SS1 First Term Financial Accounting Lesson Note – Book-Keeping and Accounting

The content is just an excerpt from the complete note for SS1 First Term Financial Accounting Lesson Note – Book-Keeping and Accounting. Check below to download the complete DOCUMENT

WEEK TWO (2)    

SUBJECT: FINANCIAL ACCOUNTING

CLASS: SS 1

TOPIC: BOOK-KEEPING AND ACCOUNTING

CONTENT: The need for book keeping and Accounting

• Keeping of accounting records as a soul of the business.
• Valuation of stock
• Determine debtors and creditors
• Valuation of asset
• Conservation of assets

SUB-TOPIC 1: NEED FOR BOOK-KEEPING AND ACCOUNTING:

The recording phase of accounting is known as the book-keeping. The practice of accountancy will be virtually impossible if there is no day-to-day recording of financial transactions as they occur.

• Keeping Accounting records as a soul of the business: Recording of relevant information in accounting is the pivotal and backbone of accounting principle. The recording provides both accounting/financial information to members of the public who are interested in the business through the financial statement. It also helps the management decision making.
• STOCK VALUATION

Stock definition: stock may be seen as any item whether raw materials ,work –in – progress or finished goods kept in store for resale or as input for further productions. Specifically stock will consist of :

• Finished goods purchased for resale
• Indirect materials (e.g stationery)
• Raw materials (also referred to as direct materials)
• Work in process or work in progress
• Finished goods manufactured by the business and yet to be sold

To gain full access to the note: DOWNLOAD FILE