Accounting

IGSCE accounts

Bookkeeping

Bookkeeping focuses on recording and organizing financial data.

Accounting

The interpretation and presentation data (financial data) to business and investors.

Depreciation

The annual value of benefits of a non-current asset being consumed.

Bank Reconciliation Statement

A document prepared by a business that shows its recorded balance matches the balance the bank lists.

Assets

Things that the business owns.

Liabilities

Things that the business owes.

Non- current assets

Refers to a business long term investments that have a useful life of more than one year.

Current assets

Resources that business owns and expects to use or sell within a year.

Current liabilities

Short term debts that a business must pay, usually less that a year.

Non-current liabilities

Debts that a business owes, but isn’t due to pay for at least a year.

Trial Balance

A statement of ledger balances on a particular date.