Accountancy Accountancy As Level(Form Five) Accountancy Notes Form Five (As Level)

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/c CR: Depreciation Fund a/cNote: The amount to be charged by

Accountancy Accountancy As Level(Form Five) Accountancy Notes Form Five (As Level)

ACCOUNTANCY As LEVEL(FORM FIVE) NOTES – THE NATURE AND CONTEXT OF ACCOUNTANCY(1)

THE NATURE AND CONTEXT OF ACCOUNTANCYBrief history of Accounting:-Early references to the subject of accounting may be found in the works of certain ancient oriental

Accountancy Accountancy As Level(Form Five) Accountancy Notes Form Five (As Level) History Notes

ACCOUNTANCY ACCOUNTANCY As LEVEL(FORM FIVE) NOTES – CORRECTION OF ACCOUNTING ERRORS

CORRECTION OF ACCOUNTING ERRORSINTRODUCTIONError-MistakeRectification-CorrectionErrors may occur1.While the transactions are initially recorded.2.While the ledge account are being recorded.3.While the trial balance is bean prepared.CLASSIFICATION OF ERRORS1.Arithmetical

Accountancy Accountancy As Level(Form Five) Accountancy Notes Form Five (As Level)

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 Accountancy As Level(Form Five) Accountancy Notes Form Five (As Level)

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