Principles of accounts Essay

1.Explain the theory of write up innovation of air relationship and Principles of Accounting 2.State the purpose of accountingAccounting as a melodic phrase practice the purpose of Accounting. 3.Identify the users of accounting developmentInternal and external users Accounting information and their needs4. draw the distinguishing features of assorted 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 inclined(p) by mixed business organizations Financial Statements Income statement,Trading and Profit & deviation A/C,Income and spending A/C,Balance sheets,Cash Flow Statements.(Teachers are not pass judgment to teach how to prepare the cash flow statements moreover it should be set as one of the financial statements which must be prepared by corporations).6.Describe the accounting oscillationTh e Accounting cycle with its diagrammatic representation.7.Outline the designs and conventions that sharpen the accounting put to work 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 engineering on the accounting process (a) accounting processes which could be readily preformed by the use of the computer, for cause 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. CXC CSEC Principles of Accounts examination GuideSection 1 Introduction to Principles of AccountsSPECIFIC OBJECTIVESThe students should be capable toCONTENT1.Explain the concept of accountingconcept of Accounting and Principles of Accounting 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 accounting process Accounting concepts and conventions princ iples 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.