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O Level 7707 Accounts/IGCSE 0452 Accounting by ARD | English
Rating: 4.0 out of 5(29 ratings)
1,410 students

O Level 7707 Accounts/IGCSE 0452 Accounting by ARD | English

O Level 7707 Accounts/IGCSE 0452 Accounting Basics by ARD in English
Created byAhmed Raza Dharolia (ARD)
Last updated 2/2024
English
English [Auto],

What you'll learn

  • What are Transactions
  • Business / Source Documents as a proof of transaction
  • What are Assets, Liabilities and Capital
  • What is Accounting Equation
  • What is Debit and Credit in Double Entry System
  • Types of Discounts (Trade vs Cash Discount)
  • What are Books of Prime (Original Entry)
  • What is Ledger and How many types of Ledgers are there
  • What is a trial balance and why should we make one

Course content

1 section • 12 lectures • 1h 59m total length

  • Worksheet and Own Solved Mark Scheme
  • Transactions and Source Documents18:56

    Learn how business transactions are documented with source documents, including sales and purchase invoices, receipts, debit and credit notes, pay‑in slips, and bank statements.

  • Accounting Equation12:35

    Explore assets, including current and non-current assets like cash and inventory, and learn how liabilities and equity balance them in the accounting equation.

  • Double Entry - Debit and Credit6:19

    Explore the double entry system, distinguishing debit and credit, and see how T accounts and ledger entries track asset, liability, and capital changes, along with expenses, income, and drawings.

  • Asset of Inventory5:11

    Learn how inventory affects accounting by using four stock accounts (purchases, sales, sales return, and purchase return) rather than a single inventory account to prepare accurate income statements.

  • Types of Discounts6:30

    Explain the two discount types: trade discount and cash discount, when they apply, and their recording (trade discount not entered; cash discount as discount allowed or received).

  • Books of Prime Entry9:34

    Learn the books of prime entry, including the sales daybook, purchase journal, sales return daybook, purchase return journal, cash book, petty cash book, and general journal, and understand double-entry recording.

  • Cash Book - Mr ARD20:32

    Learn to prepare a three-column cash book recording cash, bank, and discount transactions on debit and credit sides. Understand opening balances, loans, purchases, sales, and closing balances.

  • Sales and Purchase Journal, Sales Return and Purchase Return Journal4:03

    Record credit sales, credit purchases, and returns in four original-entry books—sales, purchase, return inward, and return outward—deducting trade discounts and tracking totals.

  • The Journal / General Journal - Mr ARD5:13

    Learn to prepare the general journal, a book of prime entry for non-routine transactions, with examples like property on credit, drawings of goods, and narratives.

  • Double Entry, Ledger Accounts - Mr ARD24:45

    Explore the ledger system, including sales ledger, purchase ledger, and general ledger with T accounts, and learn double-entry mechanics, debits, credits, and balancing to a trial balance.

  • Trial Balance5:28

    Learn how to prepare a trial balance from balanced T accounts, verifying double-entry accuracy by listing all debits and credits for assets, liabilities, and capital.

Requirements

  • No Prior Accounting Knowledge Required

Description

This Course is for someone who wants to learn basics of Accounting including Double Entry System, Difference between Debit and Credit, Learn how to make Journal Entries for Assets, Liabilites, Capital, Income and Expenses. Source Documents i.e. Documentary Records, Books of Original Entry, Ledgers, Trial Balance, T Accounts, Trade Discount v Cash Discount, Effect on Capital etc


The aims of this course are to enable students to develop:

• knowledge and understanding of the principles and purposes of accounting for individuals, businesses, non-trading organisations and society as a whole

• an understanding of accounting concepts, principles, policies, techniques, procedures and terminology

• improved skills of numeracy, literacy, communication, enquiry, presentation and interpretation

• improved accuracy, orderliness and the ability to think logically

• an excellent foundation for advanced study


Content overview


The fundamentals of accounting

This section introduces the subject by explaining the difference between book-keeping and accounting. The role of accounting in providing information and the purposes of measuring business profit and loss are also explored. Basic accounting terms and the accounting equation are introduced


Sources and recording of data

The core topic of this section is the double entry system of book-keeping and how this is applied in the preparation of ledger accounts. The division of the ledger is considered. Business documents and their use as sources of information are also included. Consideration is given to the procedures for processing information in books of prime entry.


Curriculum

1 The fundamentals of accounting
1.1 The purpose of accounting
1.2 The accounting equation

2 Sources and recording of data
2.1 The double entry system of book-keeping
2.2 Business documents
2.3 Books of prime entry


3 Verification of accounting records
3.1 The trial balance

Who this course is for:

  • Students who want to learn Accounting for CAIE O Levels / IGCSE

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