Bookkeeping Notes for Artisan Courses in Salesmanship, Storekeeping

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Discover comprehensive bookkeeping notes for artisan courses in salesmanship and storekeeping. Instantly receive the document upon purchase via WhatsApp, email, or direct download.

INTRODUTION TO BOOKKEEPING AND ACCOUNTING
a) NATURE OF ACCOUNTING
Accounting is defined as the process of identifying, measuring and reporting economic information to the users of this information to permit informed judgment Bookkeeping is the process of keeping track of a business's financial transactions. These services include recording what money comes into and flows out of a business, such as payments from customers and payments made to vendors.
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.
USERS OF ACCOUNTING INFORMATION
Accounting information is produced in form of financial statement. These financial statements provide information about an entity financial position, performance and changes in financial position.
Financial position of a firm is what the resources the business has and how much belongs to the owners and others.
The financial performance reflects how the business has performed, whether it has made profits or losses. Changes in financial positions determine whether the resources have increased or reduced.
The users of accounting information have an interest in the existence of the firm. Therefore the information contained in the financial statements will affect the decision making process.
The following are the users of accounting information:
i. Owners:
They have invested in the business and examples of such owners include sole traders, partners (partnerships) and shareholders (company). They would like to have information on the financial performance, financial position and changes in financial position.
This information will enable them to assess how the managers of the business are performing whether the business is profitable or not and whether to make drawings or put in additional capital.
ii. Customers
Customers rely on the business for goods and services. They would like to know how the business is performing and its financial position.
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