Financial Accounting, SS 2, Week 2 Topic: Sources of income to non-profit making organization Content Sources of income to non-profit making organization Meaning of subscription Treatment of subscription in the ledger Sources of income to non-profit making organization Donations Subscription Entrance fee Income from raffle draw, dinners, annual programme etc Fines Subscription: This is the [...]
In a previous article, we looked into the issue of identity theft, what it means and how you may protect yourself. This articles focuses particularly on the steps you should take if you are positive your debit card has been stolen, and your bank account compromised. 1. Monitor Your Account Banks usually ask that you [...]
Financial Accounting, SS 1, Week 4 Topic: Source Document and Subsidiary Books Content Meaning of source document Types of document Meaning of subsidiary book Reasons for subsidiary book Classification of subsidiary Books Source Document All entries that will pass through the subsidiary book must be supported by document providing details of information of the preparation [...]
Financial Accounting, SS 3, Week 1 Topic: Issues of Shares Content Meaning of Shares Classes of shares Issue of shares Meaning of Shares Shares can be defined as the units of capital or ownership of a limited liability company,it is the division of the company’s ownership into numerous equal parts.i.e the interest which a shareholder [...]
Financial Accounting, SS2, Week 1 Topic: Income and Expenditure Contents Preparation of income and expenditure account Format for income and expenditure account Similarities between receipt and payment account and income and expenditure account Difference between receipt and payment and income and expenditure Preparation of income and expenditure account In order to prepare income and expenditure [...]
Have you ever been in, or witnessed a situation where money was needed for an emergency? Perhaps, it was to pay a hospital bill, to fill a badly needed prescription, or pay for some other emergency expense. You would find that in most cases, people have to resort to throwing themselves on the favour of [...]
Financial Accounting, SS 1, Week 4 Topic: Consignment Account Contents Meaning of Consignment Account Pro forma invoice Agent's commission Entries in the book of the consignor Meaning of Consignment Accounts Consignment accounts are concerned with goods sent to an agent who will sell the goods on behalf of his principal. In many cases the goods [...]
Financial Accounting, SS 1, Week 2 Topic: Preparation of final account from a set of incomplete records: Conversion of single entry to double entry Business organization whose books are being kept under the single entry system may decide to improve the system of accounting by introducing a complete double entry system.it is possible for complete [...]
Financial Accounting, SS 2, Third term, Week 1 Topic: Goodwill Account Contents Meaning of Goodwill Account Reasons for Goodwill Account Goodwill Valuation Characteristics of Goodwill Meaning of Goodwill Goodwill can be defined as an asset, but it cannot be seen or touched, hence it is referred to as an intangible asset. According to Lord Elton [...]
Financial Accounting, SS 3, Week 5 Topic:Departmental Account Meaning of Departmental Account When an organization operate different segment,each segment is refer to as department. Departmental account aims at separating the several activities of a business in order to compare results and to assist the proprietor in formulating policies. The preparation of departmental accounts will [...]