Content Page on Bookkeeping topics namely TYPES OF PRIME BOOKS OF ENTRY OR BOOKS OF ORIGINAL ENTRY

Tweet This Content Page helps you to navigate to all articles relating to PRIME BOOKS OF ENTRY OR BOOK OF ORIGINAL ENTRY.From each topic, you can return to this Content Page. Click to the respective topic: Content Page On BOOK OF ORIGINAL ENTRY 1.0 Learn what are the DIFFERENT TYPES OF PRIME BOOK OF ENTRY […]

Accounting Quiz or Test on Knowledge On Bookkeeping and Accounting

Tweet This Content Page helps you to navigate to all articles relating to the Accounting Quiz or Short refresher questions on bookkeeping and accounting. The objective here is to test your basic knowledge on accounting to ensure that some important items are not being missed out by the readers.. From each topic, you can return […]

What do we mean by debit and credit balances when balancing the ledger accounts?

Tweet At the end of an accounting period, a balance is struck on each account in turn. This means that all the debits on the account are totalled and so are all the credits.If the TOTAL DEBITS EXCEED THE TOTAL CREDITS, there is said to be a DEBIT BALANCE on the accounts; If the TOTAL […]

Learn what are the Rules of Double Entry Bookkeeping

Tweet Tabulated below are the rules of double entry bookkeeping: Note the basic rule of double entry bookkeeping: every financial transaction gives rise to two accounting entries,one a debit and the other a credit. The total value of debit entries in the nominal ledger is always equal at any time to the total value of […]

In bookkeeping, explain in brief what are journals used for?

Tweet Journals as part of the original or prime book of entry plays the following roles: The journal are used as a book of prime entry for: Correction of errors; Transfers between ledger accounts; Purchases and sales of fixed assets; Opening entries in new set of ledgers; and In bookkeeping, the journals are also used […]

Basic Bookkeeping Treatment or Double Entry of Goodwill

Tweet Basic bookkeeping or double entry for taking up or writing off goodwill in the books of account of a business:When goodwill is ACQUIRED: Debit      Goodwill Account Credit     Capital Account When goodwill is WRITTEN OFF: Debit      Profit or loss or Capital Account Credit    Goodwill Account When will we need to value or evaluate goodwill? As […]

Accounting Quiz or Test Your Accounting Knowledge On Incomplete Records

Tweet Refresh or test your accounting knowledge on Incomplete Records: QUESTIONS:1.0    In the absence of a sales account or sales day book, how can a figure of sales for the year be computed 2.0    In the absence of a purchase account or purchases day book, how can a figure of purchases for the year be […]

Explain the terms: Accounting, Accounts & Bookkeeping

Tweet The following terms are commonly used in the Accountancy profession:Accounting: which is the process of collecting, recording, summarizing and communicating financial information. whereas Accounts are the records in which this information is recorded. and Bookkeeping is the keeping of the most basic records { click here to the Content Page on Introduction to Accounting […]

Accounting Quiz or Test Your Accounting Knowledge On Income And Expenditure Accounts

Tweet Refresh or test your accounting knowledge on Income And Expenditure Accounts : QUESTIONS: 1.0    List three differences between the accounts of a non-trading organization and those of a business 2.0    List five sources of income for a non-trading organization 3.0    What is a receipts and payments account? 4.0    Describe two ways of accounting for income […]

Accounting Quiz or Test Your Accounting Knowledge On Partnership Accounts

Tweet Refresh or test your accounting knowledge on Partnership Accounts : QUESTIONS:1.0  What is “ joint an several liability? 2.0  Describe two ways in which the accounts of a partnership differ from those of a sole trader 3.0  What are the differences between a partner’s current account ad his capital account? 4.0  Interest paid on loans […]