Accounting

Welcome to Accounting keypoint page. Revision notes for your Accounting O-Level exams like WAEC, JAMB, NECO, and NABTEB.

Meaning of Accounting

Book Keeping Definition

Brief History of Accounting

Accounting Principles and Conventions

The Business Entity Concept

Monetary Concepts

Cost Concept

Going Concern Concept

Dual Concept

Realization Concept

Accrual Concept

Periodicity Concept

Consistency Conventions

Materiality Convention

Conservatism Convention

Personal Account

Impersonal Account

Debit Balances

Credit balances

Ledger

CashBook

Subsidiary Books

Cash Discounts

Trade Discount

Purchases Book

Sales Book

Purchases Returns Book

Sales Returns Book

The Double Entry System of an Account

Factors that may affect the trail balance totals agreement

Factors that Affects the Trial Balance Agreement

Methods of Locating Errors that May Affect Agreement of the Trial Balance

Suspense Account

Uses of Trial Balance

Capital Items

Capital Expenditure

Revenue Items

Revenue Expenditure

Classification of Expenditure

Receipt and Payment Accounts

Income and Expenditure Accounts

Difference b/w Receipt and Payment & Income and Expenditure Accounts

Components of Subsidiary Book

Sales Day Book

Purchases Day Book

Returns Outward Day Book

Return Inward Book

Journal / General Journal

The Double Column Cash Book

Bank Reconciliation Statement