GRO Academy Exam Prep
Sign in Start free My dashboard
Open menu
Menu
JAMB UTME
Overview All subjects Mock exams Plans and prices
WAEC SSCE
Overview All subjects Plans and prices
All exams
IGCSE and A-Level Coming soon
About us Blog Contact Physical school ↗
Create free account Sign in
My dashboard Log out

The accounting equation

JAMB Financial Accounting Revision Notes

  • Foundations of Accounting
  • 1 min read
  • Checked by imtiaz ahmed

Assets = Capital + Liabilities: what each element means and how every transaction keeps the equation in balance.

In these notes
  1. The equation
  2. How transactions affect the equation
  3. The statement of financial position

Revision notes come with the Complete plan

Complete gives you:

  • All 11 JAMB subjects currently available on GRO Academy
  • 26,964 practice questions, each with an explanation
  • Performance tracking: your results saved, with your weakest topics first
  • Full CBT mock exams, scored out of 400 like the UTME
  • Revision notes for every topic
  • Curriculum checklists for every subject
  • Past papers

Complete: ₦24,000 for 3 months, ₦10,000 a month or ₦108,000 a year.

See the plans Sign in

Practise this topic

All Financial Accounting notes
  1. Foundations of Accounting
    1. Meaning, purpose and users of accounting
    2. Accounting concepts and ethics
    3. The accounting equation
  2. Recording Transactions
    1. Source documents and books of original entry
    2. Double entry and debit and credit rules
    3. Ledgers and balancing accounts
    4. The trial balance
  3. Cash and Bank
    1. The cash book
    2. Petty cash and the imprest system
    3. Banking documents
    4. Bank reconciliation
  4. Errors and Control Accounts
    1. Types of accounting errors
    2. Suspense accounts and correction of errors
    3. Control accounts
  5. Final Accounts of a Sole Trader
    1. Trading account and cost of sales
    2. Profit and loss account
    3. Statement of financial position
    4. Accruals and prepayments
    5. Bad debts and allowance for doubtful debts
    6. Final accounts with adjustments
  6. Non-current Assets and Inventory
    1. Depreciation
    2. Disposal of non-current assets
    3. Inventory valuation
  7. Partnership Accounts
    1. Partnership agreement and appropriation account
    2. Partners' capital and current accounts
    3. Admission of a partner and goodwill
    4. Retirement and dissolution of partnership
  8. Manufacturing, Non-profit and Incomplete Records
    1. Manufacturing accounts
    2. Receipts and payments accounts
    3. Income and expenditure accounts
    4. Single entry and statement of affairs
    5. Incomplete records
  9. Company Accounts
    1. Introduction to company accounts
    2. Share capital, reserves and dividends
  10. Interpretation and Computerised Accounting
    1. Accounting ratios
    2. Interpretation of financial statements
    3. Computerised and spreadsheet accounting
  11. Specialised Accounts
    1. Departmental accounts
    2. Branch accounts
    3. Joint venture accounts
    4. Public sector accounting