Use this No. 2
(2a)
Under BOOK KEEPING:
(i)
Book keeping is responsible for the recording of financial transactions
(ii) Bookkeeping does not involve interpreting and analyzing data.
(iii)
Bookkeeping is capable of handling the recording part of the accounting process
Under ACCOUNTING:
(i) Accounting is responsible for interpreting, classifying, reporting and summarizing financial data.
(ii) Accounting involves interpreting and analyzing data
(iii) Accountant handle all parts of the accounting process.
(2b)
(i) Bookkeeping gives companies a reliable measure of their performance
(ii) It also provides information on general strategic decisions and a benchmark for its revenue and income goals
(iii) It helps in maintaining the spending extra time and money on records
(iv) It helps in keeping records of any penny spent
(v) It is a professional firm
(2c)
Bookkeeping refers to the organization and storage of accounting and financial documents such as ledgers, journals, financial statements, income tax records, and more. In part one of a two-part series, we expand upon why record keeping and bookkeeping is important for your business.
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4)
Assets
Stock
Debtors
Furniture and fittings
Cash in hand
Cast at bank
Land and building
Income in advance
Investment
*Liabilities*
Loan
creditor
Bank overdraft
Rent accuals
4b).
Personal account: these are for the name of individual,firm and business enterprise e.g segun account languju Nig. Ltd account,debtors and creditors account
While
Impersonal account: these are account for properties,item of ecpenditure and income.
4c)
Error of commission
Error of omission
Error of original entery
Error of principle
compesating error
Error of complete reversal of entry
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1a)Personal Capital
Ii.Sale of Assets
iii.Sale and Lease Back
iv.Loans and Credit Lines from Banks
v.Hire Purchase
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1b)Most of the product companies have dedicated sales staff while in the service industry the service deliverers often do the selling. Coordinating marketing, operations and human resource efforts is a tedious task.
Passion works for the service industry. More the passion, spirit and desire among the service staff more is the revenue generation and success generated every day. There is a direct correlation between staff passion and financial success and similarly lack of passion leads to failure in the service industry. Staffs need to be constantly motivated and efforts have to make to sustain employee commitment.
While testing new services is a constant challenge communicating about these services simultaneously is also not easy.
Setting prices does not come easily for service industry.
Standardization versus personalization is another major issue the service industry has to face.
I)Most of the product companies have dedicated sales staff while in the service industry the service deliverers often do the selling. Coordinating marketing, operations and human resource efforts is a tedious task.
Ii)Passion works for the service industry. More the passion, spirit and desire among the service staff more is the revenue generation and success generated every day. There is a direct correlation between staff passion and financial success and similarly lack of passion leads to failure in the service industry. Staffs need to be constantly motivated and efforts have to make to sustain employee commitment.
iii)While testing new services is a constant challenge communicating about these services simultaneously is also not easy.
iv)Setting prices does not come easily for service industry.
v)Standardization versus personalization is another major issue the service industry has to face.
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