Accounting information system – meaning

What are duties of internal auditor?

The accounting information system is the system which provides quantitative information about the effects of transactions and other events on accounting entity.

An accounting information system is generally a computer-based method for tracking accounting activities in conjunction with information technology resources. It combines the application of generally accepted accounting principles with the use of information technology resources. read more

Double-entry system – meaning

Double-entry system - meaning

The double-entry system of bookkeeping refers to a system of accounting under which both of the aspects (i.e. debit and credit) of every transaction are recorded in the accounts involved. For each transaction, this means that a bookkeeping entry will have to be made to show an increase or decrease of the other item read more

4 basic assumptions of accounting.

What are duties of internal auditor?

The basic assumptions of accounting are like foundation pillars on which the structure of accounting is based.

The following are four basic assumptions of accounting

Business entity: According to this assumption, a business is treated as a separate entity and distinct from its owners. Its books of account should record only those transactions which belong only to the firm and should not include personal transactions and activities of the owner. The personal resources of the proprietor(s) affect the accounting records of business only when there is an introduction of new capital into the business or drawings are taken out of it by them. read more

Revision question on calculation of earnings per share.

i) The issued share capital of Mbeya Trust, a publicly listed company on the Dar es Salaam Stock Exchange, on 31st March 2013 was TZS 10 million. Its shares are denominated at TZS 25 each. Mbeya Trust’s earnings attributable to its ordinary shareholders for the year ended 31st March 2013 were also TZS10 million, given an earnings per share of TZS 25. read more