Functions of Banks
This lesson covers the functions of the Central Bank of Nigeria, commercial banks, and specialized banks. It explains the types of bank accounts, forms of payment, and the differences between commercial and specialized banks. The origin of the Central Bank of Nigeria is also discussed.
- 14:24 “Now, taking a look at the definition, a bill of exchange acts defines a check as a bill drawn on a bank or payable on demand. Now, a check is an order written by the draw to a bank to pay on demand, a specified sum of mo...”
- 16:02 “check. The amount to be paid was written in figures. They have it there, 10,000 error and those written in words as well. Then, we have the signature of the draw of the check, that is, the person who is issuing out of th...”
- 10:26 “have to collect and fill an application form for opening a current account, specifying that he wants to open a current account. Then he or she will submit a prescribed number of photo passports, that is, passports photog...”
Types of Office Documents
The lesson explains the term 'office document' and identifies different types of office documents. It covers sales documents, their examples, and their uses, as well as purchase documents.
- 08:09 “for the buyer to initiate this process and for this deal to be sealed. So, the buyer has initiated interest in a particular good from the manufacturer or the seller or even a retailer. Sometimes, even the buyer buys good...”
- 10:38 “invoice, there is no way the seller is going to go back and retrieve the payments. So, there has to be an evidence of payments, sales contracts and agreements. Between the buyer and seller, they have to be a form of agre...”
- 06:29 “receive this invoice? So, first, he or she should understand the distribution channel, the supply chain channel. Who is going to deliver this invoice and who is going to receive it? Secondly, supposing details are things...”
Financial Institutions Overview
This lesson defines financial institutions and lists the types of banking and non-banking financial institutions. It also explains the key differences between these institutions and their functions in the economy.
- 06:38 “require them if they are able to meet their requirements. The agent of payment that they serve as agent of payments for their customers for instance those customers who have current accounts in commercial banks they just...”
- 10:56 “and long term loans. Merchant banks. Merchant banks are financial institutions which perform specialized functions such as acceptance of bills of exchange, issuance of loans for foreign trade transactions, issuance of ne...”
- 13:32 “a company gives out its equipment for a particular period of time to be used by other company organizations or individuals for the payments of rent on aid. So merchant banks help in this form of activities. Development b...”
Government Revenue and Expenditure
This lesson covers the classification of government revenue into revenue receipts and capital receipts. It also explains government expenditure, distinguishing between capital and recurrent expenditure. Students will learn how to prepare statements of revenue and expenditure accounts.
- 08:00 “interest on fixed deposits accounts is a revenue item, but allocation is a revenue item, rent from shops is a revenue item, sanitation fees is a revenue item, thinking of balls is an expenditure item and then constructio...”
- 02:22 “value of assets. For instance, the government can decide to build bridges, construct bridges, build hospitals and so on. And so, these are used to acquire assets that are permanent in nature. They are normally paid from...”
- 05:30 “1.00353 NERA, 1.007 sinking of boroughs, 35,000, 2.35 NERA, 1.008 construction of classrooms, 20,000, 7.25. Revenue ads are coded, 2.001, 2.002 while expenditure ads are coded, 1.001, 1.002. You are required to prepare a...”
Public Sector Accounting Overview
This lesson covers the definition of public sector accounting and its importance. It explains the sources of government revenue and classifies expenditures into capital and recurrent. Key concepts and terms related to public sector accounting are also discussed.
- 07:06 “That means we don't prepare our accounts based on the fact that there are some people all in us, such as debtors or that we are all in some people, such as creditors. Our accounts is prepared based on amounts that comes...”
- 01:35 “involving the receipts and disbossments of government funds in a systematic way. The three words that I want us to take notes of are one recording financial transactions of the government. Two, disbossments, the receipts...”
- 06:17 “Then local authorities, such as the local government also want to know what comes into the accounts of the government. Business of governments accounting. We have the cash basis and a cruel basis. What do we mean by a ca...”
Departmental Accounts
This lesson covers the definition and purpose of departmental accounts. It explains how to prepare these accounts to show the performance of different departments in a business. The lesson also discusses the advantages of using departmental accounts for comparison, error detection, and managerial as
- 08:00 “Then selling expenses such as bad debts, discounts, allowed, carried out words advertising will also floor area is also the basis for apportionment. Then salaries and wages, the number of staff employed or the basis givi...”
- 28:30 “So department C will take 3 over 15, or 4,200. Because we will quickly calculate that 3 divided by 15 times 4,200. And that will give us 840 NIRA. So we are taking care of the insurance expense, salaries, and wages, rent...”
- 21:16 “department C, $561, NIRA. By the time you add the three together, which will give you $1,800, NIRA, $1,800. So we are sharing the delivery expenses among the three departments. The next expense we want to share is the sa...”