SS1 First Term Financial Accounting Lesson Note – Introduction and Historical Development of Book Keeping

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WEEK 1

TOPIC: INTRODUCTION AND HISTORICAL DEVELOPMENT OF BOOK KEEPING

CONTENT:

• Definition and meaning of Book-keeping and Accounting
• History of Accounting in Nigeria:
• Origin
• Accounting as a profession
• Future prospects.

FULL CONTENT

SUB-TOPIC 1: MEANING OF BOOK KEEPING AND ACCOUNTING

Meaning of Book Keeping:

Book-keeping from time immemorial has been defined as a science of recording business transactions in a systematic manner so as to exact financial position of the business that can be easily ascertained at any time.

Book-keeping may be defined as the art of recording business transactions in a systematic manner so that the books of account will reveal at any time the financial position of the business to the owner and other stakeholders in the business.

Meaning of Accounting:

Accounting is the process of obtaining, recording, classifying, summarizing, reporting, interpreting and presenting financial information in a manner that will facilitate informed decision by the users of accounting information.

Boateng, (1884)” accounting is the process of identifying, measuring, and communicating economic and financial information to permit informed judgment and decision by the users of the information”.

EVALUATION

1. Define Accounting
2. Mention two differences between Book keeping and Accounting
   

Sub-Topic 2: HISTORY OF ACCOUNTING IN NIGERIA

Origin of Accounting in Nigeria

Nigeria has a long-standing history in international trade even before colonization came to Africa. Back in the olden days, properly organized system of trade and government were in existence in the ancient kingdoms of South- south/ South-west, Western part of Nigeria, and part of the Northern part (Benin, Oyo and Borno, Etc).

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