February 2025

Cambrige Notes: Principles of Accounting: General Journal opening new books entries

By |2025-02-12T09:35:37+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: General Journal opening new books entries

  • This is a solution to a question found here
  • One of the uses of the Journal is to create a new set of books when a propieter decides to move on to double entry and keeping a proper set of accounts
  • Now we will […]
Read More
Comments Off on Cambrige Notes: Principles of Accounting: General Journal opening new books entries

Cambrige Notes: Principles of Accounting: Bank Reconciliation Statement Example

By |2025-02-12T09:38:55+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: Bank Reconciliation Statement Example

  • As discussed here preparing a bank reconciliation statement involves three steps:
    1. Obtaining the current bank statement
    2. Updating the Cash Book
    3. Preparing the Bank reconciliation statement
  • Now we will look at an example:

Draw up a bank reconciliation statement, after writing the cash book up to date, ascertaining […]

Read More
Comments Off on Cambrige Notes: Principles of Accounting: Bank Reconciliation Statement Example

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 […]
Read More
Comments Off on Cambrige Notes: Principles of Accounting: Money measurement concept and Historical cost concept

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 […]
Read More
Comments Off on Cambrige Notes: Principles of Accounting: Types of Business Organisations

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 […]

Read More
Comments Off on Cambrige Notes: The General Journal Example

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 […]
Read More
Comments Off on Cambrige Notes: Introduction and basic terms

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 […]
Read More
Comments Off on Cambrige Notes: The format of a Balance Sheet/Statement of Financial Position

Cambrige Notes: Principles of Accounting: Statements of Changes in Equity

By |2025-02-12T09:22:42+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: Accounting for Limited Liability Companies: Statements of Changes in Equity

  • Besides the Statement of Financial Position and Income Statement
  • Companies are also required to prepare a Statement of Changes in Equity
  • This statement as implied by its name shows changes in equity from the beginning to the end of the […]
Read More
Comments Off on Cambrige Notes: Principles of Accounting: Statements of Changes in Equity

Cambrige Notes: Principles of Accounting: Example revaluation of partnership assets

By |2025-02-12T09:26:07+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: Accounting for Partnerships: Goodwill and Partnership businesses: Revaluation of Partnership Assets

  • As already pointed out in another post, sometimes it is necessary for a partnership to revalue its assets
  • We have already looked at the entries necessary to record these changes in value
  • Now we will look at an example […]
Read More
Comments Off on Cambrige Notes: Principles of Accounting: Example revaluation of partnership assets

Cambrige Notes: Principles of Accounting: William Sachikonye Income Statement

By |2025-02-12T09:29:20+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: Single entry and Incomplete records: Example 2

  • This is a solution including workings for the question posted here
  • We are attempting to create an Income Statement so naturally we will start by calculating the sales figure for the year

Sales calculation for the year ended 31 March 20×6

NB This is […]

Read More
Comments Off on Cambrige Notes: Principles of Accounting: William Sachikonye Income Statement
Toggle Sliding Bar Area
Go to Top