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Accounting systems in small and medium enterprises

( Télécharger le fichier original )
par Jean Damascène HAGENIMANA
School of finance and banking Rwanda - Bachelor degree of business administration 2008
  

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LIST OF ABREVIATIONS

ACCA: Association of Chartered and Certified Accountants

AICPA: American Institute of Certified Accountants

APB: Accounting Principles Board

DAF: Director of Administration and Finance FIFO: First In First Out

LIFO: Last In First Out

GRN: Goods Received Note

GAAP: General Accepted Accounting Principles

SMEs: Small and Medium Enterprises SFB: School of Finance and Banking Dr: Debit

Cr: Credit

IAS: International Accounting Standards

IFRS: International Financial Reporting Standards

KIST: Kigali Institute of Science and Technology

NGOs: Non Government Organizations US: United States of America

PA: Professional accountants

ERP: External Reporting Program SMB: Small and Medium Businesses

LIST OF TABLES

TABLE1. EXISTENCE OF THE ACCOUNTING SYSTEM 42

TABLE2. MAIN CONSIDERATIONS WHILE CHOOSING ACCOUNTING SOFTWARE 43

TABLE3. BASIC POINT WHILE DESIGNING ACCOUNTING SYSTEM 44

TABLE4. METHOD USED TO RECORD THE FINANCIAL TRANSACTIONS 44

TABLE5. THE EDUCATION LEVEL OF THE INYANGE'S CHIEF ACCOUNTANT 45

TABLE6. THE DESIGNER OF ACCOUNTING SYSTEM IN INYANGE INDUSTRIES 45

TABLE7. BASIS OF ACCOUNTING USED IN INYANGE INDUSTRIES 46

TABLE8. THE USE OF SOURCE DOCUMENTS 47

TABLE9. COMPLIANCE WITH THE GENERAL ACCEPTED ACCOUNTING PRINCIPLES 48

TABLE10. LEVEL OF COMPLIANCE WITH GENERAL ACCEPTED ACCOUNTING PRINCIPLES

49

TABLE11. EFFECTIVENESS OF INYANGE'S ACCOUNTING SYSTEM 49

TABLE12. TRAINING OF ACCOUNTING STAFF 50

TABLE13. TRAINING SUBJECTS FOR ACCOUNTING STAFF 50

TABLE14. THE BEST DOING OF THE COMPANY TO IMPROVE ITS ACCOUNTING SYSTEM 51

TABLE15. THE PREPARATION OF BUDGET FOR WELL DESIGNING OF ACCOUNTING SYSTEM 52

TABLE16. HAVING AN INTERNAL CONTROL SYSTEM 52

TABLE17. PREPARATION OF FINANCIAL STATEMENTS 53

TABLE18. PREPARATION OF BOOKS OF ACCOUNTS 53

TABLE19. ACCOUNTING STANDARD FOLLOWED WHEN PREPARING FINANCIAL STATEMENTS AND BOOKS OF ACCOUNTS 54

TABLE OF CONTENTS

DECLARATION I

CERTIFICATE II

DEDICATION III

AKNOWLEDGEMENT IV

LIST OF ABREVIATIONS V

LIST OF TABLES AND FIGURES. VI

TABLE OF CONTENTS VII

ABSTRACT X

CHAPTER ONE: GENERAL INTRODUCTION 1

1.0. BACKGROUND OF THE STUDY 1

1.1. STATEMENT OF THE PROBLEM 2

1.2. OBJECTIVES OF THE STUDY 3

1.2.1. GENERAL OBJECTIVES 3

1.2.2. SPECIFIC OBJECTIVES 3

1.3. SIGNIFICANCE OF THE STUDY 4

1.4. SCOPE OF THE STUDY 4

1.5. COMPANY PROFILE 5

1.5.1. Historical background 5

1.5.2. Location of the company 5

1.5.3. Mission 6

1.5.4. Objectives 6

1.5.5. Shareholders and capital 6

1.5.6. Management 6

CHAPTER TWO: LITERATURE REVIEW 7

2.1. GENERAL INTRODUCTION 7

2.1.1. Historical background of accounting 7

2.1.2. Definition of accounting 8

2.1.3. Braches (Fields or Careers) of accounting 9

2.2. BUSINESSES' OBJECTIVES 10

2.4. TYPES OF BUSINESS TRANSACTIONS AND BASES OF ACCOUNTING 12

2.5. BASES OF ACCOUNTING 13

2.6. USERS OF ACCOUNTING INFORMATION 13

2.7. ACCOUNTING PRINCIPLES 15

2.8. ACCOUNTING SYSTEM 17

2.8.1. Objectives of accounting system 17

2.8.2. Characteristics of an effective accounting system 17

2.9. ACCOUNTING CYCLE 18

2.10. IMPORTANCE OF GENERAL ACCEPTED ACCOUNTING PRINCIPLES 19

2.11. THE SYSTEM OF BOOKKEEPING 20

2.11.1. Double entry bookkeeping 20

2.11.2. Single entry system 21

2.12. ACCOUNTING BOOKS 22

2.12.1. Journals or books of prime entry 22

2.12.2. Subsidiary journals or daybooks 23

2.12.3. The ledger 24

2.13. SOURCE DOCUMENTS 25

2.14. OTHER SOURCE DOCUMENT 26

2.15. USE OF SOURCE DOCUMENTS 27

2.16. DEVELOPING AN ACCOUNTING SYSTEM 28

2.17. FINANCIAL STATEMENTS 28

2.17.1. Balance sheet (statement of financial position) 29

2.17.2. Statement of cash flows (statement of resources and application) 30

2.17.3. Trading, Profit and Loss account (income statement) 30

2.18. OBJECTIVES OF FINANCIAL STATEMENTS 31

2.19. THE QUALITIES OF ACCOUNTING INFORMATION 31

2.20. THE NEEDS OF AN ACCOUNTING SYSTEM 32

2.21. THE ACCOUNTING OBJECTIVES TO BE CONSIDERED WHILE DESIGNING 33

AN ACCOUNTING SYSTEM 33

2.22. THE LIMITATIONS OF ACCOUNTING 33

2.23. DEFINITION OF SMES 35

2.24. ACCOUNTING SYSTEM FOR SMES 37

CHAPTER THREE: RESEARCH METHODOLOGY 39

3.1. INTRODUCTION 39

3.2. POPULATION 39

3.3. SAMPLING SIZE: 39

3.5. DATA PROCESSING 40

3.6. LIMITATIONS FOR THE STUDY 41

CHAPTER FOUR: DATA ANALYSIS AND INTERPRETATION 42

INTRODUCTION 42

CHAPTER FIVE: SUMMARY OF FINDINGS, RECOMMENDATIONS 57

AND CONLUSION 57

5.1. SUMMARY OF FINDINGS 57

5.2. CONCLUSION 59

5.3. RECOMMENDATIONS 60

5.4. SUGGESTIONS FOR FUTURE RESEARCHER 62

BIBLIOGRAPHY 63

APPENDICES 64

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