Bookkeeping
ADJUSTMENT
Bookkeeping is the recording, on a day-to-day basis, of the financial transactions and information pertaining to a business. It ensures that records of the individual financial transactions are correct, up-to-date and comprehensive. Accuracy is therefore vital to the process.
ADJUSTMENT
Preparation of comprehensive financial statement
Analyze financial strength and weakness of the business
Prepare a statement for financial position
Prepare an Income Statement with adjustng entries
Bad Debts and Provisions
Post entries of bad debts and provisions to Income Statement and Statement of Financial position
Prepare entries and accounts for recording bad debts and provisions
Distinguish between provision for bad debt and bad debt
Explain the meaning of bad debts and provision for bad debts
Depreciation of Non - Current Assets
Prepare the accounts for recording depreciation
Determine the book value of non - current asset
Compute the depreciation charge
Describe the concept of Depriciation
Disposal of non- current assets
Compute profit or loss on disposal of non - current assets
Compare the depreciation policies used by business firms in recording depreciaton
Prepare the journal entries to record disposal of non - current assets
Explain the concept of disposal of non - current assets
Capital Expenditure and Revenue Expenditures
Determine the effects of Capital Expenditure and Revenue Expenditures to the financial statements
Distinguish Capital Expenditure items from Revenue Expenditures
Explain the meaning of Capital Expenditure and Revenue Expenditures
Concept of Adjustments
Record the adjusting entries into the accounts
Prepare adjusting entries for expenses and income
Describe the Concept of Adjustments
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