1. Introduction to Financial Accounting  1.1 History, nature and functions of Accounting.1.2 Users of Accounting information.

1.3 Stages in the Accounting process.

1.4 Characteristics of Accounting information.

2. The Accounting Equation and  Double Entry Principles 2.1 Accounting Equation.2.2   Purpose and functions of source documents.

2.3 Subsidiary books.

2.4 The ledger: classification of Accounts.

2.5 Cash Book: analytical cash book, including petty cash book.

2.6 Preparation of Trial Balance.

2.7 Bank Reconciliation Statements.

2.8 Correction of errors and Suspense Account.


3. Accounting Concepts 3.1   Meaning.3.2   Types.

3.3   Significance.

3.4   Limitations.

4. The Final Accounts of a Sole Trader/proprietorship 4.1   Trading, profit and loss accounts/Income statement.4.2  Balance sheet/statement of financial position.

4.3 Adjustments to final accounts.

5. Provisions and Reserves 5.1   Provision for doubtful debts/Allowance for doubtful debts.5.2   Provision for discounts.

5.3¬† ¬†Depreciation ‚Äď concepts, reasons for recording and methods:

(i)  straight line;

(ii)  reducing balance;

(iii)  sum of the years digits;

(iv)  revaluation.

5.4 Accounting for depreciation.

5.5 Reserves ‚Äď revenue and capital reserves.

6. Manufacturing Accounts 6.1 Purpose of Manufacturing Accounts.6.2 Cost classification in Manufacturing Accounts.

6.3 Preparation of final Accounts of Manufacturing concern.

7. Control Accounts and Self-balancing Ledgers 7.1   Meaning and uses of control accounts7.2  Types:

(i)   sales ledger control

(ii)   purchases ledger control

7.3  Preparation of Control Accounts

7.4  Reconciliation of Control Accounts

8. Single Entry and Incomplete Records 8.1   Meaning and limitations8.2 Computation of profit or loss from opening and closing balance sheets.

8.3 Conversion of singe entry to double entry.

8.4 Preparation of final accounts from a set of incomplete records.

8.5  Mark up and Margin


9. Accounts of Not-for-Profit Making Organizations 9.1   Meaning and terminologies.9.2 Receipts and payments accounts.

9.3  Subscriptions Account

9.4. Income and expenditure accounts.

9.5 Accumulated fund.

9.6 Balance sheet.

9.7 Profit or loss from income generating activities.

10. Partnership Accounts 10.1 Nature and formation of partnership.10.2 Partnership agreements/Deed.

10.3 Profit and loss appropriation accounts.

10.4  Partners capital account and balance sheet

10.5 Admission of a new partner.

10.6  Treatment of goodwill and revaluation of assets

10.7  Dissolution of partnership (Questions will not be set on Garner V. Murray and piecemeal realization)

11. Company Accounts 11.1 Nature and formation of a company.11.2 Types of companies and shares.

11.3 Issue of shares.

11.4 Loan capital, debentures/loan notes and mortgages.

11.5 Final accounts of company for internal use only.

11.6 Interpretation of accounts using simple ratios.

11.7 Purchase of business account.

*11.8 Statement of Cash Flow (using direct and indirect methods).

NOTE:  Separate questions may be set to meet statutory requirements of individual countries.  Candidates’ answers must meet statutory requirements of individual countries.

12. * Accounting for Value Added Tax


12.1 Purpose of VAT.12.2 Characteristics of VAT.

12.3 Bases of computing input/output VAT.

12.4 Preparation of VAT returns.

12.5 Exempt goods and services.

13. Departmental and Branch Accounts 13.1   Meaning and importance13.2 Differences between a department and branch.

13.3 Preparation of departmental account.

13.4 Preparation of Branch Account excluding foreign branches.

13.5 Inter branch transactions.

14. Public Sector Accounting 14.1 Meaning and difference between Public Sector and Private Sector                     Accounts.14.2 Sources of public revenue.

14.3 Capital and recurrent expenditures.

14.4 Preparation of simple government accounts.

15. * Information Technology in Accounting 15.1 Manual and computerized Accounting Processing Systems.15.2 Processes involved in data processing.

15.3 Computer Hardware and Software.

15.4 Merits and demerits of manual and computerized accounting processing systems.

16** Miscellaneous Accounts 16.1  Meaning, introduction, terminologies and preparation of simple:(i)  Joint Venture Accounts

(ii)   Consignment Accounts

(iii)  Contract Accounts

(iv)  Hire Purchase Accounts

17.** Financial system 17.1 Meaning and components.17.2  Meaning, functions and features of:

(i)    money market;

(ii)   capital market;

(iii)   insurance market.

17.3  Methods of raising funds from the capital market:

(i)    offer for sale;

(ii)   offer for subscription;

(iii)   rights issue;

(iv)   private placement;

17.4   Requirements for accessing the capital market.

17.5  Benefits of capital market to:

(i)    investors;

(ii)    government;

(iii)   economy;

(iv)   individual company;

17.6 Types, features and reasons for regulation.



Christmas Term Financial Account, SS2 Lesson 7. NonProfit Account.

Author: Chinwe

        ¬†Lesson 7 Introduction Receipts and payment account; Features Limitations. Formats of receipts and payments accounts. Preparation of receipts and payment account. ¬† ¬† Introduction. Introduction to Nonprofit Accounting From churches to youth organizations to the local chambers of commerce, nonprofit organizations make our communities more livable places. Unlike for-profit businesses that ….  Read More

Easter Term SS2, Lesson 1, Financial Accounting. Topic: Non-For Profit Account: Financial Statements of Non-Profits

Author: Chinwe

    Lesson on introduction to Non- For Profit¬† Account Christmas Term.     Lesson 2. Financial Statements of Non-for Profit account.   The following table compares the main financial statements of a¬†nonprofit¬†organization with those of a¬†for-profit¬†corporation. ¬†Main financial¬† statements, required and accepted internationally by Accounting principles.   Statement of Financial Position A nonprofit’s statement ….  Read More

SS2 Easter Term Financial Accounting Lesson 5. Not-For Profit Accounting. Income & Expenditure Account. Reintroduction of Balance Sheet/ Correction of Lesson 4 Assignment.

Author: Chinwe

          ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† Correction to Lesson 4 Assignment/ Class Activity.   Question From the following Receipts and Payment Account of Ooty Recreation Club, prepare Income and Expenditure Account for the year ended 31.03.2018. Solution In the books of Ooty Recreation Club ¬†     ….  Read More

SS2 Easter Term, Lesson 6, Financial Account. Not- for Profit: Subscription in the final Account/ Balance sheet . Solved Exercise

Author: Chinwe

From the following details calculate the amount that will be shown as subscription in Income and Expenditure Account for the year ending 31st March, 2017.   Subscription outstanding for the year 2016-17 is¬†‚āĻ¬†2,400. Subscription for 2016-17 received in 2015-16 was¬†‚āĻ¬†1,000. Solution   Tutorial note (i) Subscription for the year 2015-16¬†‚āĻ¬†7,500 and for the year 2017-18¬†‚āĻ¬†1,500 ….  Read More

SS2 Easter Term, Lesson 7, Financial Account. Partnership Account.

Length: 20 minutesAuthor: ChinweComplexity: Standard

  Partnership Accounts A partnership has a different organisation than that of¬† a sole proprietorship or a company. So accounting for a partnership firm has some of its own peculiarities, like the Capital Account or the Profit and Loss Appropriation Account. Let us learn some basic concepts of partnership accounts. Methods of Goodwill Valuation Goodwill¬†is ….  Read More

YHWH HAMASCHIAC School. Easter Term SS2, Lesson 8, Financial Accounting. Accounting Treatment of Goodwill-Retirement of Partner/death. 17/03/21.

Author: Chinwe

    Accounting Treatment of Goodwill-Retirement of Partner/death. Goodwill¬†represents the reputation of a firm which provides some extra benefits/profits in the future in comparison to other firms. This is treated as intangible assets in accounts. It is not a fictitious asset. Let us learn about the treatment of goodwill after the retirement or¬†death of a ….  Read More

YHWH HAMASCHIAC School, SS2 Easter Term, Lesson 9 Financial Accounting. Accounting Treatment of Goodwill- Change in PSR.

Author: Chinwe

  ¬† ¬† ¬† ¬† ¬† ¬† Accounting Treatment of Goodwill- Change in Profit Sharing Ratio (PSR).     Goodwill represents the reputation of a firm. Which provides some extra benefits/profits in the future in comparison to other firms. It builds up when the¬†business¬†has continued for some time. This is treated as intangible assets in¬†accounts. ….  Read More

YHWH HAMASCHIAC, School, Spring? Third Term, Lesson 1,SS2 Financial Accounting. Last Term Revision: Accounting Treatment of goodwill- Change In Profit Sharing Ratio (PSR) 2

Author: Chinwe

  ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† Revision: Accounting Treatment of goodwill- Change In¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† Profit Sharing Ratio (PSR) 2 Let‚Äôs start with ….  Read More

YHWH HAMASCHIAC, School, Lesson 2, Spring Term, SS2 Financial Accounting. Accounting Treatment of goodwill- Change In Profit Sharing Ratio (PSR) 2.

Author: Chinwe

    ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† YHWH HAMASCHIAC, School Lesson 2 Class:SS2 Subject: Financial Accounting. Lesson: Accounting Treatment of goodwill- Change In Profit ….  Read More

YHWH HAMASCHIAC, School, Spring Term, Lesson 3, SS2 Financial Accounting. Answer to Lesson 2 Assignment on  Accounting Treatment of goodwill- Change In Profit Sharing Ratio (PSR) 2.

Author: Chinwe

    ¬† Answer to Lesson 2 Assignment on ¬†Accounting Treatment of goodwill- Change In Profit Sharing Ratio (PSR) 2. ¬† ¬† Assignment X, Y and Z are partners sharing profits and losses in the ratio of 5 : 3 : 2. They decide to share future profits and losses in the ratio of 2 ….  Read More

YHWH HAMASCHIAC School, Third Term, SS2 Financial Accounting, Lesson 4. Accounting Treatment of Goodwill in case of Admission of Partner.

Author: Chinwe

    Our lesson so far on Goodwill‚Ķ..   What is Goodwill? Goodwill itself means the good reputation or status of something or someone in society. Essentially the¬†goodwill¬†of a firm is its standing in the economy, its good repute. One can even call it its brand value. But what is goodwill in terms of a¬†balance ….  Read More

YHWH HAMASCHIAC School, Third /Spring Term SS2 Financial Accounting, Lesson 5. Company Account: Introduction to Company Account.

Author: Chinwe

    Basic Concepts of Company Accounts A¬†company¬†is a voluntary association of people who contribute money for a common purpose. A company is an artificial person and a separate legal entity. Let us now understand the basic concepts of company accounts. The contribution of money by people forms the capital of the company and the ….  Read More

YHWH HAMASCHIAC School, SS2 Spring/Third Term, Lesson 8, Financial Accounting. Company’s Account: Issue of Shares for Cash.

Author: Chinwe

Issue of Shares for Cash Joint stock companies carry their business on a large scale. Hence, these companies require a huge amount of capital. They fulfill their requirement by issuing shares and debentures to the public. Moreover, after receiving the certificate of incorporation, they can offer shares to the public under different methods. In this ….  Read More

YHWH HAMASCHIAC School, Spring /Third Term SS2 Financial Account, Lesson 10. Company Account: Loan Capital/ Debentures (Loan notes and Mortgages) WAEC, IGCSCE.

Author: Chinwe

  Company Account: Loan Capital/ Debentures (Loan notes and Mortgages) WAEC, IGCSCE.     Issue of Debentures Debentures¬†are the long term (sometimes medium term also) fundraising instruments.¬†In legal terms, a debenture is nothing but a document that generates liability. It is nothing but a certificate of debt showing the fact that the company is liable ….  Read More

YHWH HAMASHIAC School, Spring/Third Term, SS2 Financial Accounting, Lesson 11. Class Activity question/ Answer on Issue of debenture.

Author: Chinwe

    Question1. Progressive Company issued 40,000, 10% Debentures of¬† ‚ā¶¬†100 each, at par, redeemable at par after 5 years, payable Rs. 70 on application and the balance on allotment. The debentures were fully subscribed and all money was duly received. ¬† Using word document, prepare Journal and Balance Sheet after above Transactions. ¬†   ….  Read More