ACCOUNTANCY ACCOUNTANCY As LEVEL(FORM FIVE) NOTES – CORRECTION OF ACCOUNTING ERRORS
CORRECTION OF ACCOUNTING ERRORSINTRODUCTIONAn error is a mistake, while rectification means correction. Errors may occur at various stages in the accounting process, including:When transactions are
ACCOUNTANCY As LEVEL(FORM FIVE) NOTES – ACCOUNTING ENTRIES
ACCOUNTING ENTRIES1. On setting aside the amount of depreciation:DR: Depreciation a/c or P+L a/cCR: Depreciation Fund a/cNote: The amount to be charged by way of
ACCOUNTANCY As LEVEL(FORM FIVE) NOTES – ACCOUNTING ENTRIES(3)
ACCOUNTING ENTRIES1. On setting aside the amount of depreciation; DR: Depreciation a/c or P+L a/c CR: Depreciation Fund a/cNote: The amount to be charged by
ACCOUNTANCY As LEVEL(FORM FIVE) NOTES – RESERVES AND PROVISIONS (3)
RESERVES AND PROVISIONS INTRODUCTION:Any business firm must have an asset in conducting its activities.Assets are the possessions of the business.They are things of value that
ACCOUNTANCY As LEVEL(FORM FIVE) NOTES – THE NATURE AND CONTEXT OF ACCOUNTANCY(1)
THE NATURE AND CONTEXT OF ACCOUNTANCYBrief History of AccountingEarly references to accounting can be found in the works of certain ancient oriental writers. However, the