TOPIC 3: BANK RECONCILIATION STATEMENT | B/KEEPING FORM 2 Meaning of Bank Reconciliation Statement Define Bank reconciliation Statement Bank reconciliation is the process of matching the balances in an entity’s accounting records for a cash account to the corresponding information on a bank statement. The goal of this process is toascertain the differences between the … Read more
TOPIC 5: SOURCES OF GOVERNMENT FUNDS AND EXPENDITURE ESTIMATES | B/KEEPING FORM 2 Sources of Government Funds and Expenditure Estimates Indentify sources of government funds and Expenditure Estimates Government revenue refer to the income generated by the government through various income sources inside and outside the particular government, As to any other person one will … Read more
TOPIC 4: GOVERNMENT ACCOUNTING TERMINOLOGY | B/KEEPING FORM 2 Meaning of the term Accounting Define the term accounting Accounting is the systematic and comprehensive recording of financial transactions pertaining to a business. Accounting also refers to the process of summarizing, analyzing and reporting these transactions. The financial statements that summarize a large company’s operations, financial … Read more
TOPIC 4: GOVERNMENT ACCOUNTING TERMINOLOGY | B/KEEPING FORM 1 Meaning of the term Accounting Define the term accounting Accounting is the systematic and comprehensive recording of financial transactions pertaining to a business. Accounting also refers to the process of summarizing, analyzing and reporting these transactions. The financial statements that summarize a large company’s operations, financial … Read more
Operation of the Petty Cash Book Determine the operation of the petty cash Book Petty Cash Book: Petty cash book is a kind of cash book which records large number of small payments such as conveyance, cartage, postage, telegrams and other expenses under the imprest system. These expenses are repetitive in nature. The procedure becomes … Read more
The Meaning of Books of Original Entry or Subsidiary Books Give the meaning of books of original entry or subsidiary books The ledger accounts of a business are the main source of information used to prepare the financial statements. However, if a business were to update their ledgers each time a transaction occurred, the ledger … Read more