|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.
|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 – concepts, reasons for recording and methods:
(i) straight line;
(ii) reducing balance;
(iii) sum of the years digits;
5.4 Accounting for depreciation.
5.5 Reserves – 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:
(iv) individual company;
17.6 Types, features and reasons for regulation.
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
YHWH HAMASCHIAC School Christmas Term Examination. Class: SS2 Subject: Financial Accounting Time 2hr. Section A. Answer all questions in this section. 1. What is the purpose of manufacturing account? 2. List three features of profit and loss account. Section B. Answer all questions 1. 3. E. Uzomaka plc is a manufacturer, …. Read More
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
However, non-profit organizations also need to maintain proper books of accounts. The financial statements help them in acquiring donations from the present and future contributors. Also, the financial statements help them to receive grants from various authorities. The following are the financial statements that they prepare at the end of the year: …. Read More
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
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 ₹ 2,400. Subscription for 2016-17 received in 2015-16 was ₹ 1,000. Solution Tutorial note (i) Subscription for the year 2015-16 ₹ 7,500 and for the year 2017-18 ₹ 1,500 …. Read More
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, SS2 Easter Term C.A. Financial Account. Time: 2 hours. Instruction: attempt 3 questions. What is a receipt and payment account? From the following cash book prepare receipts and payments account for the year ended 31 December 2005. Cash Book Date References L/R Amount Date References L/R Amount 2005 …. Read More
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
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
F.A Non- profits organization tax exemption/ exceptions. general ledger or chart account receipt and payment account partnership account Methods of good will evaluation demised of a partner.
YHWH HAMASCHIAC School, SS2 Financial Accounting Examination. Easter Term, March 2021. Time: 2hours. Instruction: answer all questions in section A and 2 questions in section B. How are non-profit organization treated in tax exemption? List three ways the account in ledger/chart account are organized in Not-for -profit account. Define receipt …. Read More
Revision: Accounting Treatment of goodwill- Change In Profit Sharing Ratio (PSR) 2 Let’s start with …. Read More
YHWH HAMASCHIAC, School Lesson 2 Class:SS2 Subject: Financial Accounting. Lesson: Accounting Treatment of goodwill- Change In Profit …. Read More
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
Our lesson so far on Goodwill….. 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
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
Types of Company Sole Trader This is the simplest form of enterprise, as it does not require …. Read More
What are Shares and Types of Shares? To know shares and its types, one must have a basic knowledge about shares and its role in a company. Shares are an instrument for raising capital for a business by distributing it to investors. Shares meaning and Types: A share is referred to as a …. Read More
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
Issue of Shares for Consideration (Other than Cash) Shares are one of the most important instrument to raise capital at all stages of business. Issue of shares seems to be a simple process and most of the people know about it in its general form only. But the picture is not …. Read More
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
Question1. Progressive Company issued 40,000, 10% Debentures of ₦ 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
Issue of Debentures as Security Debentures are a liability or debt instrument which companies and government use to issue loans. They issue it to corporate organizations according to their reputation at a constant rate of interest. Hence, debentures are also the bonds which serve as an IOU between the issuer and buyer. In this …. Read More
Upcoming Spring/Third Term Continuous Assessment (CA): Area of Concentration. Accounting Treatment of goodwill- Change In Profit Sharing Ratio (PSR) 2. Accounting Treatment of Goodwill in case of Admission of Partner. Shares/Types of shares Issue of Debentures. Issue of share for cash.
Financial Accounting. Continuous Assessment (CA), 2020/2021 Time : 1 hour. Instruction: answer all questions in sections A and B. Section A 1.In the admission of a partner, what is the amount brought in by the incoming partner called a. Cash or loan b. Fixed deposit or shares c. …. Read More
Accounting for Value Added Tax. Tax is a well-known term, but do you know how exactly are things taxed and what are implications of the same. We pay tax on many things and services yet knowing the ways to calculate the same can help us know the right amount …. Read More
Valued Added Tax Continues – Introduction Value-added tax (VAT) is an indirect tax which is charged at the time of consumption of goods and services and is levied when a value has been added over various stages …. Read More
Calculating Value Added Tax (VAT) To calculate the amount of value added tax that must be paid at each stage, take the VAT amount at the latest stage of production and subtract the VAT that’s already been paid. It prevents double taxation and ensures …. Read More
Financial Account FA Exams – Continuous Assessment. Time: 2 hour. Instructions: Answer all questions in section A and two in section ‘B.’ Section A Define the following: – Value added tax 2. Obi bought an Air Conditioner worth $55,000. It included the VAT of 10%. Find …. Read More