Financial Accounting

JAMB WAEC NECO Post-UTME

Senior secondary Financial Accounting for WAEC, NECO and Post-UTME: double-entry bookkeeping, books of prime entry, the ledger and trial balance, preparation of final accounts, adjustments and correction of errors, and the accounts of partnerships, companies and not-for-profit organisations. Worked questions walk through each step of the accounting cycle, not just the final figure.

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Levels

1 Principles & Double Entry
2 Books of Prime Entry & the Ledger
3 Final Accounts of a Sole Trader
4 Adjustments, Control & Error Correction
5 Partnerships, Companies & Not-for-Profit

Topics covered

Nature and Scope of Accounting The Accounting Equation and Double Entry Books of Original Entry The Ledger and Trial Balance Cash Book and Petty Cash Bank Reconciliation Statements Trading, Profit and Loss Account The Balance Sheet Accruals, Prepayments, Depreciation and Bad Debts Control Accounts Correction of Errors and Suspense Accounts Single Entry and Incomplete Records Manufacturing Accounts Accounts of Not-for-Profit Organisations Partnership Accounts Introduction to Company Accounts

Try a sample question

A taste of what's inside — original Financial Accounting practice, free, no account needed.

1. The accounting equation is:

A. Assets = Liabilities − Capital

B. Assets = Capital + Liabilities

C. Capital = Assets + Liabilities

D. Liabilities = Assets + Capital

Explanation: The fundamental accounting equation states Assets = Capital (owner's equity) + Liabilities.

2. The book in which transactions are first recorded is called the:

A. ledger

B. trial balance

C. journal

D. balance sheet

Explanation: The journal (book of prime/original entry) is where transactions are first recorded before posting to the ledger.

3. A debit balance in a trial balance typically represents:

A. an asset or expense

B. a liability or income

C. capital only

D. drawings only

Explanation: Asset and expense accounts normally carry debit balances; liabilities, income and capital normally carry credit balances.

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