O Level Accounting: Foundations (7707)

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90 lessons

1.1-1.2 · What accounting is for, and the accounting equation

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2.1 · Double entry: the two sides of every transaction

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2.2-2.3 · Books of prime entry: list first, then post

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3.1-3.2 · The trial balance

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3.3 · Bank reconciliation

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3.4 · Sales and purchases ledger control accounts

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5.1 · The income statement: working out profit

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5.1 · The statement of financial position

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4.1-4.5 · Year-end adjustments

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Capital or revenue: what did the payment create?

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Why depreciation exists

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Straight-line depreciation

Reducing-balance depreciation

Disposal of a non-current asset

Accrued expenses

Prepaid expenses

Income earned is not always cash received

Irrecoverable debts

The allowance for irrecoverable debts

Inventory at the lower of cost and net realisable value

Putting the adjustments together

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The year-end sprint

Exam practice: a new business

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Year-end adjustments: quick revision

4.1-4.5 · Year-end adjustmentsLesson 11 of 15

Inventory at the lower of cost and net realisable value

A water leak damages stock. Prudence says value it at what it can now raise, not what it once cost.

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