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
FIRST TERM E-LEARNING NOTE SUBJECT: FINANCIAL ACCOUNTING CLASS: SS 2 WEEK SEVEN AND EIGHT TOPIC: DEPRECIATION OF FIXED ASSETS CONTENT Methods of providing for depreciation REDUCING BALANCE METHOD (or DIMINISHING BALANCE METHOD) Under this method, a fixed percentage is written off the reducing (or diminishing) balance of the asset yearly. This
FIRST TERM E-LEARNING NOTE SUBJECT: FINANCIAL ACCOUNTING CLASS: SS 2 WEEK SIX TOPIC: DEPRECIATION OF FIXED ASSETS CONTENT Causes of Depreciation Reasons for charging depreciation Factors to be considered in the computation of depreciation Methods of providing for depreciation NOTES Depreciation may be defined as the permanent and continuing diminution
FIRST TERM E-LEARNING NOTE SUBJECT: FINANCIAL ACCOUNTING CLASS: SS 2 WEEK FOUR AND FIVE FINAL ACCOUNTS – ACCRUALS AND PREPAYMENTS ACCRUALS The accrual concept states that revenue and expenditure of a period should be matched together – whether or not such revenue or expenditure had actually been received or paid for.
FIRST TERM E-LEARNING NOTE SUBJECT: FINANCIAL ACCOUNTING CLASS: SS 2 WEEK THREE FINAL ACCOUNTS – PROVISION FOR DISCOUNTS If a trader usually allows and receives cash discounts the debtors and creditors balances in the Balance Sheet at the end of the year may be overstated unless it is recognized that discounts are
FIRST TERM E-LEARNING NOTE SUBJECT: FINANCIAL ACCOUNTING CLASS: SS 2 WEEK TWO FINAL ACCOUNTS – PROVISION FOR DOUBTFUL DEBTS PROVISION FOR DOUBTFUL DEBTS Although a debt may not actually have become bad, there may be doubt as to whether it will be paid. It would be misleading to include that debt as
FIRST TERM E-LEARNING NOTE SUBJECT: FINANCIAL ACCOUNTING CLASS: SS 2 WEEK ONE FINAL ACCOUNTS – SPECIAL TRANSACTIONS; BAD DEBTS, CLOSING ENTRIES CONTENT SPECIAL ITEMS OF EXPENSES/LOSSES BAD DEBTS RECOVERED CLOSING ENTRIES ADJUSTMENTS IN THE FINAL ACCOUNT SPECIAL ITEMS OF EXPENSES /LOSSES GOODS STOLEN OR DESTROYED Goods may have been stolen
Examination malpractices may lead to a repeat of the subject or suspensions don’t be involved. SUBJECT: BOOK KEEPING TIME ALLOWED: 3HRS CLASS: S.S 3 OBJECTIVES The double entry system of bookkeeping was introduced by. Adam Smith B.A.R. Jennings. C. Frank Wood. D. Lucca Pacioli. An item on the debit side of a petty cash
Examination malpractices may lead to a repeat of the subject or suspensions don’t be involved. SUBJECT: FINANCIAL ACCOUNTING TIME: 3HRS CLASS: SS 3 OBJECTIVE Which of the following is the effect of a reduction in provision for doubtful debt? reduction in net profit b. reduction in cash balance c. reduction in gross profit d.
FIRST TERM Examination malpractices may lead to a repeat of the subject or suspensions don’t be involved. SUBJECT: CHEMISTRY TIME: 2HRS CLASS: SS 2 1.Which property decides the order of the elements in the Periodic Table? a. masses of their atoms b. number of electrons in the outer shell c. number of neutrons
FIRST TERM Examination malpractices may lead to a repeat of the subject or suspensions don’t be involved. SUBJECT BOOK KEEPING CLASS: S. S. S 2 DURATION 3 HRS OBJECTIVE The concept which states that great care should be exercised in recognition of profit while all anticipated losses are adequately
