ACCOUNTS FOR FORM THREE LEARNERS - BASIC MATHEMATICS

In this first session, let discuss and cover the following concepts:

• Accounts
• The meaning of accounts
  
• Types of information to be recorded in accounts
• The importance of recording financial information in accounts
• Double entry principle / system in accounts
• Books used to record business transaction in double entry system
• Ledger book account
• The format of book account
• The rules for entering up business transactions in double entry system
• The uses of columns in book accounts
• Cash transactions and how to treat them in accounts

See also:

• Credit transactions
• Balancing accounts (closing accounts)
• Balance carried down
• Balance brought down
• Trial balance
• Extraction of a trial balance
• The format of trial balance
• Final accounts
• Trading account
• Gross profit / loss
• Cost of goods available for sale
• Cost of goods sold
• The format of trading account
• Profit & loss account
• Net profit / loss
• The format of profit & loss account
• The format of combined trading, profit & loss account
• Summary of formulas ( derived from trading, profit & loss account)
• The balance sheet
• The assets in business
• Liabilities in business
• Format of the balance sheet
• Summary of formulas (derived from balance sheet statement)