BUSINESS TRANSACTIONS

Chapter 1

1. Types of Business
Sole Trade/ Proprietorship Manufacturing Trading Services Partnership Limited Company 2. Types of Business Transactions Businesses sell goods or services 3. Cash and Credit Transactions

4. Terminalogy
Sales Purchase Receipts Payments Income Expenses - Expenditure

4.1 Methods of Payments

Cash Credit - Cheque Automated reciept and payment through bank account

5. Petty Cash 6. Payroll 7. Keeping Record 8. Key Personal 9. Controll over transactions e.g. reconcellation of cash in till roll, petty cash records, checking accounting entries, check payments, authorization of checks and other payments 10. Timing of Transactions