Accounting

1. What is accounting?

It is a process for
_________________________________________________________
economic /financial information.

2. Accounting helps users to __________________________________

3. Accounting uses ________________________________to prepare

_______________________at regular interval.

4. Two main financial statements are :

A. _____________________________

B. _____________________________

5. Statement of financial position (Balance sheet) shows the:

_____________,___________and ___________of a business at a

particular ______.

6. Statement of Profit and Loss (Income Statement) shows

_________________________________________________________
___________________for a specific __________.
7. What is book-keeping?
A process of _______________________________________________
8. Basis of recording is _____________________________.
9. Who are the users of Accounting Information?
1. 2. 3.
4. 5. 6.
entering and recording financial/economic data in accounting books/
records.
if the business is making and profit or loss
financial statements
double entry bookkeeping

Statement of Profit and Loss (Income Statement)

make economic/ financial decisions
book-keeping records

Statement of financial position (Balance sheet)

assets identifying liabilities communicating

date government capital classifying
employees period measuring lenders
summarising creditors bank
investor( owner)
The difference between book-keeping and accounting
Book-keeping Accounting
Collect, record (journal, ledger), Collect, record, classify, summarise,
classify, summarise data analyse, interpret data
Done by book-keeper Done by accountant
Record financial economic Identify, classify, summarise,
transactions communicate Financial Statements
(Income Statement(PnL), Statement
of Financial Position(Balance Sheet)
Is detailed of financial transactions Allows user to make
economic/financial decisions

Documents
invoice
debit note
credit note
statement of account
Receipts/payment vouchers

Classifying data
Capital - Money invested by owner/investor DOES NOT BELONG
Liability- Trade creditors, loan from bank/others TO COMPANY/BIZ
Assets- Cash, Bank, Inventory/Stcoks, Trade Debtors, Property, Building, Car,
Van
Expenses- Rent, petrol, salary, utility, interest expenses……
Income - Sales, interest income
Accounting Equation
Asset = Capital + Liability A= C+L
Capital = Asset - Liability C= A-L
Liability = Asset - Capital L= A-C

Capital / Owner’s Equity -> Fund/resources provided by owner. Capital

belongs to the owner, not company.
Assets -> Resouces owned by the business / owing to the business
Liabilities -> Amount owed by the business, resources provided by others
Trade Receivables -> Trade debtors, amounts owed to the business by
credit customers.
Trade Payables -> Trade creditors, amounts owed by the business to credit
suppliers/vendors
Inventory -> Goods/ stocks of a business available for resale.

Double Entry Bookkeeping

An Account is depicted in T account.
For every transaction, there is a Debit (DR) and a Credit (CR)
Double Entry Accounting -> Debit ALWAYS EQUALS to Credit, Dr 10 Cr 10
Debit (In) -> left side
An INCREASE in Possession (assets, expenses) is always DEBIT
Credit (Out) -> right side
An INCREASE in Capital (capital, liabilities) is always CREDIT
Buy on credit (Buy now pay money later)
Sell on credit (Sell now collect money later)
Business Study
1. What is marketing?
Is a process involves identifying the needs and wants of target customers
and satisfying their needs in ways that are better than competitors by
offering RIGHT products, price, place and promotions.

2. What is market segmentation?

Dividing the whole market into segments by consumers’ characteristics and
then targeting different products to each segment.

3. What is knows as marketing mix?

They are 4Ps
Product (choose the right product to sell),
Price (sell it at the right price),
Place (make it available at the right place) and
Promotions (promote in a way that it will reach the target customers)

4. What is target market?

A group of customer with similar needs and wants that a business chooses
to serve.
5. Identify and describe how customers can be grouped:
B -> Benefit sought What do they want from product?
I -> Income How much they earn per month?
G -> Gender Are they male / female?

G -> Geographical location Where do they live/work?

O -> Occupation What do they work as?
A -> Age What age group they belong to?
L -> Lifestyle What are their interests and habits?
S -> Social group Who they socialise with?

6. What is market survey?

Is a way for business to gather information about their customers’
preference and buying habits, in order to make a decision on the
marketing mix.
7. The steps of conducting market survey.
Step 1 -> Decide on objectives - Identify target market
-Understand customers’ needs and wants
Step 2-> Survey methods - Observations -customers’ behaviour
- Personal survey - face to face meeting
- Telephone survey - easy, cheaper
- Postal survey -quick, suitable in rural areas
- Online survey- fast and save time, video clips,
attractive pictures
Step 3-> Design questionnaire - Who, what and how to ask?
Step 4-> Conduct survey - set a deadline for it
- record the data
Step 5 -> Analyse data - collate data -> collect the data
-interpretation/presented in table, bar&pie charts

8. List five types of market surveys

- Observation -> customers’ behaviour
- Telephone survey -> easy, cheaper
- Online survey ->fast and save time, video clips, attractive pictures
- Personal survey -> face to face meeting between respondents and
interviewers
- Postal survey -> quick, suitable for rural areas
Identify one benefit and limitation of each method:
Survey 1 2 3 Online 4 5 Postal
method Observation Telephone Personal
Benefit Cheapest, Easy, Cheap, Immediate Quick,
easy to cheaper fast, save feedback suitable in
conduct time rural areas
Limitation inaccurate Easy to May not Expensive Not
ignore accurate responsive

9. Define the business terms:

Questionnaire: A list of questions used to collect information from
respondents.
Target market: A group of customer with similar needs and wants that a
business chooses to serve.
Interviewer: Someone who conducts the survey.
Respondent: Someone who replies to a survey.
Deadline: A date or time a task must be completed by.
Close-ended questions:
A type of question that can be answered quickly by choosing from a set of
options.
Open-ended questions:
A type of question that respondents can create their own answers
to/sharing opinions or ideas.
QR Code: Stands for “Quick response Code”. It is used to provide easy
access to information through a mobile phone.
10. What is Product?
A product is anything that a business offers to satisfy customers’ needs
and wants.
A products may be goods or services,or a combination of both.

11. Different aspects of a product

A. Features
B. Functions
C. Design
D. Quality level
E. Branding -> the use of a name, term, symbol, design or combination of
these to identify a product.
F. Packaging -> how the product is packed in a container or wrapper.
G. Support services -> differentiate their products from competitors’ by
providing better support services with additional benefits such as
convenience and peace of minds.

Physics
1. When an object moves through air, there is force on it called resistance.
(The force that moves the object = resistance)
2. Air resistance is useful to slow things down.
3. Explain what affects air resistance?
Air resistance is affected by the speed of the object moving through the air.
4. Object moving higher speed = more/ increase air resistance and this will
slow down
Object moving slow down = less /decrease air resistance this will be fast
5. Explain what is meant by “streamlined”?
Streamlining reduces air resistance by changing the flow of air over a car
or plane.
6. Which will experience more air-resistance - a streamlined car travelling
slowly or a lorry travelling fast? Explain your answer.
The shape of streamlined objects (streamlined car) reduces air /water
resistance.
7. Explain why a streamlined car used less fuel than if it was not
streamlined. Use these words in your answer: thrust, air resistance, air
molecules, force.
A streamlined cars have more thrust due to more air resistance.
8. Explain why a tennis ball and a cricket bal dropped together will hit the
ground at about the same time, even though the cricket ball is heavier.
When NO air resistance, ALL objects fall at the SAME rate. Objects will hit
the ground same time even some are heavy some are light.
9. Describe what is meant by terminal velocity?
Terminal velocity -> When object speeds up it increases air resistance until it
balances its weight and falls with steady speed.
10. What is the difference between balanced forces and unbalanced forces?
 Forces are balanced Forces are unbalanced
The object is not moving There is only one force acting on the
object
The two forces are the same size but The two forces are the difference
in opposite directions sizes but in opposite directions
The object is moving with a steady The object is accelerating and
speed in a straight line slowing down

11. Explain how and why the speed of a skydiver changes?

When she opens her parachute, the air resistance suddenly increase and
this will slow her down.
And as she slows down, the air resistance decrease until she reaches
terminal velocity and can land safely.

12. Describe the phases of moon.

The moon has phases such as a full moon, half moon and new moon.
13. Explain why we see phases of moon and eclipses.
We see phases because the Moon orbits the Earth.

14. When the moon blocks the light from sun, this can cause solar eclipse =
the light from the sun is blocked.
15. When the Earth is between the Sun and the Moon, we have a lunar
eclipse = we do not see light that is reflected from the moon.

16. Explain why we only see one side of the Moon?

Because the Moon spins once every 28 DAYS.

17. It is winter in southern hemisphere when is summer in the northern

hemisphere.

18. Explain why we have seasons?

We have seasons because the axis of the Earth is tilted. The Earth orbits
the Sun once every year or 365 days.

19. In SUMMER in the southern hemisphere, the south pole is tilted

TOWARDS the sun. Pole is tilted closest to the sun and we receive more
sunlights and the day is longer, night is shorter.

20. IN WINTER in the southern hemisphere, the south pole is tilted AWAY
from the sun. The pole is tilted farthest from the sun and the night is
longer, day is shorter.
21. When the earth's axis points towards the sun, it is summer for that
hemisphere. When the earth's axis points away, it becomes winter.

Please list down risks of living near to the volcanoes.

What is philosophy?
Philosophy is derived from the Greek word “philo” (love) and sophia
(wisdom). It is defined as “love of wisdom”.
Philosophy is the study of general and fundamental problems such as:
- existence,
- values
- knowledge
- language etc
Philosophy methods are:
- questioning
- critical discussions
- systematic presentation
- rational argument etc

Classic / examples of philosophical questions:

- What is real?
- Is it better to be unjust or just?
- Is it better to know anything and prove it?

Three (3) branches of philosophy:

- Natural Philosophy - was the study of the physical world and time
- Moral Philosophy - was the study of goodness, right and wrong, beauty,
justice and virtue
- Metaphysical Philosophy - was the study of existence, causation, God,
logic and other abstract objects
The importance of Thinking
- Thinking is a process we indulge our thoughts on events, things we want
to do or things we don’t understand.
- Thinking is a good hobby because we can keep our minds renewed.
- We are capable to generate useful good thoughts.
- There are many ways our good thoughts can be stolen, such as watching
too much televisions, playing games or sitting idly.

How can thinking skills help us to be productive?

- Our mind generates our actions and speech.
- Our mind must be renewed because it in charge of our actions and
thoughts
- We should be choosy of what we want to do, like asking questions and
speaking to our ‘self’.

The danger of uncontrolled emotion

There are ways our emotions can be dangerously make decision, such as:
- unleashing of the ego that co-exists with emotion.
- ego is used to trample upon the unsuspecting ones.
- vulnerability (emotional damage), feeling failure in oneself
Emotion can be trained to function effectively but often times it is
uncontrolled.