Accounting

Dishonoured cheques and the IMPACT on businesses…

Dishonoured cheques and the IMPACT on businesses…

#Cash Transactions #Source documents Issuing cheques is a very convenient method of making payments. What it requires is just writing the date, amount of money to be paid, the name of the person who is to be paid to and signature. Though it sounds very easy, there are plenty of cases where cheques are bounced. Just a single mistake can result in your cheque[Read More…]

by March 23, 2018 Accounting, High School

Managing our Economics…it’s a Science!

The Grade 8’s love EMS….well, they love money and that’s almost the same thing! We have arrived at the place in our curriculum where the Grades 8’s have started analysing transactions and preparing Cash Receipts Journals and Cash Payments Journals. Fun times in EMS class! Although EMS is not everyone’s favourite subject, there is pure joy when the jolly bank[Read More…]

by September 1, 2017 Accounting, High School
The “why’s” of Cost Accounting…

The “why’s” of Cost Accounting…

The Grade 11 Accounting students recently started a core section of their curriculum known as Cost Accounting. During the coming weeks we will unfold the mystery of cost in general, particularly when related to a manufacturing business. The production cost per unit being central in any manufacturing concern, it becomes a necessity to clearly understand the production cycle and the[Read More…]

by September 1, 2017 Accounting, High School
Balancing your Bank Statement is a Life skill!

Balancing your Bank Statement is a Life skill!

The double entry principle in accounting means that every business transaction will involve two accounts (or more). For example, when a company borrows money from its bank, the company’s Bank account will increase and its liability account Loans Payable will increase. The girls have been using this principle since Grade 10 but have never really seen how it relates to the Bank Statement. Today with[Read More…]

by May 21, 2017 Accounting, High School
The Costs, Advantages and Risks of selling on CREDIT

The Costs, Advantages and Risks of selling on CREDIT

This week in Grade 10 Accounting we are learning about credit sales. We will be investigating the costs and advantages of Birdie Num Nums (BNN) selling on credit. The following knowledge is crucial as we begin the investigation: Credit is the act of selling goods or services to a customer; it does not require a payment at the time of purchase. Selling[Read More…]

by March 24, 2017 Accounting, High School
EMS takes on a technological approach!

EMS takes on a technological approach!

Grade 10 subject choices are just around the corner for our Grade 9’s. To check if any of our fine EMS-ers are “fit” to choose Accounting as one of their subjects, Mr Gahapa came and played an EMS game with us. In the game students received a card which is linked to their name on the computer. When asked a[Read More…]

by March 2, 2017 Accounting, High School
ETHICS and MONEY

ETHICS and MONEY

Today’s session with the Grade 11 Accounting students was about the importance of ethics in financial industries. Ethics can be defined as values, beliefs and moral principles of individuals or groups. They are the accepted principles of right human conduct that promote values such as trust, fairness and kindness. Ethical standards within financial environments become important if businesses wish to[Read More…]

by February 6, 2017 Accounting, High School
Assessing a Business

Assessing a Business

Just like a student , an owner (or manager) of a business also needs to assess how well the business is doing and needs to keep a check on what has happened to the money invested in the business. In order for the owner (or manager) to assess the performance and the stability of a business, two reports are drawn[Read More…]

by September 21, 2016 Accounting, High School
Financial Statement Analysis at a Glance

Financial Statement Analysis at a Glance

It is important for a business to analyse their financial statements to ensure that the decisions made about where the business is headed are based on sound information. We started this topic last week in Grade 11. Our students are doing in depth analysis on the profitability and liquidity situations of NK Stores. The pictures below show the students hard at work, practicing their[Read More…]

by August 10, 2016 Accounting, High School
Account’s Double Principle:  A Life Time Principle

Account’s Double Principle: A Life Time Principle

There is something fascinating about working with accounts… especially when they balance. There is this feeling of accomplishment which flows over you; some pupils scream, shake hands, hug and others just smile, but they all mean the same thing. They are expressing their emotions which I usually use as an indicator that the topic being taught has been understood. On Tuesday we[Read More…]

by May 16, 2016 Accounting, High School