ACCOUNTING CONCEPTS
Topics include:
• Introduction to accounting concepts
• Bank Reconcilation statements and errors
• Final Accounts and Accounting Cycle
• Subsidiary Books and Ledger Accounts
Introduction to Accounting Concepts
Accounting concepts are the foundation of the accounting system. They include:
• Going concern
• Consistency
• Accrual
• Cost
• Materiality
• Matching
• Prudence
• Duality
Bank Reconciliation Statements and Errors
Bank reconciliation is the process of comparing the balances in a company's records with those
shown on its bank statement. Any differences between the two balances must be investigated and
corrected.
Errors can occur in both the company's records and the bank's records. Common errors include:
• Entries made in the wrong account
• Omissions
• Transposition errors
• Reversed entries
Final Accounts and Accounting Cycle
Final accounts are the summary of all the accounting transactions of a business for a particular
period of time.
The accounting cycle is the process through which the financial information of a business is recorded,
classified, and reported.
It includes:
Topics include:
• Introduction to accounting concepts
• Bank Reconcilation statements and errors
• Final Accounts and Accounting Cycle
• Subsidiary Books and Ledger Accounts
Introduction to Accounting Concepts
Accounting concepts are the foundation of the accounting system. They include:
• Going concern
• Consistency
• Accrual
• Cost
• Materiality
• Matching
• Prudence
• Duality
Bank Reconciliation Statements and Errors
Bank reconciliation is the process of comparing the balances in a company's records with those
shown on its bank statement. Any differences between the two balances must be investigated and
corrected.
Errors can occur in both the company's records and the bank's records. Common errors include:
• Entries made in the wrong account
• Omissions
• Transposition errors
• Reversed entries
Final Accounts and Accounting Cycle
Final accounts are the summary of all the accounting transactions of a business for a particular
period of time.
The accounting cycle is the process through which the financial information of a business is recorded,
classified, and reported.
It includes:
