Chapter 1 Principle concept and definition of bookkeeping

Expected outcome

1. To be able to explain the concept and definition of bookkeeping.

2. To be able to realize the benefits of bookkeeping.

3. To be able to know the definition of assets, liabilities and owner’s equity (capital).

4. To be able to understand the relationship of accounting equations.

5. To be able to calculate the depreciation of assets of a business.