SS 1 Financial Accounting (1st, 2nd & 3rd Term)

Financial Accounting

ACCOUNTS FOR NOT-FOR-PROFIT ORGANIZATIONS LEARNING OBJECTIVES

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 not set-up for the purpose of making profits from their activities and are thus called not-for-profit organizations. Examples include government-owned hospitals, voluntary health and welfare […]

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Financial Accounting

SINGLE ENTRY AND INCOMPLETE RECORDS

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 that are recorded without conformity with the rule of double entry’. The records so prepared based on a single entry or one-leg entry by any

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Financial Accounting

ADMISSION OF NEW PARTNER AND RETIREMENT OF AN EXISTING PARTNER IN CONTINUING BUSINESS

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 leaves the firm or a new partner joins, it marks the end of one partnership and the beginning of a new one. No records and

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Financial Accounting

GOODWILL

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 intangible asset because it cannot be touched or seen physically. Goodwill may not be shown in the balance sheet for reasons that will be explained

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