February 2025

Cambrige Notes: Principles of Accounting: Money measurement concept and Historical cost concept

By |2025-02-12T09:42:14+02:00February 12th, 2025|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes:Money measurement concept and Historical cost concept

  • At the heart of the accounting discipline are two important concepts:
  • The Money measurement concept and
  • The Historical cost concept

The Money measurement concept

  • It is also known as the measurability concept
  • The concept dictates that only transactions and events that are capable of being measured […]
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Cambrige Notes: Principles of Accounting: Types of Business Organisations

By |2025-02-12T09:45:51+02:00February 12th, 2025|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes Notes: Types of Business Organisations

  • A business can be defined as an economic or commercial activity
  • All business activity can be subdivided into individual and separate transactions
  • A transaction is an event that results in a change in an asset, liability, or net worth of a business
  • In accounting various words are […]
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Cambrige Notes: The General Journal Example

By |2025-02-12T08:58:58+02:00February 12th, 2025|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

An example of journal entries. Image credit Frank Wood's Business Accounting 1 An example of journal entries. Image credit Frank Wood’s Business Accounting 1

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: The General Journal Example

You are a bookkeeper for J Benzi. You are to show the journal entries necessary to record […]

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Cambrige Notes: Introduction and basic terms

By |2025-02-12T09:02:17+02:00February 12th, 2025|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Introduction and basic terms

  • Accounting is a system comprising the following elements: In summary Accounting is the process of identifying, measuring and communicating business information to assist users in making informed, useful decisions.
  • Only monetary transactions are recorded in accounting using the historical and monetary principles.
  • This simply means that only […]
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Cambrige Notes: The format of a Balance Sheet/Statement of Financial Position

By |2025-02-12T09:05:44+02:00February 12th, 2025|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: The format of a Balance Sheet/Statement of Financial Position

The Name of the Business(The Name of the Sole Trader is used in Sole Trader Businesses)

Statement of Financial Position as at 31 December 2016

  • The name of the business is to be replaced by the name of the […]
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