{"id":1906,"date":"2023-10-02T07:15:55","date_gmt":"2023-10-02T07:15:55","guid":{"rendered":"http:\/\/localhost\/ecole9ja\/?p=1906"},"modified":"2023-10-02T07:19:04","modified_gmt":"2023-10-02T07:19:04","slug":"week-2-ss1-first-term-financial-account-notes","status":"publish","type":"post","link":"https:\/\/ecolebooks.com\/nigeria\/posts\/week-2-ss1-first-term-financial-account-notes\/","title":{"rendered":"Week 2 &#8211; SS1 First Term Financial Account Notes"},"content":{"rendered":"<p>\u00a0<br \/>\n\u00a0<strong>WEEK TWO<br \/>\n<\/strong><strong>TOPIC: TRANSACTIONS \u2013 MEANING AND CLASSIFICATION<br \/>\n<\/strong><strong>CONTENT<br \/>\n<\/strong><\/p>\n<ul>\n<li>\n<div>Meaning of Transaction\n<\/div>\n<\/li>\n<li>\n<div>Classification of Transactions\n<\/div>\n<\/li>\n<\/ul>\n<p>\u00a0<strong>Transaction<br \/>\n<\/strong>Transaction involves the transfer of goods, services, money or money&#8217;s worth (e.g. assets) to and from a business organization.<br \/>\nThe essential feature of transactions in accounting is that such transactions to be recorded should be quantifiable in monetary terms hence it is usually described as financial transactions.<\/p>\n<p>\u00a0<strong>CLASSIFICATIONS OF TRANSACTIONS<br \/>\n<\/strong>Financial transactions which are recorded, summarised, classified and analysed in accounting could be either of two types <\/p>\n<ol>\n<li>\n<div><strong>Cash Transactions: <\/strong>This occur whenever goods are received by a person or business and payment is made immediately for such goods or services received. Payment in this sense could be either by cash, cheque, bankdrafts, postal orders etc.\n<\/div>\n<\/li>\n<li>\n<div><strong>Credit Transactions:<\/strong> This occur whenever goods are received by a person or business and the payment for such goods received (or services enjoyed) is postponed or deferred to a future time.\n<\/div>\n<\/li>\n<\/ol>\n<p>\u00a0The classification described above can be represented diagrammatically:<br \/>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Transactions<br \/>\n<img decoding=\"async\" align=\"left\" src=\"https:\/\/ecolebooks.com\/nigeria\/wp-content\/uploads\/9jalessonsimages\/100223_0715_Week2SS1Fi1.png\" alt=\"\"\/><\/p>\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Cash Transactions \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Credit Transactions <\/p>\n<p>\u00a0<strong>EVALUATION<br \/>\n<\/strong><\/p>\n<ol>\n<li>Differentiate between Cash Transactions and Credit Transactions.\n<\/li>\n<li>Give three examples of business transactions that are not financial in nature.\n<\/li>\n<\/ol>\n<p>\u00a0<strong>READING ASSIGNMENT<br \/>\n<\/strong>Simplified and Amplified Financial Accounting Page 16 \u2013 17<\/p>\n<p>\u00a0<strong>WEEKEND ASSIGNMENT<br \/>\n<\/strong><strong>Identify whether the transactions below are cash transactions or credit transactions<br \/>\n<\/strong><\/p>\n<ol>\n<li>Jan 2:\u00a0\u00a0\u00a0\u00a0Started business with N10, 000 cash\n<\/li>\n<li>Jan 3:\u00a0\u00a0\u00a0\u00a0Paid N7, 000 of the business money into the bank\n<\/li>\n<li>Jan 7:\u00a0\u00a0\u00a0\u00a0Paid rent of shop by cash N600\n<\/li>\n<li>Jan 12:\u00a0\u00a0\u00a0\u00a0Bought goods for cash N1, 200\n<\/li>\n<li>Jan 14:\u00a0\u00a0\u00a0\u00a0Bought goods on credit from Ayodele N30, 000\n<\/li>\n<li>Jan 15:\u00a0\u00a0\u00a0\u00a0Sold goods and received cheque in payment N14, 000\n<\/li>\n<li>Jan 20:\u00a0\u00a0\u00a0\u00a0Bought Motor vehicle paying by cheque N9, 000\n<\/li>\n<li>Jan 25:\u00a0\u00a0\u00a0\u00a0Paid salary of shop assistants by cheque N1, 000\n<\/li>\n<li>Jan 28:\u00a0\u00a0\u00a0\u00a0Sold goods to Akinyemi N7, 000\n<\/li>\n<li>Jan 31:\u00a0\u00a0\u00a0\u00a0Bought furniture for cash N3, 000\n<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0 \u00a0WEEK TWO TOPIC: TRANSACTIONS \u2013 MEANING AND CLASSIFICATION CONTENT Meaning of Transaction Classification of&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,172],"tags":[],"class_list":["post-1906","post","type-post","status-publish","format-standard","hentry","category-posts","category-first-term-ss1-financial-account"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/1906","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/comments?post=1906"}],"version-history":[{"count":1,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/1906\/revisions"}],"predecessor-version":[{"id":1907,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/1906\/revisions\/1907"}],"wp:attachment":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/media?parent=1906"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/categories?post=1906"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/tags?post=1906"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}