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Bookkeeping & Accounting

   

Added on  2023-02-02

39 Pages2291 Words71 Views
BOOKKEPING & ACCOUNTING
(A flexible learning Program)
PRESENTATION
BY
CPA VICENT LAURIAN
LECTURER & BUSINESS CONSULTANT
Email: vlaurian@iaa.ac.tz
Cell: +255 (0)763 623573/784 862733

Learning Outcomes:
By the end of this course you should be able to:
Explain the nature of accounting and bookkeeping
Apply the general acceptable principles of accounting in your daily
Accounting work
Record transactions in the correct book of accounts
Prepare Financial statements
Account for Accruals and Prepayments
Account for Non current assets (PPE, Investment property &
Intangible assets)
Account for Trade and other receivables
Cash and Bank balances (Bank Reconciliation)
Explain Unrecorded liabilities
Explain Deferred Tax implications in the financial statements

UNIT 1: NATURE OF ACCOUNTING
By the end of this unit you should be able to:
Explain the difference between accounting and
bookkeeping
Describe the different types of business organizations
Describe the (5)fundamental elements of accounting
Use the accounting equation to show the relationship
between the (5) fundamental elements of accounting

Bookkeeping and Accounting
What is Bookkeeping?
Bookkeeping is a systematic method of maintaining
accurate and complete records of daily financial
transactions of a business.
It is the first step of the accounting process. Bookkeeping
uses basic accounting processes. (i.e. From Journals,
Ledgers to the Trial balance)

Bookkeeping and Accounting
What is Accounting?
Accounting is the process of analysing, classifying,
recording, summarizing, communicating and
interpreting business transactions and events expressed
in monetary terms.
It is much wider than bookkeeping.
An accountant sets up the accounting system that is
used by the bookkeeper to keep records and supervises
the work of the bookkeeper.

Types of Business Organisations
sole traders (sole or single proprietorship)
partnership,
company, and
co-operatives.
PRIVATE SECTOR – IFRS/IAS by IASB
PUBLIC SECTOR – IPSAS by IPSASB

The 5 Elements of Accounting
Assets
Liabilities
Owners Equity
Income
Expenses
CONCEPTUAL FRAMEWORK FOR FINANCIAL REPORTING
(CONSTITUTION) BY THE IASB

ASSET:
Resource controlled by the entity as a result of past
event from which economic benefits are expected to
flow to the entity
LIABILITY:
Present obligation of the entity as a result of past
event
Obligation: a duty which the entity has no practical
ability to avoid

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