#1-10 Financial Accounting Questions & Answers
[WATU 4]
#1-10 Financial Accounting Questions & Answers Read More »
Financial Accounting
Bookkeeping, Accounting and the Double-Entry Principle
Principles of Bookkeeping And Accounting. Thousands of years ago, there were no standard permanent records of business transactions, but with the advancement of education and civilization, accounting data are recorded in books, hence, the term bookkeeping. The goal of the summary is to give you an insight into Bookkeeping, Accounting, and Double-entry Principles. Also, to
Bookkeeping, Accounting and the Double-Entry Principle Read More »
Suspense Accounts, Errors, and its Corrections
Suspense Accounts, Errors, and its Corrections In this article, you are going to learn all that it entails in preparing an Error and Suspense Accounts. Basically, you will learn about the errors and its correction, procedures to locate errors, unrevealed errors in the trial balance, suspense accounts and much more. Subscribe to our YouTube channel
Suspense Accounts, Errors, and its Corrections Read More »
Branches of Accounting – 8 Types of Accounting
Accounting can be classified in various ways. This includes Accounting as an information system, Accounting as a Profession, Public Accounting, Private Accounting, Government Accounting, Financial Accounting, Cost Accounting, and Management Accounting. Branches of Accounting Financial Accounting is prepared to ascertain the strengths and weaknesses of an organization in terms of Profit and Loss of the
Branches of Accounting – 8 Types of Accounting Read More »
Control Account Definition – Uses & Adv. of Control Account
What is a Control Account? Control Account is a memorandum account into which are transferred in totals, the various amounts of the transactions which have been debited or credited in details to an individual ledger account. Subscribe to our YouTube channel so as not to miss a tutorial video. Control Account in Respect of
Control Account Definition – Uses & Adv. of Control Account Read More »
Bank Reconciliation Statement +Video Guide
Bank Reconciliation Statement A bank reconciliation statement is a statement drawn up to verify the cash book balance of an organization with the bank statement sent by its bank. A bank statement is the statement of account as kept by the bank on behalf of its customer for a transaction made by the customer through
Bank Reconciliation Statement +Video Guide Read More »
Importance of Accounting in an Economy
Accounting is no doubt, the universal language of business and figure. Those that fluently speak the language are called accountants. Without appreciating the importance of accounting, business and financial environment will be full of financial trouble, global economic meltdown and lack of direction. Now, what are the importance of Accounting? Subscribe to our YouTube channel
Importance of Accounting in an Economy Read More »
10 Questions on Subsidiary Books
Question 1 You are to enter up the sales journals for the following details. Post items to the relevant accounts in the sales ledger and then show the transfer to the sales account in the general ledger. 20-1 May 1 Credit Sales to C. Blessing N500 May 2 Credit Sales to S. Kris N2,000 May
10 Questions on Subsidiary Books Read More »
1, 2, 3 Columns Cash Book +Video Guide
The cash book is a subsidiary book of first entry for all cash transactions. It is also a ledger book because it has a balance at the end of the period like all other ledger accounts. Subscribe to our YouTube channel so as not to miss a tutorial video. What is a Cash Book?
1, 2, 3 Columns Cash Book +Video Guide Read More »
Subsidiary Books of Accounting; Types & Summary
What are Subsidiary Books? Subsidiary books are books of prime entry used to record source documents arising from business transactions before posting to the ledger. Subscribe to our YouTube channel so as not to miss a tutorial video. Types of Subsidiary Books Cash Book: This is the subsidiary book for recording receipts and
Subsidiary Books of Accounting; Types & Summary Read More »
2 Questions on Ledger Entries +Video Guide
Question 1 on Ledger Entries Open the necessary ledger accounts to record the transaction below, balance it off and extract trial balance as at 31 June 2018. June 1 Started business with N4,000 cash June 3 Bought goods for cash N1,200 June 5 Cash sales paid into bank N3,000 June 7 Withdrew cash for personal use
2 Questions on Ledger Entries +Video Guide Read More »
Ledger Accounts and Trial Balance +Video Guide
Ledger Accounts and Trial Balance. In this article, Ledger Accounts, you are going to learn the definition of the term “Trial Balance”, the rules for identification of balances, characteristics of items that can be combined, how to balance off the ledger account and the extraction of a trial balance. Read also; 1,2, and 3 Column
Ledger Accounts and Trial Balance +Video Guide Read More »