4. Accounting procedures

Within this section, consideration is given to the importance of distinguishing between capital and revenue
expenditure and receipts. Non-current assets are further explored in terms of accounting for depreciation
and disposals. Procedures to record adjustments for accruals and prepayments, irrecoverable debts, provision
of doubtful debts and the recovery of debts written off are included. Inventory valuation, and its impact on
financial statements, is also covered.