There are several organizations that are established and run for the purposes of meeting the social, cultural, health and , at times, educational needs of the citizens. Such organizations are… Read More »ACCOUNTS FOR NOT-FOR-PROFIT ORGANIZATIONS LEARNING OBJECTIVES
Introduction This topic is about how to prepare trading, profit and loss account under an incomplete record or single-entry accounting system. Meaning This is system of accounting of financial transactions… Read More »SINGLE ENTRY AND INCOMPLETE RECORDS
Under a situation whereby a firm or business accounting records were destroyed as a result of fire, flood or any other forms of natural disasters, such firm or business could… Read More »ACCOUNTING RATIOS AND INCOMPLETE RECORDS
Partnership changes usually occur during a financial year and the accounting records are contrived without interruption. Final accounts are prepared at the end of the financial year. When a partner… Read More »ADMISSION OF NEW PARTNER AND RETIREMENT OF AN EXISTING PARTNER IN CONTINUING BUSINESS
Goodwill is the amount by which the value of a business as a going concern exceeds the value of its net assets, if they were sold separately. It is an… Read More »GOODWILL
This is similar to the two column cash book except that the discount column is added to both the debit side and the credit side. The debit side, it will… Read More »THE THREE – COLUMN CASH BOOK
There are two main classes of ledger accounts. These are Personal Accounts Impersonal Account. Impersonal Accounts are sub-divided into two, namely real account and nominal account. (1) Personal Accounts: These… Read More »CLASSIFICATION OF LEDGER ACCOUNTS
THE LEDGER This is the principal book in which accounts are kept. These accounts are usually referred to as ledger accounts. They are so called because each occupies a specific… Read More »CLASSES OF LEDGER
BOOK-KEEPING CLASS: SS 2 Revision of 1st Term work Classes of ledger State classes of ledger Identification of the column of a ledger Classes of ledger Posting of transaction into… Read More »BOOK-KEEPING 2ND TERM SCHEME OF WORK
Definition: Double entry book keeping is the system of keeping account, which take advantages of the two-fold aspect of every transaction, whereby one account that receives is debited and another… Read More »PRINCIPLE OF DOUBLE ENTRY
Contra is a latin word which shows that cash has been withdrawn from the office and deposited in the bank or withdrawals of cash from bank for office use. It… Read More »CONTRA ENTRY
Meaning: The two column Cash book so-called because for both debit and credit entries, it has two columns, one for recording cash transactions and the other for bank transactions. It… Read More »DOUBLE COLUMN CASH BOOK
INTRODUCTION: This is the book for recording receipts and payments of money in cash or cheque. NOTE: No credit transaction should be recorded in the cash book. CASH ACCOUNT… Read More »Single Column Cash Book
Methods of stocks valuation are devices which aim to deal with some of the problems. W shall consider some of those commonly adopted. (I) FIRST-IN-FIRST OUT (FIFO) METHOD This method… Read More »STOCK VALUATION
This is similar to the two column cash book except that the discount column is added to both the debit side and the credit side. The debit side, it will… Read More »THE THREE – COLUMN CASH BOOK
There are two main classes of ledger accounts. These are Personal Accounts Impersonal Account. Impersonal Accounts are sub-divided into two, namely real account and nominal account. (1) Personal Accounts: These… Read More »CLASSIFICATION OF LEDGER ACCOUNTS
THE LEDGER This is the principal book in which accounts are kept. These accounts are usually referred to as ledger accounts. They are so called because each occupies a specific… Read More »CLASSES OF LEDGER
Meaning THE ACCOUNTANT POINT OF VIEW Accountants define capital as the original fund or money with which a person used to start a business. He considers capital as synonymous… Read More »SOURCES OF CAPITAL
THE SOLE TRADER The sole trader or the sole proprietor is a person who owns and runs a business i.e by himself and for himself. FEATURES OF THE SOLE… Read More »THE SOLE TRADER
Business: The term “business” describes the activities of individuals, institutions organizations to promote and distribute goods and services satisfying human wants in the society at large. Objectives of business include… Read More »BUSINESS ORGANISATION