Departmental and Branch Accounts   13.1   Meaning and importance 13.2 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.       Departmental Accounting refers to maintaining accounts for one or more departments of the company. Revenues and expenses of the ….  Read More

      Solved Problems:  Preparation of Departmental Account.   Departmental stores have many types of stores under a single roof, for example one departmental store may have a cosmetic store, shoe store, stationery store, readymade departmental store, grocery stores, medicines, and many more. It is essential to know the profit and loss account of ….  Read More

    Solved Problems/Exercise in Departmental Accounts.       Answer:     Gas & Electricity Restaurant = (12,000/12)*5= 5,000 Coffee Shop= (12,000/12)*4= 4,000 Bar = (12,000/12)*3= 3,000 Advertisement & Marketing Restaurant = (24,000/12)*5= 10,000 Coffee Shop= (24,000/12)*4= 8,000 Bar = (24,000/12)*3= 6,000 Head Office Expenses = 18,000/3 = 6,000 to be debited from each department ….  Read More

Solution to Lesson 3 Departmental Account.                       Departmental Accounts: Problem and Solution # 4. Sunrise Ltd. has two departments X and Y. From the following particulars, prepare departmental trading accounts and general profit and loss account for the year ending 31st March. 2012:   Purchased goods ….  Read More

          Public Sector Account       Companies can either be the private company or public company. Also, there are many types of public sector organizations such as departmental undertakings, government companies etc. So let us take a more detailed look at both these types of companies and public sector organizations. ….  Read More

SS3 First/ Christmas Term Continuous Assessment/ Test. Financial Account. 2021.   Time 2hours Instructions: Answer all questions in section A &B. 1. Companies must be Private or Public Companies. True/false 2. Explain the term; government companies. 2b. List 2 features of government companies.       Section B Please prepare a Departmental Trading and Profit ….  Read More

      Departmental Undertaking The departmental undertaking is the oldest and traditional form of an organization of the public sector enterprise.It is organized, financed and controlled in a strict manner. The undertaking is under the control of a minister of finance. Some example of departmental undertakings is NNPC, Central bank of  Nigeria,  etc.   Features of ….  Read More

  preparation of Simple Government Accounts   Government accounting is a scientific procedure of collecting, classifying, recording, summarizing, and interpreting all the financial transactions including revenues and expenditures of all the government offices. It keeps the record of public funds. Followings are the main objectives of the Government Accounting − Information about Revenues − One of ….  Read More

  Examination: Financial Accounting. 2021/2022.   Time 2 Hours: Answer all questions in section A, two in section B. Here’s wishing you the very best in YHWH YESHUA HAMASCHIAC.        Section A   _______is said  to be the oldest and traditional form of an organization of the public sector enterprise.   a. audit ….  Read More

      YHWH YESHUA HAMASCHIAC School, SS3 Second/Resurrection (Easter) Term, Financial Account, Lesson 1. Final Account. 2021/2022. Business entities raise funds, acquire assets and incur various expenses for the purpose of carrying on business operations and earning income from such operations. These transactions are first recorded in the journal and then classified under common ….  Read More

      Closing entries and Opening entry   Closing entries Balances of all the nominal accounts are required to be closed on the last day of the accounting year to facilitate the preparation of trading and profit and loss account. It is done by passing necessary closing entries in the journal proper. Purchases has ….  Read More

  Final Account of Sole Proprietors: Trading Profit & Loss Accounts/Income Statement.             Our lesson so far… In order to arrive at the balance sheet of a business, one needs to prepare the trading account and profit and loss account first. This account is prepared to arrive at the figure of ….  Read More

      YHWH YESHUA HAMASCHIAC School, SS3 Second/Resurrection (Easter) Term, Financial Account, C A Test.  2021/2022.     Financial Account, C A Test. Time: 2hours Instruction: attempt to answer all questions in the two sections in YHWH YESHUA HAMASCHIAC   Section A   The final accounts of financial statement include; income statement or trading. ….  Read More

    Balance Sheet/Statement of Financial Position   What Is a Balance Sheet? The term balance sheet refers to a financial statement that reports a company’s assets, liabilities, and shareholder equity at a specific point in time. Balance sheets provide the basis for computing rates of return for investors and evaluating a company’s capital structure. In ….  Read More

    Final Account. Balance Sheet Preparation and Opening Entry   When preparing the accounts of any firm for any year, there will be certain opening entries that will need to be incorporated in the balance sheet. Without these entries, the accounts will fail to show the true and fair view of the financial status of ….  Read More

      Manufacturing Account     Some businesses may manufacture their own products instead of trading in finished goods. A manufacturing business is the most complete form of a business because it buys raw materials, converts them into finished items and then sells these items to its customers. Businesses that make their own products ….  Read More

    Manufacturing Account: Worked Example   A Recap:   A manufacturing account shows the cost of running and maintaining the factory. It is prepared to calculate the cost of goods produced during the year and it is also known as the production account. Cost of production includes direct cost and indirect cost.   Some ….  Read More

  Manufacturing Account.     The main aim of accounting is to arrange accounting data in order to ascertain the amount of profit or loss of an entity. For this purpose, we prepare the financial statements. The primary purpose of preparing Manufacturing Account format is to ascertain the manufacturing costs of finished goods.   Non-manufacturing entities or the trading entities ….  Read More

  Mock Senior WAEC Examination Financial Account   waec.financial-accounting-paper-12-november-2007    

    Manufacturing Account: Financial Statement #Balancesheet       Financial statement or report is the formal or written record which provides information about the financial activities of business, status, condition, and position of the business and much other business entities. Financial statements include: a) Balance sheet b) Statement of profit and loss, and… c) Cash flow ….  Read More