The content is just an excerpt from the complete note for SS1 First Term Financial Accounting Lesson Note – Book-Keeping and Accounting. Check below to download the complete DOCUMENT
WEEK TWO (2)
SUBJECT: FINANCIAL ACCOUNTING
CLASS: SS 1
TOPIC: BOOK-KEEPING AND ACCOUNTING
CONTENT: The need for book keeping and Accounting
- Keeping of accounting records as a soul of the business.
- Valuation of stock
- Determine debtors and creditors
- Valuation of asset
- Conservation of assets
SUB-TOPIC 1: NEED FOR BOOK-KEEPING AND ACCOUNTING:
The recording phase of accounting is known as the book-keeping. The practice of accountancy will be virtually impossible if there is no day-to-day recording of financial transactions as they occur.
- Keeping Accounting records as a soul of the business: Recording of relevant information in accounting is the pivotal and backbone of accounting principle. The recording provides both accounting/financial information to members of the public who are interested in the business through the financial statement. It also helps the management decision making.
- STOCK VALUATION
Stock definition: stock may be seen as any item whether raw materials ,work –in – progress or finished goods kept in store for resale or as input for further productions. Specifically stock will consist of :
- Finished goods purchased for resale
- Indirect materials (e.g stationery)
- Raw materials (also referred to as direct materials)
- Work in process or work in progress
- Finished goods manufactured by the business and yet to be sold
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