BOOKKEEPING Fifty Series Form Four With Marking Schemes
Bookkeeping is the systematic recording, classifying, and
summarizing of financial transactions to provide information for
decision-making. Here are some key concepts and topics you might encounter in a
bookkeeping examination series:
Fundamental Principles
·
Double-entry
system: Every transaction affects at
least two accounts.
·
Debit
and credit: Debits increase assets and
expenses, while credits increase liabilities, equity, and revenues.
·
Source
documents: Original records that provide
evidence of transactions (e.g., invoices, receipts, checks).
Accounting Cycle
1.
Journalizing: Recording transactions in a journal.
2.
Posting: Transferring journal entries to the ledger.
3.
Trial
balance: A list of all ledger accounts and
their balances.
4.
Adjusting
entries: Entries made at the end of an
accounting period to update account balances.
5.
Closing
entries: Entries made to prepare for
the next accounting period by closing temporary accounts.
6.
Post-closing
trial balance: A trial balance prepared after
closing entries.
Financial Statements
·
Income
statement: Shows the company's revenues,
expenses, and net income or loss.
·
Balance
sheet: Shows the company's assets,
liabilities, and equity at a specific point in time.
·
Cash
flow statement: Shows the company's inflows
and outflows of cash.
Specific Topics
·
Cash
book: A specialized journal for
recording cash transactions.
·
Petty
cash book: A book used to record small
cash disbursements.
·
Bank
reconciliation: The process of reconciling the
bank statement with the cash book.
·
Accounting
for inventory: Methods like FIFO, LIFO, and
average cost.
·
Accounting
for depreciation: Allocating the cost of fixed
assets over their useful life.
Additional Considerations
·
Accounting
standards: Understand the specific
accounting standards applicable to your region (e.g., GAAP, IFRS).
·
Ethical
considerations: Be aware of ethical principles
in accounting, such as honesty, objectivity, and competence.
·
Technology: Familiarize yourself with accounting software
and tools.
50 BOOKKEEPING SERIES EXAMS WITH ANSWERS
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