Tag: o level revision notes

The sole aim of a business is to make profit. However, many a times, businesses incur loss instead of making profits. The calculation of such profits and losses is no doubt the most important objective of the accounting function.

As the title of the subject implies, accounting is all about counting. We use different financial statements and methods to count or record data. Like wise, the information we recorded in the daily journal , we now need to make individual personal accounts for all the parties involved in that journal and balance off their accounts to see which account has credit balance and which as debit balance.

Accounts as mentioned in other topics is all about classifying the financial data into most convenient structure so that referring and inferring that data is easy. For this purpose, businesses use day books and ledgers(personal accounts)

We know that every transaction has two aspects; the gain aspect and the loss aspect. The famous saying “Nothing comes free of cost” is the true gist of double entry system.

“Accounting is an art or science of recording , classifying, summarizing and interpreting the business transactions in terms of monetary value or money.”

In order for mankind to be productive people should be healthy. Complete health combines the physical, mental and social well-being of an individual. Maintaining good health involves eating a balanced diet. A balanced diet provides all the nutrients required by the body in the right proportions. Different nutrients may be required in different proportions according to the age, sex and activity of the individual. Sick people may also need special diets. There are a number of diseases that are caused by malnutrition due to wrong, excessive eating and undernourishment.

A device that makes work easier by reducing effort required increasing distance, or changing the direction of  the force.

The human race is always trying to find ways of making work easier. Machines are devices that make work easier. The principle involves lessening the effort required to lift or move a load or changing the direction in which the force is applied to a more convenient one. Levers and pulley systems help to move loads using by reducing the effort required. Mechanical advantage is the ratio of the load to the effort. A large mechanical advantage indicates that a much smaller effort is required to lift a heavier load.  Friction affects the way machines work and their efficiency. Pumps use the concept of pressure  to move fluid substance and act as machines.

Human life is enhanced by structures. Every structure has a design that makes it best suited for its purpose and the material chosen to make the structure must have suitable properties.  Beams are used to carry loads.  A truss is made up of several beams joined together.  Different building materials have their advantages and disadvantages. There are a variety of methods of joining materials.