O-A.levels Accounting Short Notes

Feb 3rd, 2012
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University of Cambridge
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Short Accounting notes for O-A.levels students of Cambridge University. I made this file by myself to achieve pass easily by those students who wants to study short and an easy way. Only 20 to 30 page this document will lead you to pass your exam.

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Important Theory Questions & NotesBooks of Prime EntrySales day book Purchase day book Sales return day book Purchase return day book General journal Cash book they're called books of prime entry because they're where transactions from source documents are first recorded. These are not accounts; they are simply books that record the details of transactions, almost like a diary. The firm will have a separate book for each kind of transaction. The type of the transaction will affect which book it is entered into. Sales will be entered in one book, purchases in another book, cash in another book, and so on.Causes of depreciationWear and tear/physical deteriorationObsolescence/economic reasonsDepletionPassage of timeExplain why depreciation is an application of the matching/accruals principle.Continuity of the business is assumed for an indefinite period.Non-current (fixed) assets will be shown at their book value in the balance sheet and not their expected sale values.The cost of the non current (fixed) asset can be spread over the life of the assetState advantages of maintaining a full set of double entry accountsBalance of assets, liabilities, trade receivables (debtors), trade payables (creditors) can readily be obtained.Individual transactions will be recorded and can be located easily.Accuracy of the accounts can be checked at regular intervals.The accounts can be presented to the bank in order to obtain a loan or overdraft facilityProfit can be

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