principles of accounting notes

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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Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes Notes: Introduction to data processing

• Part of accounting involves data processing or processing data
• Data-refers to raw and unprocessed information for example a transaction event such as the sale of goods bought for resale in exchange for cash
• Information- is a term that is used to refer to data:
  • That is […]
    

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Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes Notes: Electronic Data Processing

• With the advent of computers electronic data processing has become prevalent
• Electronic data processing is the use of computers in recording, classifying, manipulating,presenting and summarizing data
• In the early days of computers electronic processing was rather limited
• At first it involved the use of electronic calculators to […]
  

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