financial account Archives

Classwork Series and Exercises {Financial Account – SS2}: Control Account

Leave a Comment / Education / Busola Ojumu

Financial Accounting, SS 2, Week 7 Topic: Control Account Content Introduction to Control Account Uses of Control Account Classification of Control Account Control Account A control account is a summary-level account in the general ledger. This account contains aggregated totals for transactions that are individually stored in subsidiary-level ledger accounts. Control accounts are most commonly […]

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Financial Accounting – Depletion and Amortization

Leave a Comment / Education / Busola Ojumu

Financial Accounting, SS 2, Week 5 Topic: Depletion and Amortization Content Meaning of depletion Meaning of Amortization Meaning of depletion In business there are tangible asset as well as intangible asset i.e asset that cannot be seen with physical eyes are referred to as intangible asset while tangible asset are asset that can be seen

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Classwork Series and Exercises Financial Accounting – SS2}: Income and Expenditure

Leave a Comment / Uncategorized / Busola Ojumu

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

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Classwork Series and Exercises {Financial Account – SS1}: Preparation of final account from a set of incomplete records

Leave a Comment / Education / Busola Ojumu

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

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Classwork Series and Exercises {Financial Accounting – SS2}: Goodwill Account

Leave a Comment / Education / Busola Ojumu

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

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Classwork Series and Exercises {Financial Accounting – SS1}: Company’s Account

Leave a Comment / Education / Busola Ojumu

Financial Accounting, SS 1, Week 5 Topic: Company’s Account Contents Meaning of company’s Account Kinds of companies Characteristics of limited companies Company A company can be defined as a business owned by an association of people and operated as a legal person on behalf of its owners with the usual motive of profit maximization.e.g nestle

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Classwork Series and Exercises {Financial Accounting – SS2}: Reserves and Provisions

Leave a Comment / Education / Busola Ojumu

Financial Accounting, SS 2, Week 5 Topic: Reserves and Provisions Contents: Meaning of Reserves Types of Reserves Division of reserves Meaning of Reserves Reserves are the amount set aside out of the profit of the business in order to improve the standard of business.they are not designed to meet with any liabilities or losses but

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Classwork Series and Exercises {Financial Accounting – SS2}: Realization Account

Leave a Comment / Education / Busola Ojumu

Financial Accounting, SS 2, Second Term Week 1 Topic: Realization Account Contents Concept of realization Account Realization Account Format Concept of Realization Account Realization account is the conversion of assets, goods, or services into cash or receivables through sale. Also called actualization. Realization account has two features DR and CR side,on the debit side the

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financial account

Classwork Series and Exercises {Financial Account – SS2}: Control Account

Financial Accounting – Depletion and Amortization

Classwork Series and Exercises Financial Accounting – SS2}: Income and Expenditure

Classwork Series and Exercises {Financial Account – SS1}: Preparation of final account from a set of incomplete records

Classwork Series and Exercises {Financial Accounting – SS2}: Goodwill Account

Classwork Series and Exercises {Financial Accounting – SS1}: Company’s Account

Classwork Series and Exercises {Financial Accounting – SS2}: Reserves and Provisions

Classwork Series and Exercises {Financial Accounting – SS2}: Realization Account

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