SS1: FINANCIAL ACCOUNTING - 1ST TERM
Introduction to Booking Keeping and Accounting | Week 19 Topics|1 Quiz
Introduction to Booking Keeping and Accounting
Introduction to History of Accounting in Nigeria
Professional Bodies in Accounting
Benefits of Accounting to the Profession & Society
Regulatory Bodies that Checkmate Unethical Practices
Determine Debtors and Creditors
- Introduction to Booking Keeping and Accounting
Introduction to Books of Account | Week 25 Topics|1 Quiz
Subsidiary Books of Account I | Week 34 Topics|1 Quiz
Subsidiary Books of Account II | Week 44 Topics|1 Quiz
Principles of Double Entry Book Keeping | Week 51 Topic|1 Quiz
Cash Book | Week 66 Topics|1 Quiz
Petty Cash Book | Week 71 Topic|1 Quiz
Subsidiary Books (Cash Book)
Subsidiary books are the books of “Original or Prime entry” into which transactions are initially or first recorded before being transferred as posted to the ledger. The subsidiary books do not form part of the double-entry.
Uses of Books of Prime Entry:
(i) The subsidiary books provide aids to memory.
(ii) The total amount of sales and purchases can be readily ascertained.
(iii) It helps in control account preparation.
(iv) The total money owed to suppliers and customers can be easily ascertained.
(v) It provides the opportunity for monthly totals.
(vi) They are used as books to make the first entry of transactions.
Classification of Subsidiary Books:
The subsidiary books can be classified as follows:
(i) Sales Day Book or Sales Journal
(ii) Purchase Day Book or Purchase Journal
(iii) Return Inward Day Book or Journal
(iv) Return Outward Day Book or Journal
(v) Cash Book
(vi) General Journal
(vii) Petty Cash Book