Page 9 - Book-keeping for Secondary Schools Student’s Book Form One

Introduction to Book-Keeping

Chapter One

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Introduction to Book-keeping

Introduction

Book-keeping equips students with essential skills and knowledge vital for their
future careers. When students master Book-keeping principles and concepts, they
will gain a solid foundation for understanding financial transactions and record
them accurately. A strong understanding of Book-keeping knowledge and skills
empowers students to contribute effectively to both financial success in business
arena and in managing personal financial matters. In this chapter, you will learn
concept of Book-keeping by focusing on the origin, meaning, scope, purpose,
types of Book-keeping methods or systems, relationship with other disciplines and
basic terms used in Book-keeping. The competencies developed will enable you
to appreciate the importance of keeping business financial transactions and have
ability to negotiate and reason effectively during business deals.

needs. Typical small businesses include
Think hawkers, vegetable vendors, street retail

On the ways in which your parents or shops, shoe shining, newspaper vending,
guardians are keeping records of their salon businesses (hair dressers), artisans
income and expenses. and many others. All these businesses make
different financial transactions, involving
Concept of Book-keeping buying inputs or materials, doing some
One of the common occupations that form processing, and selling their goods or
an important part of day-to-day income delivering services.
generation in any country is business.
Although, many businesses are also Book-keeping is a necessary process for any
conducted by large companies both locally business enterprise. Business operators or
and internationally, a significant number of owners without the proper knowledge of
people in business are involved in small Book-keeping will somehow unknowingly
businesses. We interact with small businesses apply Book-keeping principles in order
every day in the process of buying our daily to achieve various objectives of their

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