July 2018

Cambrige Notes: Principles of Accounting: Bank Statement

By |2022-09-15T12:31:18+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level 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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Cambrige Notes: Principles of Accounting: Source Documents: Vouchers

By |2022-09-15T12:31:18+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

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

  • A voucher is a written instrument that serves to confirm or witness (vouch) for some fact such as a transaction
  • Vouchers that can be defined as an instrument of a redeemable transaction type
  • which is worth a certain monetary value
  • and which may be spent only for specific reasons […]

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Cambrige Notes: Principles of Accounting: Three Column Cash Book

By |2022-09-15T12:31:19+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

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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Cambrige Notes: Principles of Accounting: Discount Received

By |2022-09-15T12:31:21+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

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

  • It is customary for businesses to sell goods on credit
  • In order to encourage prompt payment a business might offer a cash discount
  • In such instances the business will accept a lesser amount in settlement of a debt in exchange for early payment
  • […]


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Cambrige Notes: Principles of Accounting: Discount Received entries simple example

By |2022-09-15T12:31:21+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level 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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Cambrige Notes: Principles of Accounting: The petty Cash Book

By |2022-09-15T12:31:22+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

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

  • As a business grows it is customary to have a Petty Cash Book and a Cash Book
  • In large businesses if all small transactions were to be recorded in the in the Cash Book it would become unwieldy
  • Imagine the example of a retail giant […]

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Cambrige Notes: Principles of Accounting: The Imprest system

By |2022-09-15T12:31:23+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

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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Cambrige Notes: Principles of Accounts: The Analytical Petty Cash Book

By |2022-09-15T12:31:24+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

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

  • Although petty cash payments are varied in nature
  • In most businesses there are common items that benefit from  petty cash payments
  • For example motor repair expenses, petrol expenses, employee bus fare, stationary etc
  • For this reason in such businesses, the […]

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Cambrige Notes: Principles of Accounting: Importance of Accounting

By |2022-09-15T12:31:15+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

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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Cambrige Notes: The Accounting Cycle

By |2022-09-15T12:31:15+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

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 […]

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