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Exam Lessons Financial Accounting

JOINT VENTURE ACCOUNT

Meaning of Joint Ventures It is a form of business involving two or more persons, firms joining together with the […]

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Exam Lessons Financial Accounting

CONSIGNMENT ACCOUNT

MEANING Consignment of goods: This is concerned with the sending of goods by the consignor to the consignee who agrees […]

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Exam Lessons Financial Accounting

HIRE PURCHASE ACCOUNT

INTRODUCTION Hire purchase is a method of extending credit to a buyer. Particularly for some capital goods. Purchase can be […]

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Exam Lessons Financial Accounting

Capital Market and Stock Exchange

DEFINITION This is also called stock exchange market. It is a highly organised market where investors can buy and sell […]

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Exam Lessons Financial Accounting

PREPARATION OF COMPANY INCOME STATEMENT

CONTENTS Profit and loss appropriation account and its uses Treatment of goodwill and preliminary expenses Amount transferred to reserve for […]

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Exam Lessons Financial Accounting

SS3 1st Term Financial Accounting scheme of work

FIRST TERM SCHEME OF WORK FOR SS3 FINANCIAL ACCOUNTING WEEKS TOPICS 1 REVISION 2 Preparation of company income statement 3 […]

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Exam Lessons Financial Accounting

Consignment Account

CONTENT Definition  Accounting Entries      Practical illustration Note Consignment of good means the sending of goods by a supplier to […]

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Exam Lessons Financial Accounting

JOINT VENTURE ACCOUNTS

CONTENT Definition of Joint Venture. Accounting entries required for joint ventures. Practical illustration of joint ventures. Definition Joint venture is […]

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Exam Lessons Financial Accounting

ACCOUNTS OF NON-PROFIT – MAKING ORGANIZATIONS

WHAT ARE NON-PROFIT MAKING ORGANIZATIONS? Non-profit-making organizations exist to provide services for their members. Example are. Sports and social clubs, […]

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Exam Lessons Financial Accounting

Control Account

Control accounts is the extraction of trial balance from individual ledger account of a large organization. Generally speaking, large organizations […]