105 Accounting O Level IGCSE (Theory and Practice)

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105 Accounting O Level IGCSE (Theory and Practice) by Muhammad Nauman Malik

Table of Contents
  1. Preface
  2. Chapter 1 Bookkeeping and Accounting
    1. Branches of Accounting
    2. Accounting Equation
    3. Assets 14
    4. Liabilities 14
    5. Equity 14
    6. Drawings 14
    7. The Entity Concept and for Accounting Equation 14
    8. The Dual Aspect Concept and for Accounting Equation 15
    9. Transaction
    10. Cash Transactions 15
    11. Credit Transactions 15
    12. Statement of Financial Position (Statement of Financial Position)
    13. Statement of Financial Position (Horizontal Style) 17
    14. Statement of Financial Position (Vertical Style) 17
    15. Review Questions
  3. Chapter 2 Accounting for Assets, Liabilities and Capital
    1. Evolution of Book Keeping
    2. Rules of Debit and Credit
    3. Ledger
    4. Account
    5. “T” Account 23
    6. Three Column Ledger Account (Running Balance Method) 24
    7. Double-Entry Relating to Assets and Liabilities
    8. Example 24
    9. Balancing of An Account
    10. When Should Accounts be Balanced? 28
    11. Trial Balance
    12. Uses of a Trial Balance 29
    13. Why Is It Necessary for a Trial Balance to ‘Balance’? 29
    14. Trial Balance – An Aid to Financial Statements 29
    15. Review Questions
  4. Chapter 3 Accounting for Inventories
    1. Inventory of Goods
    2. Bookkeeping for Inventory of Goods
    3. Why Inventory Account Does Not Include Purchases and Sales of Goods
    4. Purchases
    5. Cash Purchases 34
    6. Credit Purchases 34
    7. Sales
    8. Cash Sales 34
    9. Credit Sales 35
    10. Purchases Returns (RETURN Outwards)
    11. Sales Returns (RETURNS Inwards)
    12. Trading Section of Income Statement
    13. Closing of Incomes and Expenses
    14. Closing Inventory
    15. Opening Inventory
    16. Review Questions
    17. Chapter 4 Accounting for Incomes and Expenses 43
    18. Incomes
    19. Expenses
    20. Double-Entry for Expenses and Incomes (REVENUES)
    21. Bookkeeping for Incomes and Expenses
    22. Calculation of Net Profit
    23. Closing of Incomes and Expenses
    24. Service Businesses
    25. Difference Between Trading and Service Businesses 46
    26. Review Questions
  5. Chapter 5 Financial Statements-An Introduction
    1. Need for Income Statement
    2. Uses of Income Statement
    3. Carriage Inwards
    4. Carriage Outwards
    5. Income Statement and Statement of Financial Position-An Important Consideration
    6. Accounting Period
    7. Drawings
    8. Assets
    9. Non-Current Assets 51
    10. Current Assets 51
    11. Liabilities
    12. Current Liabilities 51
    13. Non-Current Liabilities 51
    14. Review Questions
  6. Chapter 6 Books of Original Entry & Division of Ledger
    1. Advantages of Maintaining Books of Original Entry
    2. Components of Books of Original Entry
    3. Sales Journal
    4. Posting from for Sales Journal to for Ledger 62
    5. Trade Discount 62
    6. Sales on Credit Card 63
    7. Purchases Journal
    8. Posting from for Purchases Journal to for Ledger 63
    9. Return Inwards Journal
    10. Posting from for Returns Inwards Journal to for Ledger 64
    11. Return Outwards Journal
    12. Posting from for Returns Outwards Journal to for Ledger 65
    13. General Journal
    14. Cash Book
    15. Two Column Cash Book 67
    16. Three Column Cash Book 67
    17. Personal Ledgers
    18. Cash Book
    19. General Ledger
    20. Review Questions
  7. Chapter 7 Cash Book
    1. Two Column Cash Book
    2. Folio Columns
    3. Dishonoured Cheques
    4. Contra Entries
    5. Balancing of Cash and Bank Columns
    6. Trade Discount
    7. Cash Discounts
    8. Three Column Cash Book
    9. Nature of Discounts Columns
    10. Cash Book in Recent Times
    11. Petty Cash Book
    12. Imprest System
    13. Advantages 79
    14. Review Questions
  8. Chapter 8 Bank Reconciliation Statements
    1. Difference Between Bank Statement and Cash Book
    2. Reasons for Difference Between Cash Book and Bank Statement Balance
    3. Items in for Bank Statement But Not in for Cash Book 86
    4. Items in for Cash Book But Not in for Bank Statement 87
    5. Bank Reconciliation Statement
    6. Steps for Preparing a Bank Reconciliation Statement
    7. Uses of Bank Reconciliation Statement
    8. Review Questions
  9. Chapter 9 Capital and Revenue
    1. Treatment of Capital and Revenue Items in Financial Statement
    2. Distinction Between Capital and Revenue Expenditures
    3. Expenditures for Acquisition of a Non-Current Asset 99
    4. Expenditures for Improving Efficiency /Capacity of a Non-Current Asset 99
    5. Expenditure At for Initiation of Business 100
    6. Expenditure on Extension of Business 100
    7. Expenditures to Increase for Useful Life of An Asset 100
    8. Expenditures of Abnormal Amounts 100
    9. Application of Materiality Concept
    10. Difference Between Capital and Revenue Receipts
    11. Revenue Receipts 100
    12. Capital Receipts 100
    13. Effects of Wrong Treatment of Capital and Revenue Items
    14. Review Questions
  10. Chapter 10 Accounting for Non-Current Asset
    1. Depreciation
    2. Amortization and Depletion 106
    3. Effects on Cash Flows
    4. Relationship With Market Value
    5. Causes for Depreciation
    6. Factors for Calculating Depreciation
    7. The Original Cost of Asset 107
    8. The Estimated Useful Life 107
    9. The Approximate Residual Value 107
    10. Characteristics of Depreciation
    11. Why Depreciation Is Charged?
    12. Methods for Calculating Depreciation
    13. Revaluation Method 108
    14. Straight Line Method or Original Cost Method 108
    15. Reducing Balance Method 109
    16. Annual Depreciation Under Reducing Balance & Straight Line Methods
    17. Distinctive Features of Straight Line and Reducing Balance Method
    18. Choice of a Method
    19. Difference Between Depreciation and Provision for Depreciation
    20. Depreciation Policies
    21. Depreciation Accounting
    22. Depreciation and Accounting Concepts
    23. Review Questions
  11. Chapter 11 Bad Debts and Provision for Doubtful Debts
    1. Bad Debts
    2. Bad Debts Recovery
    3. Doubtful Debts
    4. Provision for Doubtful Debts
    5. General Provision for Doubtful Debts 121
    6. Specific Provision for Doubtful Debts 121
    7. Calculation of Provision for Doubtful Debts 121
    8. Treatment of Provision in Financial Statements 121
    9. General Journal Entries 122
    10. Ageing Schedule
    11. Bad Debts Recovery
    12. Cash Discounts Allowed and Provision for Discounts Allowed
    13. Why Cash Discounts Are Offered? 124
    14. Why Provisions Are Made for Doubtful Debts and Discounts Allowed
    15. Salient Points to Note
    16. Review Questions
  12. Chapter 12 Control Accounts
    1. Control Accounts in Cambridge Ordinary Level Syllabus
    2. The Format of Control Accounts
    3. How Control Accounts Are Prepared?
    4. Contra Entry
    5. Two Balances of Control Accounts
    6. Reasons for Having Two Balances of a Control Account 133
    7. Treatment of Two Balances in for Statement of Financial Position 133
    8. Advantages or Uses of Control Accounts
    9. Review Questions
  13. Chapter 13 Correction of Errors and Suspense Account
    1. Types of Errors
    2. Errors Not Affecting Agreement of Trial Balance 143
    3. Errors Affecting Agreement of Trial Balance 145
    4. Suspense Account
    5. Effect on Profit of Correcting Errors
    6. Effects on Statement of Financial Position of Correcting Errors
    7. Review Questions
  14. Chapter 14 Inventory Valuation
    1. Basis for Inventory Valuation
    2. Cost
    3. Net Realisable Value
    4. Difference Between Cost & Net Realisable Value
    5. Basis for Inventory Valuation
    6. Why Inventory Valued At Lower of Cost & NRV
    7. Inventory Valuation and Accounting Principles
    8. Separate Valuation of Inventory Items
    9. Effects of Errors in Valuing Inventory
    10. Review Questions
  15. Chapter 15 Financial Statements With Adjustments
    1. Cash and Accrual Basis of Accounting
    2. Need for Adjustments
    3. Types of Adjustments
    4. Inventory At Year End
    5. Closing Inventory in Trial Balance 161
    6. Drawings of Goods for Owner’s Personal Use
    7. Accrued Expenses
    8. Accrued Incomes
    9. Prepaid Expenses (OTHER Receivables)
    10. Pre-Received /DEFERRED Incomes
    11. Treatment of Opening Accruals or Prepayments
    12. Depreciation
    13. Methods of Depreciation 164
    14. Depreciation Policies 164
    15. Recording of Depreciation 165
    16. Bad Debts
    17. Bad Debts Written Off 166
    18. Bad Debts to be Written Off (given As An Adjustment) 166
    19. Provision for Doubtful Debts
    20. Calculation of Profits for Service Businesses
    21. Review Questions
  16. Chapter 16 Accounts from Incomplete Records
    1. The Reasons for Incomplete Records
    2. Need for Preparing Financial Statement from Incomplete Records
    3. Calculating Profits and Losses from Changes in Capital/Net Assets
    4. Statement of Affairs 179
    5. Statement of Profit or Loss 179
    6. Calculation of Gross Profit from Incomplete Records
    7. Calculation of Total Sales 180
    8. Calculation of Total Purchases 181
    9. Mark-Up and Margin
    10. Use of Mark-Up and Margin to Calculate Missing Items in Trading Account 182
    11. Conversion of Mark-Up Into Margin 184
    12. Conversion of Margin Into Mark-Up 185
    13. Disadvantages or Defects of Accounts Prepared from Incomplete Records
    14. Review Questions
  17. Chapter 17 Accounts of Non Profit Organisations
    1. Comparison Between Profit and Non- Profit Making Organisations
    2. Incomes and Expenses of Non Profit Organisations
    3. Incomes of Non Profit Organisations 194
    4. Expenses of Non Profit Organisations 194
    5. Some Peculiar Terms of Non Profit Organisations
    6. Grants and Donations 195
    7. Gift 195
    8. Legacy 195
    9. Life Membership Fee 195
    10. Accounting By Non Profit Organisations
    11. Receipts and Payments Account 195
    12. Income and Expenditure Account 196
    13. Trading Account 196
    14. Income and Expenses on Same Head 196
    15. Calculation of Expenses to be Shown in Financial Statements 197
    16. Calculation of Incomes to be Shown in Financial Statements 198
    17. Accounting for Subscriptions 199
    18. Preparation of Financial Statements
    19. Review Questions
  18. Chapter 18 Accounting Concepts and Conventions
    1. Conventions and Concepts – An Implication
    2. Dual Aspect Concept
    3. Business Entity Concept
    4. Money Measurement Concept
    5. Going Concern Concept
    6. Realisation Concept
    7. Prudence Concept
    8. Historical Cost Concept
    9. Consistency Concept
    10. Materiality Concept
    11. Matching Concept
    12. Accrual Concept
    13. International Accounting Standards (IASS)
    14. Aims of for Accounting Standards 210
    15. Scope of for Accounting Standards 211
    16. Benefits of International Accounting Standards 211
    17. Users of Financial Statements
    18. Limitations of Financial Statements
  19. Chapter 19 Partnership Accounts
    1. Advantages and Disadvantages of for Partnership
    2. Partnership Agreement
    3. Contents of Partnership Agreement 214
    4. Provision of Partnership Act 1890 in for Absence of Partnership Deed
    5. Financial Statements of a Partnership
    6. Appropriations of Profit 214
    7. Statement of Financial Position of Partnership 216
    8. Accounting Records for Partners
    9. Partners’ Capital Accounts 216
    10. Drawings Accounts 218
    11. Partners’ Loan Account 218
    12. Calculation of Interest on Capital
    13. Calculation of Interest on Drawings
    14. Amalgamation of Sole-Proprietorships
    15. Reasons for Amalgamation 222
    16. Accounting Procedure 222
    17. Goodwill on Amalgamation 223
    18. Review Questions
  20. Chapter 20 Manufacturing Accounts
    1. The Prime Cost Section
    2. Raw Materials Cost 232
    3. Direct Labour Cost 232
    4. Direct Expenses 232
    5. Factory (PRODUCTION) Overheads
    6. Manufacturing Accounts for Separate Products
    7. Purpose of Manufacturing Accounts
    8. Trading Section
    9. Profit and Loss Section
    10. Statement of Financial Position
    11. Inventories in a Manufacturing Business 235
    12. Review Questions
  21. Chapter 21 Company Accounts
    1. The Need for Companies
    2. Advantages and Disadvantages of Forming a Limited Company
    3. Advantages of a Company 248
    4. Disadvantages of Forming a Limited Company 249
    5. Sources of Finance for a Company
    6. Types of Shares
    7. Ordinary Shares 249
    8. Preference Shares 250
    9. Debentures
    10. Types of Preference Shares
    11. Redeemable Preference Shares 251
    12. Non-Redeemable Preference Shares 251
    13. Forms of Capital
    14. Authorised Share Capital 251
    15. Issued Share Capital 251
    16. Called Up Share Capital 252
    17. Paid Up Capital 252
    18. Financial Statements of Companies
    19. Financial Statements of Limited Companies
    20. Statement of Changes in Equity
    21. Dividends 253
    22. Transfer to General Reserve 254
    23. Retained Profits 254
    24. Statement of Financial Position
    25. A Comparison of Financial Statements of Business Organisations
    26. Review Questions
  22. Chapter 22 Ratio Analysis
    1. Financial Ratios
    2. Analysis of Ratios
    3. Comparing One Year With Another (Trend or Time Series Analysis) 263
    4. Comparing One Business With Another Business (Cross-Sectional Analysis) 263
    5. Demonstration of Ratios
    6. Profitability Ratios
    7. Gross Profit Ratio 264
    8. Net Profit Ratio 264
    9. Return on Capital Employed (ROCE) 265
    10. Liquidity Ratios
    11. Current Ratio 266
    12. Liquid Ratio 267
    13. Turnover Ratios
    14. Inventory Turnover Ratio 267
    15. Trade Receivables’ Collection Period 268
    16. Trade Payables’ Payment Period 269
    17. Review Questions
  23. Solution to Odd-Numbered Questions
    1. Chapter 1
    2. Chapter 2
    3. Chapter 3
    4. Chapter 4
    5. Chapter 5
    6. Chapter 6
    7. Chapter 7
    8. Chapter 8
    9. Chapter 9
    10. Chapter 10
    11. Chapter 11
    12. Chapter 12
    13. Chapter 13
    14. Chapter 14
    15. Chapter 15
    16. Chapter 16
    17. Chapter 17
    18. Chapter 19
    19. Chapter 20
    20. Chapter 21
    21. Chapter 22
  24. Index 350
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