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Financial Accounting, SS 2, Week 4 Topic: Bad debt and Provision for bad debt Content Meaning of bad debt Causes of bad debt Provision for bad debt Bad debt recovery Meaning of bad debt In business, traders allow credit facilities to their customers where by traders will be the creditor while the buyer becomes the […]
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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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 Accounting, SS 1, Week 7 Topic: The Journal (Principal Journal) Contents Meaning of journal Advantages of journal Uses of journal proper Classes of entry Format of a journal Meaning of Journal The journal is a book of original entries or prime entries which recorded transaction in chronological order that is day by day recording
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Financial Accounting, SS 1, Week 6 Topic: Profit and Loss account Introduction The profit and loss account is the account that shows the net profit or net loss of an organization. Income or gains are credited while expenses are debited . The profit or loss will be taken to the capital account. Profit and loss
