Meaning, Principles and Rules of Double Entry Accounting for SS 1
Double-entry bookkeeping records every transaction with equal debit and credit entries. This preserves the accounting relationship between resources…
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SS 1 · Financial Accounting
17 lessonsLessons by Theme
AThemeAccounting regulations and governance
4
Accounting regulations and governance
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Assets, Liabilities, Equity and the Accounting Equation for SS 1
Assets are resources a business controls; liabilities are amounts it owes. Owner's equity is the residual interest, expressed…
Meaning and Forms of Accounting Concepts for SS 1
Accounting concepts such as business entity, consistency and going concern guide financial records. They make reports more understandable…
Meaning, Importance and Categories of Accounting Standards for SS 1
Accounting standards set common rules for preparing financial statements. IFRS and public-sector standards help readers compare financial information…
BThemeJournal, ledger and cash accounts
8
Journal, ledger and cash accounts
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…
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…