FOUNDATIONS OF ACCOUNTING
| Institution | TVET |
| Course | Diploma in Social Wo... |
| Year | 1st Year |
| Semester | Unknown |
| Posted By | stephen |
| File Type | |
| Pages | 58 Pages |
| File Size | 1.07 MB |
| Views | 3447 |
| Downloads | 0 |
| Price: |
Buy Now
|
Description
Definition Accounting is defined as the process of identifying, measuring and
reporting economic information to the users of this information to permit informed
judgment
Many businesses carry out transactions. Some of these transactions have a financial
implication i.e. either cash is received or paid out. Examples of these transactions
include selling goods, buying goods, paying employees and so many others.
Accounting is involved with identifying these transactions measuring (attaching a
value) and reporting on these transactions. If a firm employs a new staff member then
this may not be an accounting transaction. However when the firm pays the employee
salary, then this is related to accounting as cash involved. This has an economic
impact on the organization and will be recorded for accounting purposes. A process is
put in place to collect and record this information; it is then classified and
summarized so that it can be reported to the interested parties.
The main purpose of Accounting is to provide financial information about an
economic entity. It provides a means where the steward reports to the owner how the
funds entrusted to him are used to enhance the wealth of the business.
Business Transaction is an event which involves the transfer of money or money‘s
worth of financial events. The following summarises the business transaction that a
firm might have:
Acquisition of assets from owners and other creditors
Investing resources in assets to produce goods or services
Using resources to produce goods and services
Selling goods or services of the firm
Paying those to whom money is owned
Returning assets to owners
Below is the document preview.
BAC 412 Entrepreneurial Finance
Entrepreneurial Finance is designed to help students and/or managers make better investment and financing decisions in entrepreneurial settings. The course covers all stages of the process, from startup to harvest. Though the course is called Entrepreneurial Finance, it differs in philosophy and style from a course like corporate Finance. It integrates people into the equation by taking into account their capabilities, their incentives, and the cognitive biases they bring to decision making. Students should not take the course as a remedial finance course but to enhance their understanding of entrepreneurship financial planning and execution.
The course is aimed primarily at people who may already or are planning to be involved entrepreneurial ventures at some point in their careers whether in a large organization, a turnaround, a management buyout or a startup. The course will also be useful for future private equity decision makes.
34 Pages
718 Views
1 Downloads
1.74 MB
BBA 102 Principles of Management
Trending!
In modern business world job management is becoming very difficult. Therefore managers requires several skills for successful management.. These skills include the following :
Technical Skill – ability and knowledge to use tools, equipment, procedures & techniques in a specialized area. The manager must know the skills required in a certain business, the role of each skill and interrelationship between the skills. They should be ready to ask for technical assistance in cases where they are not familiar with a particular skill. Ability in programming operating a word processing program, designing a brochure, training people to use a budgeting system, understanding manufacturing systems, etc. are examples of technical skills.
Human Skill refers to ability to work with, understand, mentor & motivate people as individual or groups. This is a sense of feelings and reflects the manager’s perception of superiors, subordinate and peers. Human skills are concerned with understanding of ‘People’. Interviewing job applicants, forming partnerships with other businesses, and resolving conflicts all require these skills.
Conceptual Skill –mental ability to coordinate & integrate an organization’s activities, especially in the long-term decisions affecting the organization. It is needed to see the organization as a whole & recognize how the various factors in a situation are interrelated so actions taken are in the best interests of the organization. Conceptual skills also include the competence to understand a problem in all its aspects and to use original thinking in solving the problem. Such competence is necessary for rational decision-making. Decision making, planning, and organizing require these skills.
83 Pages
2536 Views
1 Downloads
5.63 MB
BBM 221;Management accounting 1 Notes 1st Year
Trending!
Management accounting is the application of professional knowledge and skills in preparation and presentation of accounting information in such a way as to assist management in formulation of policies and planning /control of operations of undertakings.
255 Pages
3565 Views
0 Downloads
763.22 KB
BBM 124;Principles of Marketing Notes 1st Year
Trending!
Marketing is the business function that delivers customer satisfaction at a profit. It creates values for the customers and receives values from the customers in return. Marketing focuses on getting customers and keeping customers by satisfying their needs. Marketing creates values and satisfaction for the customer. It is the delivery of satisfaction to the customers at a profit.
121 Pages
3208 Views
1 Downloads
616.05 KB
BBM 411; Company law Notes 1st Year
Trending!
The formation and winding up of any company in Kenya is governed by the Company’s Act Cap 486 of the Laws of Kenya. The company legislation in Kenya owes its origin to the English company law. The companies Act of Kenya which came into force on 1st January 1962 is based on English companies Act of 1948.This Act is still applicable together with later amendments. The Act provides a basic legal framework for the regulation of companies in Kenya. It makes provision for the legal incorporation of companies and lays down rules for their constitution, management and
winding up.
117 Pages
3384 Views
0 Downloads
731.85 KB
Excel spreadsheet notes
A Spreadsheet is a ledger sheet that lets the user enter, edit, and manipulate numerical data. A Spreadsheet usually consists of a series of rows & columns.
41 Pages
535 Views
1 Downloads
710.73 KB
BMS 400 Management Information Systems
Trending!
The term “system” originates from the Greek term systema, which means to “place together.” Multiple business and engineering domains have definitions of a system. This text defines a system as: System An integrated set of interoperable elements, each with explicitly specified and bounded capabilities, working synergistically to perform value-added processing to enable a User to satisfy mission-oriented operational needs in a prescribed operating environment with a specified outcome and probability of success.
66 Pages
2640 Views
0 Downloads
989.47 KB
EAE 313 Public Finance
Trending!
The module introduces learners to the fiscal policy and operations of government. The module then goes further to present theories, processes and practical issues on how governments raise and allocate resources.
148 Pages
2376 Views
1 Downloads
1.26 MB
Data analytics notes
Trending!
Data analytics is the science of analyzing raw data to make conclusions about that information. It also helps the business to optimize its performance
57 Pages
4655 Views
1 Downloads
1.98 MB
DICT; Management Information System Notes
Trending!
management information system is an information system used for decision-making, and for the coordination, control, analysis, and visualization of information in an organization. The study of the management information systems involves people, processes and technology in an organizational context.
59 Pages
3153 Views
0 Downloads
303.58 KB