Exam Success in Accounting for Cambridge IGCSE & O Level
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Description
Contents
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Language
English
ISBN
9781382030007
Contents
Unit 1: Introduction to accounting
1.1 The fundamentals of accounting
1.1.1 Bookkeeping and accounting
1.1.2 The accounting equation
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Unit 2: Sources and recording of data
2.1 The double-entry system of bookkeeping
2.1.1 The double entry system of bookkeeping – an outline
2.1.2 Balancing and closing accounts
2.2 Business documents and books of prime entry
2.2.1 Business documents
2.2.2 Books of prime entry
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Unit 3: Verification of accounting records
3.1 The trial balance
3.1.1 Uses and limitations of a trial balance; preparing a trial balance
3.1.2 Errors not revealed by a trial balance
3.2 Correction of errors
3.2.1 Types of error and their correction
3.2.2 The suspense account
3.2.3 Correcting financial statements
3.3 Bank reconciliation
3.3.1 Bank statements
3.3.2 Updating cash books
3.3.3 Bank reconciliation statements
3.4 Control accounts
3.4.1 The role and use of control accounts
3.4.2 Control account formats
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Unit 4: Accounting procedures
4.1 Capital and revenue
4.1.1 Capital expenditure and revenue expenditure
4.1.2 Capital expenditure and revenue receipts
4.1.3 The effect of incorrect treatment of revenue and capital items on profit and asset valuations
4.2 Depreciation
4.2.1 Depreciation: background
4.2.2 Ledger and journal entries to record depreciation
4.2.3 The disposal of a non-current asset
4.3 Adjustments
4.3.1 Expense adjustments
4.3.2 Income adjustments
4.4 Irrecoverable debts and provision for doubtful debts
4.4.1 Irrecoverable debts and recovery of debts written off
4.4.2 Recording irrecoverable debts
4.4.3 Recording recovery of debts written off
4.4.4 Provision for doubtful debts
4.4.5 Recording provision for doubtful debts
4.5 Valuation of inventory
4.5.1 The rule for the valuation of inventory
4.5.2 The effects of an incorrect valuation of inventory
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Unit 5: Preparation of financial statements
5.1 Sole traders
5.1.1 Sole trader background
5.1.2 Statements of financial position
5.1.3 Adjustments and the income statement
5.2 Partnerships
5.2.1 Advantages and disadvantages of forming a partnership
5.2.2 Partnership agreements
5.2.3 Financial statements
5.2.4 Format for partners’ ledger accounts and financial statements
5.3 Limited companies
5.3.1 The background to limited companies
5.3.2 The financial statements of a limited company
5.4 Clubs and societies
5.4.1 Receipts and payments accounts and income and expenditure accounts
5.4.2 Revenue-generating activities
5.4.3 Income and expenditure account format
5.5 Manufacturing accounts
5.5.1 Direct and indirect costs, factory overheads and prime cost
5.5.2 Work in progress; calculating cost of production
5.5.3 Preparing the annual financial statements of a manufacturing organization
5.5.4 Adjustments to financial statements
5.6 Incomplete records
5.6.1 Disadvantages of not keeping a full set of accounting records
5.6.2 Preparing income statements and statements of financial position from incomplete information
5.6.3 Using ratios to find missing information
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Unit 6: Analysis and interpretation
6.1 Calculating ratios
6.1.1 Importance of ratios and profitability ratios
6.1.2 Liquidity ratios
6.2 Interpretation of accounting ratios
6.2.1 Comparing results for different years
6.2.2 Users of accounting information; limitations of inter-firm comparisons and financial statements
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Unit 7: Accounting principles, policies and standards
7.1 Accounting principles, policies and standards
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