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Financial Accounting Practice Questions & Solutions

Categories: Accounting Exam
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About Course

This course is primarily designed to provide basic foundation knowledge of Financial Accounting. It evolved as a result of the difficulty being encountered by students in the field of Accountancy, Business, Finance, Secretarial, Insurance, and other allied areas of Professional endeavor.

This course is expected to serve as a companion to users in different fields where foundation knowledge in Financial Accounting principles and practices are required.

What Will You Learn?

  • You'll learn the step-by-step process of answering Financial Accounting Questions and Quizzes.

Course Content

Double Entry Principle

  • Understanding Debit and Credit Entry Principles
    09:53

Cash Book Accounting
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. There are 3 types of cash book; 1. The Single column cash book 2. The double or two columns Cashbook 3. The Three columns Cashbook.

Analytical Petty Cash Book
In this lesson, we'll look into the following; 1. Petty Cash Book Operation 2. Imprest System and the Petty Cash Book 3. Recording into Analysis Petty Cash Book.

Bank Reconciliation Statement (BRS)
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.

Ledger Account & Trial Balance
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.

Joint Venture Accounting

Trading Profit and Loss Account Format

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AI
Anyi Ifeanyi
5 years ago
Your teachings are exceptional. You’re good at what you do. Please, keep it up sir because you’re really helping us.

Thank you once more.
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