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Summary - Accounting
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  • Course
  • Accounting
  • Institution
  • 12th Grade

This document is an accounting report that contains detailed financial information such as income, expenses, profits, and losses. It provides a comprehensive overview of the organization's financial performance and helps to track and analyze financial transactions. The document also includes balanc...

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Document information

  • April 24, 2024
  • 4
  • 2014/2015
  • Summary

Subjects

  • accounting

Written for

  • 12th Grade
  • Accounting
  • 200
All documents for this subject (73)

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lmmasetlha09

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ACCOUNTING NOTES



BASIC PRINCIPLE OF ACCOUNTING

1. ASSETS

It is something that the business owns or can sell for money

Non –current assets

These assets are meant to be stored for a long period of time, i.e a year or more.

They are dividing into two categories:

Tangible/ fixed assets: These are physical resources that can to be touched. They are used to
manage the business, for example: land and building/ premises, vehicle, equipment, machinery.

Financial assets: This means investing in a financial institution for a year or more to earn interest.
Example: fixed deposit

Current assets

The value of these assets is constantly changing. For example, it is money or can be quickly
converted into money. For example

 Inventories: Trading stock consumable stores on hand

Raw material stock finished goods stock

Work in process/ progress stock

 Trade & other receivables: Trade debtors ( less provision for bad debts)

Expenses prepaid

Income accrued/ receivables

SARS (income tax) if tax was overpaid ( New)

 Cash and cash equivalents: Savings account bank Petty cash, cash float fixed deposit
(If maturing in next 12 months)

2. LIABILITY
One business owes money to another

These are two categories of liabilities

NON-Current liabilities

These loans will not be repaid within the next 12 months. For examples: bonus and
mortgage bonds.

Current liabilities

1

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