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SS1: FINANCIAL ACCOUNTING - 1ST TERM

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  1. Introduction to Booking Keeping and Accounting | Week 1
    11 Topics
    |
    1 Quiz
  2. Introduction to Books of Account | Week 2
    6 Topics
    |
    1 Quiz
  3. Subsidiary Books of Account I | Week 3
    4 Topics
    |
    1 Quiz
  4. Subsidiary Books of Account II | Week 4
    4 Topics
    |
    1 Quiz
  5. Principles of Double Entry Book Keeping | Week 5
    1 Topic
    |
    1 Quiz
  6. Cash Book | Week 6
    6 Topics
    |
    1 Quiz
  7. Petty Cash Book | Week 7
    1 Topic
    |
    1 Quiz
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Topic Content:

  • Accounting Equation
  • Summary of Accounting Equation
  • Worked Examples on Accounting Equation

The accounting equation is the fundamental framework of the entire financial accounting process. The whole of accounting is based on this equation.

The equation can be expressed as:

\(\scriptsize Assets = Capital + Liabilities\)

Assets: These can be defined as the properties or resources of a business — for example, Land and Building, Premises, Motor Van, Cash in hand, etc.

 

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