Accounting Education

Accounting Education Accounting Education is Mayowa Adebanjo's initiative borne out of passion to educate high school students, upcoming teachers and small business owners .

14/08/2024

How to prepare bank reconciliation statements. How to do bank reconciliation.

23/07/2020

Did you know that "Luca Pacioli" is the father of accounting?!...
Amazing fact...

3 most important thing you should know about trial balance!!1. Meaning of trial balance: it is a schedule or list that s...
16/07/2020

3 most important thing you should know about trial balance!!

1. Meaning of trial balance: it is a schedule or list that shows the debit and credit balances derived from ledger, to show the arithmetical accuracy of the ledgers.

2. Uses of trial balance:
A. The trial balance helps in testing the accuracy of the double entry.
B. Helps in preparation of financial statements.

3. Rules of trial balance:
i. All assets must be put on the debit side
ii. All income or gain must be recorded on the credit side.
iii. All expenses must be recorded on the debit side
iv. All liabilities must be on the credit side.

Note: In the preparation of the trial balance, all the ledger accounts must be prepared and the balance extracted and entered in the trial balance.

Every Accountants should know this significant documents;1. Invoice: this document set out full details of goods sent by...
09/07/2020

Every Accountants should know this significant documents;

1. Invoice: this document set out full details of goods sent by the suppliers to the buyer stating the quantity, price, discount given and terms of payment.

2. Debit note: this is a document sent by the seller to the buyer to correct an undercharge, overcharge or when goods are not charged on the invoice.

3. Credit note: this is a document sent by the customers for reduction in the amount owed by him. Due to to issues like damages or ordered.

4. Statement of account: this is the document sent by the seller to the buyer at a regular interval , usually showing credits and debits to the account and balance due.

5. Receipt: this is the document given by the seller to the customer as an evidence of payment for goods.

6. Petty cash voucher: this covers payment credited to the petty cash book.

Steps you must follow when recording credit transactions:1. Prepare day books; sales, purchases, returns and journal pro...
02/07/2020

Steps you must follow when recording credit transactions:

1. Prepare day books; sales, purchases, returns and journal proper.
2. Prepare two accounts
3. Identify the "giving account" and the "receiving account"( apply principle of double entry):
Credit Giver
Debit Receiver





30/06/2020

3 simple steps in recording transactions;

1. Prepare double (two) accounts,
2. Identify the "giving account" and the "receiving account",
3. Then apply the Credit Giver and Debit Receiver principle.

NOTE: ALL CASH TRANSACTIONS MUST PASS THROUGH THE CASHBOOK.





29/06/2020

What is the process of transferring the debits and credits from the journal entries to the accounts called?

A. Posting
B. Itemizing
C. Rationalizing

26/06/2020

Which account is the most simplest for you to handle?

25/06/2020

Who are the users of accounting information?

Mention 5 of them.......

5 things bookkeeping will do to your business
24/06/2020

5 things bookkeeping will do to your business





24/06/2020

Marine Corps paid off $3000 of its account payable. What is the effect on its liabilities?

A. Increased by $3000
B. Decreased by $3000
C. No change

23/06/2020

Capules corporation buys a machinery for $70000. What is the journal entry?

A. Debit machinery: Credit Cash
B. Credit machinery: Debit cash
C. Debit cash: Credit machinery

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