Welcome, Kenneth Victoria!

Ready to master accounting today?

12 Concepts

0 Quiz Score

0 Entries

1 Day Streak

Quick Actions

New Journal Entry Take a Quiz Learn Concepts View Formulas

Recent Activity

Started learning accounting!

Today

Accounting Concepts

Key topics for SS2 Accounting

Journal Entries

Practice recording transactions

New Entry

Date

Particulars

Debit (₦)

Credit (₦)

Narration

Add Entry

Recorded Entries

Clear All

No entries yet. Start recording!

Accounting Quiz

Test your knowledge

0 / 10

Score: 0

Question 1

Next Question

Quiz Completed!

Try Again

Key Formulas

Essential accounting equations & ratios

Accounting Equation

Assets = Liabilities + Owner's Equity

The fundamental equation that underpins all accounting

Profit & Loss

Profit = Revenue - Expenses

Calculate net profit or loss for a period

Gross Profit Margin

GP% = (Gross Profit / Sales) × 100

Measures profitability before operating expenses

Stock Turnover

Stock Turnover = COGS / Average Stock

How many times stock is sold and replaced

Mark-up

Mark-up% = (Profit / Cost) × 100

Percentage added to cost to get selling price

Margin

Margin% = (Profit / Selling Price) × 100

Profit as a percentage of selling price

Current Ratio

Current Ratio = Current Assets / Current Liabilities

Measures ability to pay short-term debts

Quick Ratio

Quick Ratio = (Current Assets - Stock) / Current Liabilities

Stricter test of liquidity (acid test)

Capital

Capital = Assets - Liabilities

Owner's stake in the business