Page 22 - Book-keeping for Secondary Schools Student’s Book Form One

Book-Keeping for Secondary Schools

Chapter Two

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Basic principles of Book-keeping

Introduction

The basic principles of Book-keeping provide students with the necessary skills

and knowledge of maintaining appropriate financial records, complying with
regulations, and making informed decisions. These principles enable students to
pursue various career paths in the field of accounting and finance. In this chapter,

you will learn accounting principles and assumptions, single entry and double
entry system of Book-keeping. The competencies developed will enable you to use
basic accounting principles in recording and preparing financial statements.

information to different users. Book-
Think
keeping principles are concerned with
What would it be if there were no appropriately presenting an enterprise’s
basic principles and guidelines in financial information. Accounting concepts
Book-keeping. are concerned with guiding recording of
transactions and preparations of financial
Accounting principles and statements. In this chapter, some accounting
assumptions
principles and concepts shall be discussed
In the world of Book-keeping, the recording in detail.
and presenting of financial information is
guided by book-keeping principles. Book- Monetary unit principle
keeping principles refer to the various This is also known as the unit of measurement
frameworks which guide the practice of principle. It states that financial transactions
accounting. These principles guide the should be recorded and reported using a
procedures and practices in measuring, common unit of measurement in a monetary
recording, and communicating financial

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Student’s Book Form One

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