TOPIC 3: THE COMPUTER SOFTWARE Software Concepts The computer software Define computer software Software refers to the programs that control the operation of a computer . Software is is a program and its documentation in a nutshell the term software describes the programs that are used to operate the computer system. Types of computer software State types of computer software There are two types of computer software i) Application Software ii) System Software The difference between systems software and application software Differentiate systems software from application software DIFFERENCE BETWEEN SYSTEM SOFTWARE AND APPLICATION SOFTWARE SYSTEM SOFTWAREAPPLICATION SOFTWARE System software is used…
Author: Msomi Bora
TOPIC 2: THE COMPUTER Significance of Computer The Computer Define a computer A computer can be defined in several ways but the best definition of a computer should contain main terms like INPUT, PROCESS, STORAGE and OUTPUT. The following are various definitions of the computer A Computer is: An electronic machine that processes raw data to produce information Is an electronic device that receives or accept input[data] processes it and then produces output or information Is a machine programmed to accept data process it into useful information [output] Is an electronic devices that works under the control of stored program,…
TOPIC 1: INFORMATION Concept of Information The meaning of Data Define Data Data and information are used interchangeably but they are quite different. Consider this example: when a student is admitted at school he/she fills a form with details such as parents names, date of birth, place of domicile , address ,phone number and so on, those details are referred as data. When such data are used by the school authority then the school get the information about a particular student. Data can be defined as facts about something that can be used in calculating, reasoning or planning. Data (Input) is a collection of unprocessed items, which can…
BOOK KEEPING NOTESFOR SECONDARY SCHOOLS Click the links below to view the notes: FORM ONE FORM TWO FORM THREE FORM FOUR DEFINITIONSOF BOOK KEEPING Book keeping is the process of recording your company’s financial transactions into organized accounts on a daily basis. It can also refer to the different recording techniques businesses can use. Bookkeeping is an essential part of your accounting process for a few reasons. When you keep transaction records updated, you can generate accurate financial reports that help measure business performance. Book keepinginvolves the recording, on a regular basis, of a company’s financialtransactions. With proper bookkeeping,…
BOOK KEEPING NOTES FOR FORM FOUR Click the links below to view the notes: TOPIC 1 – BILLS OF EXCHANGE TOPIC 2 – JOINT VENTURES TOPIC 3 – CONSIGNMENTS TOPIC 4 – PARTNERSHIPS TOPIC 5 – DEPARTMENTAL ACCOUNTS TOPIC 6 – ELEMENTS OF AUDITING
TOPIC 6: ELEMENTS OF AUDITING Elements of Auditing Meaning of Auditing Define auditing Auditing refers to a systematic and independent examination of books, accounts, documents and vouchers of an organization to ascertain how far the financial statements present a true and fair view of the concern. It also attempts to ensure that the books of accounts are properly maintained by the concern as required by law. Auditing has become such a ubiquitous phenomenon in the corporate and the public sector that academics started identifying an “Audit Society”. The auditor perceives and recognizes the propositions before him/her for examination, obtains evidence, evaluates…
TOPIC 5: DEPARTMENTAL ACCOUNTS Departmental Accounts The Trading Account for a Departmental Store Draw up the trading account for a departmental store Introduction: Departmental Accounts are accounts relating to the several departments or sections of a business drawn up with a view to ascertaining their individual performances. A business may have a number of departments each dealing in a different type of goods. For instance, Departmental Store is an example of large scale trading by a retail trader. In order to carryout business more efficiently, a businessman divides his store into many sections, each section is called a Department. In…
TOPIC 4: PARTNERSHIPS Partnership The Basic Characteristics of a Partnership Describe the basic characteristics of a partnership Definition: The proprietorship form of ownership suffers from certain limitations such as limited resources, limited skill and unlimited liability. Expansion in business requires more capital and managerial skills and also involves more risk. A proprietor finds him unable to fulfill these requirements. This call for more persons come together, with different edges and start business. For example, a person who lacks managerial skills but may have capital. Another person who is a good manager but may not have capital. When these persons come…
TOPIC 3: CONSIGNMENTS Consignments The Account in the Consignors and Consignee’s Books Show the account in the consignors and consignee’s books Consignment Overview Consignment occurs when goods are sent by their owner (the consignor) to an agent (the consignee), who undertakes to sell the goods. The consignor continues to own the goods until they are sold, so the goods appear asinventoryin the accounting records of the consignor, not the consignee. Consignment Accounting – Initial Transfer of Goods When the consignor sends goods to the consignee, there is no need to create an accounting entry related to the physical movement of…
TOPIC 2: JOINT VENTURES Joint Ventures The Meaning of Joint Venture Define a joint venture An association of two or more individuals or companies engaged in a solitary business enterprise for profit without actual partnership or incorporation; also called a joint adventure. A joint venture is a contractual business undertaking between two or more parties. It is similar to a business partnership, with one key difference: a partnership generally involves an ongoing, long-term business relationship, whereas a joint venture is based on a single business transaction. Individuals or companies choose to enter joint ventures in order to share strengths, minimize…
