I hope this helpsMGS 1301: Elements of Book-keeping (3 credits)
This course is designed to introduce students with little or no background in accounting to the elementary principles. Topics to be covered include, the nature and scope of accounting; concepts and convention, the nature of business transactions, and the preparation of petty cash book and the two-and three column cash books. Preparation of the subsidiary books of entry (i.e. the journals); posting to ledger accounts and extraction of a simple trial balance would also be taught, the preparations of trading and profit and loss accounts and balance sheet Not involving adjustments and more complex items.
MGS 1302: Principles of Accounting (3 credits)
The Nature of Business transactions. Definition of Accounting; the scope and function of Financial Accounting, Book-keeping, Types of business organisations. The accounting equation, the theory of double entry book-keeping based, on the accounting equation, Journalising postings and nature of Accounts, Balancing and Trial Balance. Unadjusted Profit and Loss Account and Balance sheet. Adjustments, prepayments, accruals, correction of errors etc. Adjusted P. & I. and Adjusted Balance Sheet. Subsidiary books of account. Cash book and bank reconciliation statement, sales Day and Purchases Day Book. Receipts and payments Expenditure and Income Account. Single Entry. Nature of partnership and Legal aspects. The adjustments in partnership Accounts, interest of capital, interests on drawings and partners salaries. Admission of new partners. Removal/Retirement of partners. Dissolution of partnership.
double entry is that where both entries must balance at the end because if they don't it means u have an error somewhere and u have to go back through it and correct it or is it an account where theres a debit u always have a credit