Page 20 - Book-keeping for Secondary Schools Student’s Book Form One

Book-Keeping for Secondary Schools

Home Economics of farming accounts is done after preparing
Book-keeping supports Home Economics their books of accounts. In order to do that,
by providing a system to financial record- one needs to have Book-keeping knowledge
keeping, budgeting, expenses tracking, and skills.
financial planning, tax preparation and
decision-making within household. It
FOR ONLINE READING ONLY
helps individuals and families to effectively Exercise 1.1
manage their resources, making informed 1. What do you understand by Book-
financial choices and achieve their financial keeping? Explain its importance
goals. and scope.

Computer Science 2. What are the basic concepts of

Book-keeping and computer science relate Book-keeping? Why is it important
through the preparation and analysing for a business person to use Book-
keeping systems to keep financial
of financial statements. Computer has records?
automated tools that enhance financial
record-keeping, data analysis, security Summary
measures, and reporting processes. Book-keeping is a fundamental concept
Computer scientists contribute by creating in financial management, involving the

accounting software, ensuring data integrity, systematic recording, organising, and
implementing security measures, utilising summarising of information about financial
artificial intelligence to prepare financial transactions. Its origins can be traced back
statements and reports. to ancient civilisations where basic record-
keeping practices were employed. Today,
Agriculture Book-keeping has evolved into a structured
Book-keeping is closely tied to agriculture discipline with defined principles and
through financial tracking, cost analysis, techniques.
budgeting, financial planning, inventory
management, tax compliance, and financial The purpose of Book-keeping is to
analysis. It helps farmers to maintain provide a basis for a clear and accurate
financial records, assess profitability, representation of business's financial
optimise resource allocation, comply with activities. It encompasses tasks such as
tax obligations, and make informed decisions recording transactions, classifying them
to achieve sustainable and profitable into appropriate accounts, and generating
agricultural operations. Also, agriculture financial statements. Book-keeping plays
deals with farming management that requires a vital role in supporting decision-making
the preparation of farm records and farm by providing insights into cashflows,
accounting. This includes depreciating the assets, liabilities, revenue, and expenses.
value of farming equipment and keeping It also ensures compliance with legal and
inventories of farm produce. The analysis

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Student’s Book Form One

Book Keeping Form 1 New 2024 FINAL.indd 12 18/10/2024 10:14