Meaning, Types and Uses of Business Documents for SS 1
Invoices, receipts and credit notes document business transactions. They provide evidence for recording sales, payments, returns and adjustments…
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SS 1
Senior Secondary School 1 Phase 1 learning under Nigeria’s revised national curriculum.
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SS 1
543 lessonsExplore all lessons
AFinancial AccountingJournal, ledger and cash accounts
8
Journal, ledger and cash accounts
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Meaning, Types and Uses of Books of Prime Entry for SS 1
Books of prime entry record transactions before posting to the ledger. A sales journal records credit sales, while…
Meaning, Types and Classification of Ledger Accounts for SS 1
The ledger groups transactions into accounts for assets, liabilities, equity, income and expenses. Each account shows debit and…
Meaning, Functions and Types of Cash Book for SS 1
A cash book records money received and paid out, including bank transactions in suitable formats. It functions as…
Cash Book Posting, Balancing and Contra Entries for SS 1
Posting transfers cash-book entries to relevant ledger accounts. A contra entry records a transfer between cash and bank…
Meaning, Systems and Preparation of Petty Cash Book for SS 1
A petty cash book records small routine expenses such as stationery and transport. Under an imprest system, spent…
Meaning, Importance and Preparation of Bank Reconciliation Statement for SS 1
A bank reconciliation statement explains differences between cash book and bank statement balances, including unpresented cheques, deposits and…
Meaning, Purpose and Preparation of Trial Balance for SS 1
A trial balance lists ledger debit and credit balances to check their arithmetic agreement; equal totals do not…
BFinancial AccountingFinal accounts and special accounts
4
Final accounts and special accounts
Trading Account of a Sole Trader and Gross Profit for SS 1
A trading account compares net sales with the cost of goods sold to calculate a sole trader's gross…
Meaning, Items and Preparation of Income Statement for SS 1
An income statement records revenue earned and expenses incurred within a period, showing whether the business made a…
Adjustments in Income Statement for SS 1
Accrued expenses, prepaid costs and other year-end adjustments place income and expenses in the correct period for reliable…
Statement of Financial Position and Its Components for SS 1
A statement of financial position reports assets, liabilities and owner's equity at a particular date, showing what a…