The nature and scope of Accounting; the role of accountants, the accounting functions and relationship with the information system of organization, definition of accounting, historical background of accounting. Source documents and their uses, subsidiary books; meaning, types and preparation; sales day book, purchases day book, returns inwards day book, returns outward day book and journal proper. The accounting equation, double entry principle – books of accounts, including cash book, ledgers, petty cash book and imprest system, posting of entries in the subsidiary books to the ledger, the trial balance, meaning and purpose of the trial balance, errors affecting the trial balance, errors not affecting the trial balance; correction of errors and the uses of suspense accounts. Final accounts of sole traders including adjustment for: provision for depreciation, provision for bad debts, accruals and prepayments. Classification of expenditure between capital and revenue. Bank reconciliation statement and adjustment of the cashbook. Introduction to Accounting Standards, History of NASB, IASC, IASB, SAS, IAS, IFRS and Financial Reporting Council of Nigeria.(FRCN)


 

152



Level of Study: 100 Level