What is accounting ?
It is the recording, summarizing, analysing, interpreting and reporting of the financial information of an organisation
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What is bookkeeping ?
It is recording of business transaction
it is a role of accounting. The accounting information system allows business to monitor how well the resources are managed by the stewards
It is a role of accounting. The accounting information system provides financial information that helps stakeholders make decision
Name 2 professional ethics
objectivity and integrity
Name 2 advantages a company has over a sole proprietorship
1. owners are not personally liable for the debts of a business. 2. banks are more willing to provide loan to a company 3. it is easier to transfer ownership of a company
Advantages a sole proprietorship has over a company
1. sole proprietorship is easier to start-up and close down 2. the owner gets the entire profit unlike shareholders who get only dividends 3. there are less rules and regulation to comply with compared to companies
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