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Grade 10 Accounting Concepts Overview

This document provides an overview of accounting concepts for grade 10 students, including: 1) It introduces the accounting equation of Assets = Liabilities + Owners Equity and divides assets and liabilities into current and non-current sections. 2) It explains the three sources that make up Owners' Equity: capital, profit, and drawings. 3) It discusses using accounting software to teach students how to apply the accounting equation concepts.

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106 views4 pages

Grade 10 Accounting Concepts Overview

This document provides an overview of accounting concepts for grade 10 students, including: 1) It introduces the accounting equation of Assets = Liabilities + Owners Equity and divides assets and liabilities into current and non-current sections. 2) It explains the three sources that make up Owners' Equity: capital, profit, and drawings. 3) It discusses using accounting software to teach students how to apply the accounting equation concepts.

Uploaded by

903712594
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

Accounting grade 10 Lo 1 AS 1, 2 and 4

Lesson presentation: Accounting Concept

Remember the Accounting equation formula


Asset = Liability+ Owners equity

Assets are divided into two (2)sections:


Current assets and non-current assets.

Liabilities are also divided into two (2) sections:


Current liabilities and non-current liabilities.

Proprietorship also known as Owners’ equity consists of


three (3) major sources of income.
Capital. i e money used to start a business.
+ Profit> money earned by the business after
deducting all the expenses.
-Drawings > money used by the owner for personal use.
Balance Sheet

The Accounting Equation

The double entry system

Effect on accounting equation


If one account is debited another account must be
credited with the same amount so that the balance
sheet can balance at the end of the financial year.

The balance sheet and the Income statement are the


financial statement of the business.

In case of a public company these statements should


be published.

Teaching Accounting using ICT

Assets increases on the debit side


and decreases on the credit side.

Meanwhile

Liabilities as well as owners equity


increases on the credit side and
decreases on the debit side

Learners are expected to use Pastel Accounting


Software programme designed for the grade 10.

To applying the concept of accounting equation


using ICT.

Without the knowledge of information and


communication technology ICT it will be impossible
to be employed as a junior accountant.

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