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Cambridge IGCSE · Revision notes

Accounting revision notes

Topic by topic notes, worked examples and practice questions for every topic in the Cambridge IGCSE and O Level Accounting syllabus.

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The fundamentals of accounting

  1. 1.Purpose and accounting equationBook-keeping and accounting, Assets, liabilities and equity, Profit and financial decisions

Sources and recording of data

  1. 1.Double entry and ledgersDebit and credit rules, Ledger divisions, Balancing and closing accounts
  2. 2.Documents and prime entryBusiness documents, Journals and cash book, Discounts and petty cash

Verification of accounting records

  1. 1.Trial balance and errorsTrial balance limitations, Journal corrections, Suspense and profit adjustments
  2. 2.Bank and control accountsUpdating the cash book, Bank reconciliation, Sales and purchases ledger controls

Accounting procedures

  1. 1.Non-current assets and depreciationCapital and revenue items, Depreciation methods, Disposal accounts
  2. 2.Year-end adjustmentsAccruals and prepayments, Debts and provisions, Inventory valuation

Preparation of financial statements

  1. 1.Sole traders and incomplete recordsIncome statements, Financial position, Missing figures and capital changes
  2. 2.Partnership accountsAgreements and appropriations, Capital and current accounts, Partners’ loans
  3. 3.Limited company accountsShares and debentures, Company statements, Changes in equity
  4. 4.Clubs and societiesReceipts and payments, Subscriptions and activities, Accumulated fund and surplus
  5. 5.Manufacturing accountsDirect costs and prime cost, Factory overheads and work in progress, Finished goods and profit

Analysis and interpretation

  1. 1.Ratios and business decisionsProfitability and liquidity, Working capital efficiency, Users and comparison limits

Accounting principles and policies

  1. 1.Principles and accounting policiesCore accounting principles, Prudence and measurement, Policy quality and standards

These are Bright Minds revision notes and practice questions in Cambridge style, not official Cambridge International materials. Always check the syllabus year with your school.