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SS1: FINANCIAL ACCOUNTING - 1ST TERM

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  1. Introduction to Booking Keeping and Accounting | Week 1
    9 Topics
    |
    1 Quiz
  2. Introduction to Books of Account | Week 2
    5 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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These are the various pronouncements made by accounting bodies in relation to the preparation of financial statements. They are published in Nigeria by the Nigeria Accounting Standard Board (NASB) which is responsible for the publication of IAS (International Accounting Standard). IAS and Statement of Accounting Standards, SAS are applicable in Nigeria.

Nigerian Accounting Standard Board:

The body was set up to guide accountants in the preparation of financial statements in order to narrow the area of differences. It contains 15 members. It has been replaced by the Financial Reporting Council of Nigeria (FRCN).

Composition:

1. Central Bank
2. Corporate Affairs Commission 
3. Federal Board of Inland Revenue
4. Federal Ministry of Finance
5. Chartered Institutes of Bankers of Nigeria
6. Institute of Chartered Accountants of Nigeria
7. Security and Exchange Commission
8. Nigeria Stock Exchange
9. Nigeria Accountant Teachers Association
10. Federal Ministry of Commerce
11. Office of the Auditor General
12. Chartered Institute of Taxation
13. Nigeria Association of Chamber of Commerce Industry
14. Association of National Accountants of Nigeria.
15. Nigeria Deposit Insurance Corporation.

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