Free Financial Accounting Lesson Note SS 2

This Free Financial Accounting Note SS 2 Lesson Note was pulled from our book (Lesson Note on Free Financial Accounting Lesson Note SS 2 MS-WORD); Compiled to serve as reference material to help teachers draw out their lesson plan easier, saving you valuable time to focus on the core job of teaching.

This Free Financial Accounting SS 2 Lesson Note Covers The Following Topics

1. Income and Expenditure
2. Depreciation of Fixed Asset
3. Bad debt and Provision for bad debt
4. Depletion and Amortization
5. Pre-payment and Accruals
6. Control Account
7. Manufacturing Account
8. What are Accounting Errors?
9. Correction of Errors with Journal Paper
10. What is Control Account?
11. What is Purchase Ledger Control Account?
12. Manufacture Account
13. The Manufacturing Cost
14. Overview of Partnership Accounting
15. What is a Partnership Account?
16. Understanding Dissolution of Partnership
17. Introduction to Accounting Ratio
18. Defining the Single Entry/Incomplete Records
19. Accounts of Non-Profit Making Organizations
20. Preparation of Income and Expenditure Accounts
21. Introduction to Treatment of Subscription
22. Receipt and Payment Accounts
23. Overtrading
24. What is Acquisition of Business?
25. Purchase of Business- Format Preparation of new Business Account
26. What is Company Amalgamation?
27. Introduction to Company Formation
28. What is Financial System?
29. Shares
30. Preparation of Accounts for Issue of Shares
31. What is Loan Capital?
32. What is a Capital Market?
33. Procedure for the formation of a Company

Sample note

Week 1

Topic: Income and Expenditure

Contents

• Preparation of income and expenditure account
• Format for income and expenditure account
• Similarities between receipt and payment account and income and expenditure account
• Difference between receipt and payment and income and expenditure

Preparation of income and expenditure account

In order to prepare income and expenditure account from receipt and payment account the following step must be taken

1. Eliminate all capital receipt like cash receives sales of equipment and capital payment to purchase equipment and capital accounts.
2. Eliminate all item of revenue nature that is item that belong to the accounting period such as subscription for previous year and subscription for the next year collected this year, this is known as subscription paid in advance and it is treated as liability under current liability in the balance sheet
3. If there are members owing subscription pre-credited to the income and expenditure account left the club without paying such subscription will be written off, by debiting the income and expenditure account.
4. Make necessary adjustment for outstanding or accrual of the beginning and the end period e.g subscription in arrears.
5. Debit the income and expenditure account and the depreciation of fixed asset get like of trading concern
6. What is required to known is the gross profit activities like dance or bazaar,the revenue activity is matched with the relevant cost

Format for income and expenditure account

Income and expenditure account for the year ended

Similarities between receipt and payment account and income and expenditure account

• Both account follows the principle of double entry
• They are summarized financial statement
• Both are prepaid by non-profit making concern
• They are prepaid to lower the pare period

Difference between receipt and payment and income and expenditure

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