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Basic Financial Accounting
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Course Description
Study Guide
Course Overview
Assignment Structure
Modules
Module 1: Theoretical framework of Accounting
What accounting is
Financial accountability methods
Users of/ interested parties in accounting information
Branches / disciplines in accounting
Accounting Regulatory Framework
Desirable Qualities of Accounting Information
Review Questions on Introduction
Module 2: The Accounting Equation
What the accounting equation is
Assets
Liabilities
Owner’s equity
Similarity of Accounting Equation to the Statement of Financial Position (Balance Sheet)
Illustrations on construction of the Accounting Equation
Module 3: Double entry system and preparation of books of Account
The double entry bookkeeping system
Preparation of Books of Account
Journals/Books of original entry (Day books)
Illustrations on Preparation of Journals
Ledgers – General Ledger, Subsidiary Ledgers
Balancing Off Accounts
Illustrations on Closing Accounts
Cash books – Two column and petty cashbook
Illustrations on Preparation of Ledgers
Double Entry Illustrations
Checking accuracy of double entry – Trial balance
Illustrations on Preparation of the Trial Balance
Review Questions on the Accounting Process/Cycle,
Module 4: Preparation of financial Statements
Introduction to Financial Statements
Financial Statements for Profit Making Organisations
Income statement
Statement of Financial Position/Balance sheet
Illustrations of Financial Statements for Profit Making Organisations
Financial Statements for Non-Profit Making Organisations
Income and expenditure statement
Illustrations of Financial Statements for Non-Profit Making Organisations
Preparation of final accounts / financial statements
Year-end adjustments / provisions
Preparation of final accounts / financial statements (With adjustments)
Module 5: Bank reconciliation
Introduction to Bank Reconciliation
What bank reconciliation is
Purpose of bank reconciliation
Interpretation of a bank statement
Causes of differences between a cashbook and bank statement
Investigation and handling of differences between a cashbook and bank statement
Preparation of a Bank Reconciliation Statement
Illustrations on Preparation of Bank Reconciliation Statements
Review Questions on Bank Reconciliation
Module 6: Budgeting and budgetary Control
Introduction to the budgetary control process
Budgeting and the different types of budgets
Preparing a budget
Budgetary Control
Preparing a budgetary control/performance report
Illustrations on Budgetary Control
Review Questions on Budgetary Control
Resources
Useful links
Pedagogical Use of Blogs
FAQs
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Financial Statements for Non-Profit Making Organisations
Financial Statements for Non-Profit Making Organisations
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