JSS2: BUSINESS STUDIES – 2ND TERM
Bank Services | Week 18 Topics|1 Quiz
Insurance | Week 26 Topics|1 Quiz
Personal Qualities of an Entrepreneur | Week 31 Topic|1 Quiz
Business Opportunities | Week 42 Topics|1 Quiz
Consumer Rights and Responsibilities | Week 52 Topics|1 Quiz
Shopping Tips | Week 64 Topics|1 Quiz
Bookkeeping Ethics I | Week 72 Topics
Bookkeeping Ethics II | Week 82 Topics|1 Quiz
Ledger Entries | Week 93 Topics|1 Quiz
Petty Cash Book | Week 105 Topics|1 Quiz
Do you like this content?
Definition of TAP
In book one, business studies textbooks, you were introduced to some of the acceptable bookkeeping practices and ethics.
In this chapter, we are going to discuss in detail some of those principles, values and beliefs which guide bookkeeping practitioners. These are Transparency, Accountability and Probity (TAP).
Transparency: Transparency in relation to bookkeeping means an honest way of doing things that allows other people to know exactly what the bookkeeper is doing.
Accountability: Accountability simply means the process of disclosing records of work done by those in authority to people who have the right to ask questions, criticise as the case may be or demand an explanation.
Probity: Probity denotes unimpeachable honesty and virtue, shown especially by the performance of that obligation, called imperfect, which the laws of the state do not reach and cannot enforce.
Needs for TAP:
1. To provide accurate and permanent records of all business transactions.
2. It enables the true financial position of an organisation, association or government to be correctly stated.
3. It enables the true profitability status of an organisation to be correctly reported.
4. TAP is needed for proper control of work done.
5. TAP is needed for correct assessment to be made by tax authorities.