Master Nonny Accounting Class

Master Nonny Accounting Class Delivering Lectures on FINANCIAL ACCOUNTING for 100 Level Students in HIGHER INSTITUTION, WAEC & JAMB Candidates and also for SS1 & SS 2 students

THE THREE ELEMENTS OF A BALANCE SHEET Before I discuss the three elements of a Balance sheet, I would like to throw a li...
10/08/2025

THE THREE ELEMENTS OF A BALANCE SHEET

Before I discuss the three elements of a Balance sheet, I would like to throw a light on the meaning of balance sheet.

Balance Sheet depicts the company's assets, liabilities and equity in a financial year.
It shows the total amount of capital contributed by the shareholders of the company. It also discloses the total amount debts which the company is yet to offset within a specified period.

ELEMENTS OF A BALANCE SHEET

1... Assets : This refers to as the properties owned by an enterprise. It can be discussed as resources used by a business to generate revenue.

Assets can be Current or Non- Current.

Current assets refer to as those assets which their economic values are fully derived within a financial year. Eg Inventory, Cash, Account receivable, etc.

No -current assets refer to as those assets which their economic values are not fully derived within a financial year. These assets basically in the form of Properties acquired by a business enterprise. Eg Land and building, Machinery, Equipment, Motor van, Furniture, Fixtures and Fittings etc.

No -current assets mostly Fixed in nature. They are capital in nature. The amount spent in acquisition of a fixed assets are recorded as part of capital expenditure.

02/08/2025

Fixed assets refer to the properties acquired/owned by a business enterprise.

28/05/2025

Statement of financial position represents the company's net assets in a Financial year

28/05/2025

Provision for doubtful debt is subtracted from the Account receivable in the company's statement of financial position

28/05/2025

Bad debt is treated as an expense or loss in the income statement

28/05/2025

Bad debt affects company's profit negatively

28/05/2025

Bad debt is an irrecoverable debt.

09/05/2025

Good evening.
Follow my Page for more contents on Financial Accounting and Business Management

24/02/2025

LONDON IS NOT A COUNTRY

Most people think London is a Country of it's own .. That's not true. London is the capital of England UK 🇬🇧 and there are four countries in the UK with each having their capitals.

Some often confuse England, United Kingdom 🇬🇧 and Great Britain.

England is a country just like Nigeria 🇳🇬 and its capital is London just like Abuja is the capital of Nigeria 🇳🇬

Or Ghana 🇬🇭 as a country and accra as the capital of Ghana 🇬🇭.

Great Britain is a collection of 3 countries which came together as one country and has its capital as London. Those 3 countries are:

1. England,
2. Scotland
3. Wales.

When you include Northern Ireland to these 3 countries, they become United Kingdom (Union of four nations)

1. England,
2. Scotland,
3. Wales, and
4. Northern Ireland.

That is why it is referred to as the United Kingdom of Great Britain and Northern Ireland.

Collectively, the four are taken as one country. London is its capital.

These four individual nations all have their own respective capitals.

Accordingly, the capital of

Scotland is Edinburgh,
Wales is Cardiff;
Northern Ireland is Belfast.
England is London.

Additionally,
England,Wales and Northern Ireland uses "pounds" as their official currency

Scotland uses "pounds sterling"

Both pounds and pounds sterling are of the same value but different prints.

No knowledge is a waste ✌️

Credit: Peace Dawah Media

21/02/2025

Financial Accounting Class starts by 7:00pm today
If you're interested type Hi

Address

Lagos

Website

Alerts

Be the first to know and let us send you an email when Master Nonny Accounting Class posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Shortcuts

Share

Category