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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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This is a book used to record all the residual transactions which cannot find a place in any of the subsidiary books. It is a book of prime entry into which transactions are entered on a daily basis and then classified into Debit and Credit and then posted to the ledger.

Journal contains the following:

(i) Date of Transaction
(ii) Folio number of Transaction
(iii) Description of Transaction
(iv) Amount of Transaction either on (DR) or (CR) side

Uses of Journal Proper:

(i) Purchases and sales of fixed assets
(ii) Opening and closing entries
(iii) Correction of errors
(iv) Writing off bad debts
(v) Transfer between accounts
(vi) To answer questions on double entry principle

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