Cambridge · Form 3 · Syllabus 7707
Accounting
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- Fundamentals of accounting Book-keeping records financial transactions; accounting summarises, analyses and communicates them. Users: owners, managers, lenders, suppliers, employees, tax authorities and potential investors.
- Sources and recording of data Invoice, credit note, debit note, statement of account, cheque counterfoil, paying-in slip, receipt, petty cash voucher; trade discount and cash discount.
- Verification of accounting records Lists ledger balances to check arithmetical accuracy. Errors not revealed: omission, commission, principle, original entry, complete reversal and compensating errors.
- Preparation of financial statements Income statement (revenue, cost of sales, gross profit, other income, expenses, profit for the year) and statement of financial position (non-current assets, current assets, capital, non-current and current liabilities).