IGCSE -Basics Accounting and Book keeping.ppt

EXplains book keeping and accounting concept

1. Accounting and Book
keeping
Gr 9 BD

2. BOOK KEEPING
Book keeping is a process of
detailed recording of all financial
transactions of a business

3. Accounting
Accounting uses the book keeping
records to prepare financial statements at
regular intervals
The two main financial statements are
Income Statement and Statement of
Financial position

4. INCOME STATEMENT
Income statement is
prepared to calculate the
profit /loss earned by the
business

5. STATEMENT OF FINANCIAL POSITION
The statement of financial
position shows what the
business owns and what is
owing to it ,its assets and what
the business owes ,its liabilities