Cambrige Notes: The contents of a Balance Sheet/Statement of Financial Position
Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: The contents of a Balance Sheet/Statement of Financial Position
January 2023
Cambrige Notes: Principles of Accounting: Introduction to ethics and basic terms
Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Introduction to Business Ethics
- History has shown that accountants occupy an important within the organisation
- The financial well being is of fundamental importance to all stakeholders
- Unlike other employees of the organisation an accountant’s responsibility is not exclusively to satisfy the needs of an individual client or employer
- He/She need […]
Cambrige Notes: Principles of Accounting: Partnership dissolution
Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Accounting for Partnerships: Goodwill and Partnership businesses: Revaluation of Partnership Assets
- While it is true that a new partnership is created when partners leave and join the partnership
- The entries required to show this are actually different from the entries needed when a partnership does actual dissolve
- From an accounting point […]
Cambrige Notes: Principles of Accounting: William Sachikonye Statement of Financial Position
Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Single entry and Incomplete records: Example 2
- This is a continuation of the question posted here and
- It is the last part of the solution found here
- Now that we have created the Income Statement it is time to create the Statement of Financial Position
William Sachikonye Statement of Financial […]
Cambrige Notes: Principles of Accounting: Disposal of Fixed Assets
Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Disposal of Fixed Assets
- Eventually all fixed assets (non-current assets) bought for resale reach their end of life
- More often than not a non-current asset is sold way before it reaches its end of life
- This can happen for any number of reasons:
- To raise cash and improve the business’s liquidity […]
- To raise cash and improve the business’s liquidity […]
Cambrige Notes: Principles of Accounting: The Sales Ledger
Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: The Sales Ledger
- A sale occurs when goods bought with intention of reselling them are sold
- We have already looked at the Sales Day Book and the Sales Leger here
- We have already looked at how transactions can be entered in the Sales Day Book and transferred to the […]
Cambrige Notes: Principles of Accounting: Bank Reconciliation Statement Overdraft Example
Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Bank Reconciliation Statement Overdraft Example
- We have looked at the process of preparing bank statements here
- We also looked at an example here
- However we have made the distinction between a debit bank balance an an overdrawn account
- We will now look at an example of how to […]
Cambrige Notes: Principles of Accounting: Introduction to Prepayments and Accruals
Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Introduction to Prepayments and Accruals
- It has been stated in another topic that financial statements are prepared using the matching concept
- The concept states that when calculating profit:
- Revenue must be matched with expenditure incurred in generating that revenue
- In a simple and very small business most if not all transactions […]
Cambrige Notes: The Accounting Cycle
Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes Notes: The Accounting Cycle
- As has already been pointed out accounting includes the recording and presentation of transactions
- This recording and presentation is done in a systemic manner i.e. it follows a set pattern
- This pattern is known as the accounting cycle
- The accounting cycle refers to the sequence of six […]
Cambrige Notes: The Cash Book
Cash Book Example. Frank Wood’s Business Accounting I
ZIMSEC O Level Principles of Accounts: Books of Original Entry: Cash Book
- The Cash Book consists of the cash account and the bank account put together in one book.
- The result is that all monies paid […]