Format of Trading Profit & Loss Account Trading Profit & Loss account for the year ended 31/12/9x Opening Stock x Stock x Add purchases x Less return inward x Less… Read More »THE FINAL ACCOUNTS OF LIMITED LIABILITY COMPANIES
Under a situation whereby a firm or business accounting records were destroyed as a result of fire, flood or any other forms of natural disasters, such firm or business could… Read More »ACCOUNTING RATIOS AND INCOMPLETE RECORDS
ACCOUNTING SS 1- FISRT TERM Introduction and Historical Development of Booking-Keeping Accounting 1. Book Keeping and Accounting 2. Ethics of Accounting Principles and Concepts of Accounting 3. Principles of Double… Read More »SCHEME OF WORK FOR ACCOUNTING SSS 1
Goodwill is the amount by which the value of a business as a going concern exceeds the value of its net assets, if they were sold separately. It is an… Read More »GOODWILL
PROFIT AND LOSS APPROPRIATION ACCOUNT OF A PARTNERSHIP This, as the name implies, is the account where either the profit or loss of the partnership business is shared between or… Read More »FINAL ACCOUNTS OF A PARTNERSHIP BUSINESS
ACCOUNTING (ACC) SSS 3- FIRST TERM Company Accounts and the Regulation of the Nigerian Capital Market – Final Accounts – Regulation of the capital Market Commercial Accounting – Hire Purchase… Read More »ACCOUNTING SSS 3 SCHEME OF WORK
A Company is a business owned, managed, controlled and financed by association of people which possess legal entity with the usual motive of maximizing owners’ wealth. KIND OF COMPANIES There… Read More »COMPANY ACCOUNTS
Definition of Shares Shares can be defined as units of capital of ownership of a limited company. It is an ownership right in a company. A company cannot commence business… Read More »ISSUE OF SHARES
Partnership changes usually occur during a financial year and the accounting records are contrived without interruption. Final accounts are prepared at the end of the financial year. When a partner… Read More »ADMISSION OF NEW PARTNER AND RETIREMENT OF AN EXISTING PARTNER IN CONTINUING BUSINESS
Introduction This topic is about how to prepare trading, profit and loss account under an incomplete record or single-entry accounting system. Meaning This is system of accounting of financial transactions… Read More »SINGLE ENTRY AND INCOMPLETE RECORDS
There are several organizations that are established and run for the purposes of meeting the social, cultural, health and , at times, educational needs of the citizens. Such organizations are… Read More »ACCOUNTS FOR NOT-FOR-PROFIT ORGANIZATIONS LEARNING OBJECTIVES
ADMISSION OF NEW PARTNERS This occurs when a new partner is admitted into an existing partnership business. The reasons for such admission usually are: expiration of old partnership agreement, to… Read More »ADMISSION OF PARTNERS, GOODWILL AND REVALUATION OF ASSETS
JAMB Accounting Past Questions, UTME Accounting Past Questions and Answers, UTME Financial Accounting Question and answer
PARTNERSHIP can be defined as the relationship which exists between two or more persons who are carrying on business in common with a view to making profit. The rules governing… Read More »PARTNERSHIP ACCOUNTS
Meaning To dissolve a partnership means to bring an existing partnership business to an end. This entails selling the assets of the business, paying its creditors and other liabilities and… Read More »DISSOLUTION OF PARTNERSHIP
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