principles of accounting notes

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Source Documents:Bank Statement

• It is a document or report released (on a fixed date every month) by banks
• It lists:
  • The balance at the beginning of the period
  • deposits,
  • withdrawals,
  • checks paid,
  • interest earned,
  • service charges
  •  penalties incurred if any
  • The balance at the end of the period
• on a given […]
  

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Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Source Documents: Three Column Cash Book

• Most businesses offer credit sales in order to increase sales
• This creates the debtors accounts which are recorded in the ledger and appear in the Statement of Financial Position (Balance Sheet)
• Cash and by extension working capital is the life blood of the business
• To […]
  

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Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Source Documents: Three Column Cash Book: Discount Received entries simple example

• We have looked at the concept of Discount Received here
• In this topic we will look at entries that can be used to record discount received
• One thing to be wary off is that different suppliers will likely have different […]
  

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Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Source Documents: The petty Cash Book: The Imprest system

• The imprest system is one where the cashier gives the petty cashier enough cash to meet
  the petty cash needs for the following period
• This amount is known as a float amount
• Let’s say this amount is $500
• Then, at the end of […]
  

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Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes Notes: Importance of Accounting

• Accounting plays an important role within the organisation
• Accounting is important for a number of reasons:

Importance and role of accounting

• It allows the business to record transactions for future reference
• Provides information about whether a business is profitable or not
• Provides information about the liquidity of the […]
  

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