Financial Accounting

Bookkeeping

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 …

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Accounting Branches

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 …

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Importance

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 …

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Subsidiary Books

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 …

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ledger

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 …

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Ledger Accounts

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 …

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