CODE 438 ASSIGNMENT 1
Q 1 :(i) Define Accounting. Recognize accounting and Accounting.
(ii) what’s a journal ? Give an explanation for its goals and primary features.
Solution : (i) accounting : accounting is the systematic and comprehensive recording of economic transactions touching on a business.accounting also refers to the method of summarizing, analyzing and reporting these transactions. The money related articulations that are abridged a huge organization’s operations, monetary position and money streams over a specific period are compact outline of a huge number of budgetary exchanges it might have gone into over this period.accounting is one of the key abilities for about any venture; it can be treated with the guide of a clerk and bookkeeper at little firms or by means of substantial back offices with many work force everywhere associations.
Accounting : Bookkeepers record money related exchanges in sequential request once a day. Since bookkeeping programming computerizes many the procedures, Accounting : Bookkeepers record money related exchanges in sequential request once a day. Since bookkeeping programming computerizes numerous the procedures Bookkeeping : Bookkeepers record cash related trades in successive demand once per day. “Since” accounting programming automates countless methods. They make higher salaries than bookkeepers but lower salaries than accountants.
ANS (II) what is the journal ?
In bookkeeping and accounting, a diary is a record of money related exchanges all together by date. A journal is often defined as the book of original entry he definition turned into greater suitable whilst transactions were written in a magazine prior to manually posting them to the bills within the fashionable ledger or subsidiary ledger.manual systems normally had a diffusion of journals together with an income journal, purchases journal, coins receipts journal, coins disbursements magazine, and a preferred magazine. The journal is an important book under the double-entry system. Diary is known as the book of unique or prime passage, since its money related exchanges are above all else recorded in this book as and when they take place. Diary is likewise called an auxiliary book as it is kept up to help set up the primary book called the record. The journal is prepared with help of memorandum or waste book, which is an unpleasant and impermanent record of the money related exchanges of the business. The literal meaning of the journal, is a record of the day-to-day financial transactions. Formally, however, it may be defined as a book of the business are systematically recorded in order of their occurrence.