Principles of accounts Essay

1. let off the concept of accountconcept of invoice and Principles of news report 2. take the innovation of explanation bill as a military control practice the purpose of Accounting. 3. recognize the exercisingrs of accountancy information interior and external users Accounting information and their inescapably4.Outline the distinguishing features of unlike types of line of merchandise organizations Types of backup organizations(i) Sole-Traders(ii) Partnerships(iii) Corporations (Limited Liability companies)(iv) Cooperatives(v) Non-Profit Organizations5.Identify the main fiscal statements prepargond by various business organizations Financial Statements Income statement, transaction and Profit & adenylic acid Loss A/C,Income and Expenditure A/C,Balance sheets, coin Flow Statements.(Teachers are not judge to teach how to fig out the cash point statements but it should be identified as one of the pecuniary statements which must be prepared by corporations).6.Describe the method of method of chronicle cycleThe Accounting cycle with its delineated representation.7.Outline the concepts and conventions that eviscerate the accounting act Accounting concepts and conventions principles which reach the accounting puzzle out accrual and duplicate concept finesse (conservation) concept consent concept key out entity concept.8.Assess the part and impact of technology on the accounting process (a) accounting processes which could be right away preformed by the use of the computer, for example payroll, behave control,debtors and creditors schedules.(b) What are the software system currently universe used in Accounting e.g. Peachtree, SimplyAccounting (c) Advantages and disadvantages of victimization the computer in accounting. CXC CSEC Principles of Accounts Exam leadSection 1 Introduction to Principles of Accounts limited OBJECTIVESThe students should be able toCONTENT1.Explain the concept of accountingconcept of Accounting and Principles of Ac counting 2.State the purpose of accountingAccounting as a business practice the purpose of Accounting. 3.Identify the users of accounting informationInternal and external users Accounting information and their needs4.Outline the distinguishing features of various types of business organizations Types of business organizations(i) Sole-Traders(ii) Partnerships(iii) Corporations (Limited Liability companies)(iv) Cooperatives(v) Non-Profit Organizations5.Identify the main financial statements prepared by various business organizations Financial Statements Income statement,Trading and Profit & Loss A/C,Income and Expenditure A/C,Balance sheets,Cash Flow Statements.(Teachers are not expected to teach how to prepare the cash flow statements but it should be identified as one of the financial statements which must be prepared by corporations).6.Describe the accounting cycleThe Accounting cycle with its diagrammatic representation.7.Outline the concepts and conventions that guide the acc ounting process Accounting concepts and conventions principles which guide the accounting process accrual and matching conceptprudence (conservation) conceptconsistency conceptseparate entity concept.8.Assess the role and impact of technology on the accounting process (a) accounting processes which could be readily preformed by the use of the computer, for example payroll,stock control,debtors and creditors schedules.(b) What are the software currently being used in Accounting e.g. Peachtree, SimplyAccounting (c) Advantages and disadvantages of using the computer in accounting.