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Summary IGCSE/ O-LEVEL A* Accounting Notes (Part 1) $12.48
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Summary

Summary IGCSE/ O-LEVEL A* Accounting Notes (Part 1)

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  • Course
  • Accounting
  • Institution
  • Malaysia International School

A* comprehensive accounting notes covering a detailed write-up on the principles as well as the books of original entry. Furthermore, it includes the format of Income Statement, Balance Sheet, Bank Reconciliation Statements and etc. This notes was written to provide students a clear understanding w...

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Document information

  • February 22, 2017
  • 11
  • 2016/2017
  • Summary

Subjects

  • igcse accounting
  • o level accounting
  • accounting
  • igcse
  • accounting notes
  • o level
  • o level accounting notes
  • notes

Written for

  • Malaysia International School
  • Accounting
All documents for this subject (3)

3  reviews

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By: omarsayed2121 • 5 year ago

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By: sheetaldave • 6 year ago

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By: mahamakhlaq123 • 7 year ago

These notes are full and have a full brief of everything without needing anything read for igcse from the text book i highly persuade people like me to buy these amazing yet wonderful notes

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Content preview

,The accounting principle/ concept
Principle Explanation
1 Business entity The business and its owner are treated as separate
and difference entities.
2 Going concern Business is assumed to operate for an indefinite period
of time.
3 Accounting period Life span of business divided into fixed periods of time.

4 Money measurement Only transactions that can be measured in monetary
terms are included in the accounting records.

5 Historical Cost Transactions are recorded at the original cost to the
business.
6 Materiality Amount which is immaterial is treated as an expense.

7 Duality The two- fold aspect of each transactions affects a
business in two different ways.
8 Accrual basis/ Matching Any expenses for the financial year is matched against
the revenue for that same period.

9 Realisation Revenue recognize when it is realized.
10 Prudence/ Conservatism To ensure that profit is not overstated and the value of
the fixed asset is not understated.

3 Consistency The same accounting method should be applied to an
item for all the accounting periods.



Accounting Policies
Concept Explanation
1 Understandability Accounting information in such a way that it will be
understandable to users
2 Relevance Accounting information is to assist user in forming,
revising or confirming expectations about the future
and as a basis for financial decisions.
4 Comparability It must be recognised that a financial report can only
be compared with reports for other periods if
similarities and differences can be identified.
5 Reliability Information provided in financial statements must be
reliable and it must be free from bias and significant
errors.

, Source document are the • Invoice
records of biz. transaction. • Debit note

• Serve as proof that a Source document • Credit note
• Bank statement
transaction has taken
• Petty cash voucher
place
• Enable the auditing



Journal is not part of the • Sales Journal
double entry bookkeeping. It • Purchases Journal
is also known as “day book”
Journal •
•
Return inwards Journal
Returns outwards journal
• Correction of errors
• Cash book/ Petty cash book
• Purchase & sales of fixed
• General journal
asset on credit



The purpose of ledger • Sales ledger
• Purchases ledger
• Facilitate easy referencing
•
• Reduce the details Ledger General ledger

entered in the general
ledger.




The purpose of trial balance

• To check the Trial balance Purchases Expenses Asset Dr

mathematical accuracy of
accounting -"PEARLS"
• To prepare final accounts
Revenue Liability Sales Cr




The purpose of income
statement Income statement/
• Calculation of profit&loss for Trading,Profit &
the accounting period
shown in the final accounts
Loss



The purpose of balance sheet
Balance sheet/
• Financial statement showing
liabilities, asset & capital at
Statement of
the end of financial period. financial position

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