things
• To be fair to others i.e. to avoid bribery and corruption
• To give room for selection of people on merit
• To create more employment opportunities
• To reduce crime rate to the bearest minimum.
• To eradicate poverty.
• For political stability.

Encourage foreign direct investment

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