GRADE 10 COMMERCE/ BUSINESS STUDIESsoe20.pomgrammar.ac.pg/PDF/GR10 EconBusS COMM PPT1... · unit 10.3 topic 1: bookkeeping in a small business topic 2: taking stock topic 3: calculating

GRADE 10 COMMERCE/ BUSINESS STUDIES

20/04/2020 Prepared By MIKUPU 1

UNIT 10.3 TOPIC 1: BOOKKEEPING IN A SMALL BUSINESS

TOPIC 2: TAKING STOCK

TOPIC 3: CALCULATING PROFIT – CASH AND CREDIT TRANSACTIONS

TOPIC 4: THE USE OF A CHEQUE ACCOUNT

20/04/2020 Prepared by MIkupu 2

UNIT LEARNING OUTCOMES:

Keep accurate records of any small business activity

Apply bookkeeping skills in a range of small business situation.


TOPIC 1: BOOKKEEPING IN A SMALL BUSINESS

SUB TOPICS:

1.Introduction to keeping Accounts in Small Business

2.Documents In Cash Transactions

3.Recording Cash Transactions

4.Using Business Incomes

5.Documents in Credit Transactions

6.Recording Credit Transactions


TOPIC 1: BOOKKEEPING IN A SMALL BUSINESSSUB TOPIC 1: Introduction to keeping Accounts in Small BusinessLESSON LEARNING OUTCOME:Define book-keeping

Explain the reasons for book-keeping

Define Accountability

Explain the reason for accountability


Timeframe and Instructions•This presentation is accompanied by 2 worksheets. •Your worksheet has the read section and practice questions for

each of the worksheets•Could you please ask your parents or guardians to help you

complete it. Allocate time each day to (2 hours in a day) to complete your work sheets.•You will have to read the notes before attempting the practice-activity questions.•Please ask your parents to assist you in dropping off your

answered activity at the front office. Alternatively a scanned copy can be emailed to [email protected]

PREPARED BY RNAKO 6


WHAT IS BOOKKEEPING?

WHY IS BOOKKEEPING IMPORTANT?

HOW IS BOOKKEEPING DONE?

HI THERE BOOKKEEPING IN A SMALL BUSINESS IS

OUR TOPICNOW TRY ANSWER THESE QUESTIONS?

1

2

3


WHAT IS BOOKKEEPING?

WHY IS BOOKKEEPING IMPORTANT?

HOW IS BOOKKEEPING DONE?

Are your answer the same as these

answers?

1

2 3

Bookkeeping refers to the process by which the financial transactions of a business are recorded.

It is important because you keep track of your financial transactions that has incurred.

Keeping Source DocumentsHaving a Bookkeeping Document

INTRODUCTION

•Bookkeeping is about records of business transactions.

•One type of record is account.

•Information is needed for decision making.

•Reason for bookkeeping is accountability

•The person who is responsible for the records of a larger business is called an accountant

•A bookkeeper does not need to be as well trained as an accountant and may keep very simple records.


INTRODUCTION

Bookkeeping and accounting can provide the information needed to make the best decision. However, this information will only be use if you get it quickly and it is accurate.


WHAT IS BOOK-KEEPING? DEFINITION

Bookkeeping refers to the process by which the financial transactions of a business are recorded.


Reasons for book-keeping



Reasons for Bookkeeping

1.Profit making

2.Decision Making

3. Better financial

analysis and management

4.Fulfilment of tax obligation

5.Bookkeeping makes

reporting easier

6.Bookkeeping makes

business planning

easier

7. Proper record keeping is required by

law

WHAT IS ACCOUNTABILITY?

Accountability refers to the requirement or the responsibility of someone in the business to give an account of the business deals.


ACCOUNTABILITY

•It is important for a person to know where their money has gone, and what it has been spent on.

•A person should be accountable for the money.

•If a person cannot explain where money has gone to, others may think it has been stolen or carelessly lost.


Reasons for ACCOUNTABILITY



Reasons for Accountability

1.Owners

2. IRC

3. Banks4.Financial Institutions

5. Managers

WHO IS INTERESTED IN FINDING OUT INFORMATION ABOUT A BUSINESS?

•OWNERS- THE OWNERS ARE INTERESTED IN THE SECURITY & PROFITABILITY

•MANAGERS- THE MANAGERS ARE ALSO INTERESTED IN THE SECURITY & PROFITABILITY

•BANKS & CREDITORS- THE BANKS MAIN CONCERN IS WILL THE BUSINESS REPAY MONEY IN TIME, OR IN A POSITION TO PAY BACK MONEY.

•THE IRC- MAKE SURE BUSINESS PAY ENOUGH TAX. (GST TAX)



There are 4 questions

Use your commerce (for MIKUPU) exercise book to answer these 11 questions

• Send scanned copies of the answers to your question both the Power Point Questions and the worksheets

• Reply to the email that was sent by the school to [email protected]

Excellent! now that you’ve read all your notes here are your instructions to

your activity questions

1

2

3

SUBTOPIC 1: QUESTIONS

1. EXPLAIN THE DIFFERENCE BETWEEN A BOOK KEEPER AND AN ACCOUNTANT.

2. WHAT IS ACCOUNTABILITY?

3. WHAT DOES IRC STAND FOR?

4. WHAT IS THE ROLE OF BOOKKEEPING AND ACCOUNTING?


WORKSHEET 1

..\..\WORKSHEET\GRADE 10 COMMERCE\GR10 EconBusS COMM MIKUPU WORKSHEET1.docx


WORKSHEET 1 CLICK THE HYPERLINK GIVEN

ABOVE.

../../WORKSHEET/GRADE 10 COMMERCE/GR10 EconBusS COMM MIKUPU WORKSHEET1.docx

TOPIC 1: BOOKKEEPING IN A SMALL BUSINESS

SUB TOPICS:

1.Introduction to keeping Accounts in Small Business

2.Documents In Cash Transactions

3.Recording Cash Transactions

4.Using Business Incomes

5.Documents in Credit Transactions

6.Recording Credit Transactions


TOPIC 1: BOOKKEEPING IN A SMALL BUSINESSSUB TOPIC 2: Documents In Cash Transactions

LESSON LEARNING OUTCOME:

Define cash transaction and identify them

Define source documents

Identify the documents used in the different stages of the cash transactions

Explain the importance of keeping files of business documents safe and in order.


Define cash transaction and identify them

Cash transaction refers to buying and selling of goods and services with CASH


Define source documents

Source documents refer to documents that are used to show that something has either been bought or sold for money.


StepsStep 1. The buyer orders good. Purchase Order is sent to the supplier/seller.

Step 2. The buyer signs the delivery dockets. The supplier/seller delivers the good

Step 3. The buyer receives the invoice. The buyer may wait until they receive a statement. The seller send an invoice.

Step 4. The buyer receives the statement, checks the details against copies of the invoices. The seller sends a statement asking for payment.

Step 5. The buyer makes payment (usually by cheque). The seller receives the cheque and credits the buyer’s account.


Identify the documents used in the different stages of the cash transactions

1. Order Form

2. Cash Sales Docket

3. Receipt


1. Order Form/Price List

•A price list contains a list of goods for sale with price of each of the items shown.

•The supplier’s catalogue, or full list of goods for sale with their description, is sent with the price list.


2. Cash Sales Docket

•Cash register slips are usually printed out of an electronic cash register in shops.


3. Receipts

When a consumer buys an expensive product, he or she should ask for a receipt. A normal receipt should set out:

The amount of money paid

Reason for the payment

The name of the person making the payment

The date of the payment

The signature of the person receiving the payment and or official stamp of a organisation receiving the money.

20/04/2020 MIKUPU,GRADE 9 COMMERCE, POM GRAMMAR

Explain the importance of keeping files of business documents safe and in order.

•All financial transactions of the business whether big or small should be written or kept on its correct record document.

•When business documents are kept safe and in order, it will be easy to retrieve or locate them when required.



There are 4 questions

Use your commerce (for MIKUPU) exercise book to answer these 4 questions

Excellent! now that you’ve read all your notes here are your instructions to

your activity questions

1

2

• Send scanned copies of the answers to your question both the Power Point Questions and the worksheets

• Reply to the email that was sent by the school to [email protected]

3

SUB TOPIC 2 QUESTIONS

1. What is the difference between receipt and invoice?

2. List some contents of a receipt?

3. What is the difference between order form and price list?

4. Explain the importance of keeping records in a small business.

20/04/2020 MIKUPU,GRADE 9 COMMERCE, POM GRAMMAR

WORKSHEET 2

..\..\WORKSHEET\GRADE 10 COMMERCE\GR10 EconBusS COMM MIKUPU WORKSHEET2.docx


WORKSHEET 2 CLICK THE HYPERLINK GIVEN

ABOVE.

../../WORKSHEET/GRADE 10 COMMERCE/GR10 EconBusS COMM MIKUPU WORKSHEET2.docx

Source References

1. PNG FODE

2. T Tindall Business Studies for Melanesia: Grade 9; Pearson Education Australia

PREPARED BY MIKUPU 35