Complete SS1 Financial Accounting Lesson Note

Description

These lesson notes cover the following topics for SS1 First, Second and Third Term Financial Accounting:

FIRST TERM

1 Introduction to Book-Keeping and Accounting
2 Transactions – Meaning and Classifications
3 Books of Accounts – Layout and Formats
4 – 5 Double Entry Principle: Posting of Transactions to Ledger Accounts;
Combinations of Cash and Bank Account
6 – 7 Balancing of Ledger Accounts; extraction of the Trial Balance
8 Source Documents: Purpose Characteristics and Functions
9 -10 Subsidiary Books: Purpose, Characteristics, Functions and Preparations

SECOND TERM

1. – 2 Cash Book – Single Column Cash Book/Double Column Cash Book
3. – 4 Three Column Cash Book
5. – 6 Petty Cash Book
7. Accounts: Meaning and Classifications:
The Ledger: Meaning and Classification
8. – 9 The Trial Balance – Preparation, Uses etc.
Errors not disclosed by the Trial Balance
Errors that will affect the agreement of the Trial Balance
10. Correction of Errors

THIRD TERM

1 The Bank Account and its operations
2 Bank Reconciliation Statement
3-4 Bank Reconciliation Statement
5-6 Final Accounts of a Sole Trader
7-8 Final Accounts of a Sole Trader
9 The Balance Sheet
10 Opening Entries and Recording of Subsequent Financial Transactions

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