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CAC 100: Fundamentals of Accounting 1 Notes

Institution: Kenyatta University

Course: Bachelor of Economics

Content Category: Lecture Notes

Posted By: Kipkiruikagawa

Document Type: PDF

Number of Pages: 293

Price: KES 500
 
    

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Summary

CAC 100: Fundamentals of Accounting 1 Notes
Kenyatta University
Bachelor of Economics

Brief Overview:

Nature and Scope of Accounting

Accounting has often been called the “language of business” people in the business world i.e owners, managers, bankers, stockbrokers, attorneys, engineers, investors – use accounting terms and concepts to describe the events that make up the day-to-day existence of every business, large or small. Since a language is a man-made means of communication , it is natural that languages should change to meet the changing needs of society. Accounting too, is a man-made art, one in which changes and improvements are continually being made in the process of communicating business information.

1.1. Definition:

Book Keeping
This is the analysis classification and recording of financial transactions in books of Account. Hence its merely concerned in making records of business transactions.
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