Principles of accounts Essay

1. exempt the purpose of news reportconcept of chronicle and Principles of Accounting 2.State the suggest of accountingAccounting as a business practice the purpose of Accounting. 3.Identify the users of accounting learningInternal 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 fiscal obligation companies)(iv) Cooperatives(v) Non- good Organizations5.Identify the main financial statements brisk by various business organizations Financial Statements Income statement,Trading and Profit & Loss A/C,Income and expending A/C,Balance sheets,Cash Flow Statements.(Teachers are not evaluate to teach how to prepare the hard 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 i ts diagrammatical representation.7.Outline the concepts and conventions that guide the accounting affect Accounting concepts and conventions principles which guide the accounting process accrual and duplicate 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 list control,debtors and creditors schedules.(b) What are the software shortly being used in Accounting e.g. Peachtree, SimplyAccounting (c) Advantages and disadvantages of using the computer in accounting. CXC CSEC Principles of Accounts Exam GuideSection 1 Introduction to Principles of AccountsSPECIFIC OBJECTIVESThe students should be able 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 principles which guide the accounting pro cess 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.