FINANCIAL ACCOUNTING SS 1 The systematic recording of business transactions in monetary term is ________. (a) auditing (b)book keeping (c) debiting (d) crediting Which of the following is not a purpose of financial accounting? (a) Determining profit. (b) Fixing prices. (c) Credit dealings. (d) Determining cash balance. The double entry principle of accounting was developed
FINANCIAL ACCOUNTING – SS 3 When a company can sue in its own name and right, we say it possesses (a)legal entity. (b) legal jargons. (c) legal portfolio. (d) legal value. The company whose liabilities of its owners are limited to the value of share bought to the company is called company _________. (a) limited
FIRST TERM SS 3 FINANCIAL ACCOUNTING FINANCIAL ACCOUNTING SCHEME OF WORK WEEK Revision of last term’s work Regulation of the Capital Market: Regulation of the Capital market (meaning, reasons for regulation) Types of regulation – Statutory regulation; (i) The Law ISA No.45, 1999 (ii) Securities and Exchange Commission (the
WEEK FOUR (5) DATE:………………… TOPIC: GOVERNMENT ACCOUNTING CONTENTS: Public Sector Accounting: Public sector accounting Sources of government revenue Capital expenditures. Recurrent expenditure. Head and sub-heads Capital and revenue account. SUB-TOPIC 1: PUBLIC SECTOR ACCOUNTING: Public sector can be defined as the government sector whose affairs or services are made
WEEK 4 DATE______________ TOPIC: CONTRACT ACCOUNTS CONTENTS: Definition of contract account Reasons for contract account Types of construction contract Methods of recognizing revenue under contract account Preparation of contract accounts SUB-TOPIC 1: Meaning of contract account This is a system of
FIRST TERM SS 3 FINANCIAL ACCOUNTING Week 3 Date——————— TOPIC: Hire purchases and Installment payment accounts: (i) Hire purchase and Installment payment Accounts: -The system, Preparation of Accounts in the (a) seller’s ledger and hirer’s ledger. (b) Goods account (c) Hire purchase Account and interest Account. CONTENT: (i) Hire purchase and
FINANCIAL ACCOUNTING SS 3 FIRST TERM WEEK 2 DATE______________ TOPIC: REGULATION OF THE CAPITAL MARKET CONTENTS: Meaning of capital market Reasons for capital market regulation Types of regulation Stock Exchange Market SUB-TOPIC 1: Capital Market A capital market is a market for securities (debt or equity), where business enterprises and governments can raise long –term
FIRST TERM E-LEARNING NOTE SUBJECT: FINANCIAL ACCOUNTING CLASS: SS 2 FIRST TERM E-LEARNING NOTE SUBJECT: FINANCIAL ACCOUNTING CLASS: SS2 SCHEME OF WORK WEEK TOPIC FINAL ACCOUNTS – SPECIAL TRANSACTIONS; BAD DEBTS, CLOSING ENTRIES FINAL ACCOUNTS – PROVISION FOR DOUBTFUL DEBTS PROVISION FOR DISCOUNTS ACCRUALS AND PREPAYMENTS ACCRUALS AND
FIRST TERM E-LEARNING NOTE SUBJECT: FINANCIAL ACCOUNTING CLASS: SS 2 WEEK TEN FINAL ACCOUNTS – FULLY WORKED EXERCISES Illustration: The following trial balance has been extracted from the ledgers of Mr. Johnson as at 31st December, 2003. DR CR ₦ ₦ Purchases / Sales 142,448 233,120 Returns
FIRST TERM E-LEARNING NOTE SUBJECT: FINANCIAL ACCOUNTING CLASS: SS 2 WEEKNINE TOPIC: DEPRECIATION OF FIXED ASSETS ACCOUNTING TREATMENT OF DEPRECIATION There are two ways of treating depreciation in the ledgers. These are the Old Method and the Modern Method. However, the Modern Method which is preferred by accountants will
