principles of accounting notes Archives - Page 22 of 22 - Free ZIMSEC & Cambridge Revision Notes

Cambrige Notes: Principles of Accounting: Introduction to Bad Debts

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

To understand the concept of Provision for Doubtful debts first we must look at Bad Debts
As outlined during the discussion of the matching/accruals concept
Most businesses conduct business on credit in addition to cash sales
Typically with cash sales payment is received when the […]

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Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Balancing off the accounts

Thus far we have only looked at how to record various transactions including:
1. Purchases
2. Sales
3. Returns Outwards and Returns Inwards
4. Other transactions such as those found in the General Ledger
You might have noticed an entry that is listed as “Balance c/d” or “Balance b/d” […]

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Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: The Suspense Account

A trial balance is prepared in order to:
1. Ease the process of preparing financial statements
2. To reveal errors
Errors that are revealed by the trial balance include:
1. Addition and other arithmetic errors
2. Single/Incomplete entries into the books
3. Entering different amounts on the debit and credit sides […]

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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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