Summary of "Guess Accounting 7707 0452 MJ 2026 22 by sir haris Accounting concepts will be in every question"

Main ideas / lessons conveyed

• Motivation & mindset:
  • “Kabiliyat or kamyabi” are different—ability leads to success.
  • “Naam nahi / paise nahi / pehchaan” suggests recognition follows, not just money.
• Exam-focused “guess” for O Level Accounting (7707) and IGCSE (0452):
  • The speaker outlines likely question areas and recommends practicing specific past paper variants shortly before the exam.
• Approach to answering for better marks:
  • Labeling matters a lot: present figures with proper labels.
  • Own figure rules apply, but not as broadly as some teachers claim.
  • Some formatting/date requirements affect marks (e.g., dates in certain books/T-accounts).
  • Ratio formatting rules:
    • If you get something like “217.1 days”, convert/adjust to the expected days basis (e.g., 28-day basis).
    • For some ratios, write them in the required ratio/proportion forms.
  • In control accounts, use correct terminology/fields (e.g., use “sales” rather than “credit sales” when preparing).
  • Write profit correctly (e.g., “profit for the year”).

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Detailed list of topics + suggested practice (as given)

1) Books of Prime Entry (O Level 7707)

Topics expected

• Petty cash book
• Trade receivable / trade payable account
• Include balance brought down
• Expense account
• Inventory valuation question

Practice papers suggested (solve these questions)

• Oct/Nov 2023 — Question 1 (speaker wording: “October November 23 22 question one”; subtitles appear inconsistent)
• May/June 2024 — Question 1 (subtitle shows “May June 24 21 question one”, but context implies May/June 2024)
• Feb/Mar 2025 — Question 1 (subtitle shows “February March 25 22 question one”; wording unclear)

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2) Manufacturing Account or Single Entry

2a) Manufacturing Account

• Practice papers suggested (two questions total):
  • Feb/Mar 2022 (variant mentioned in subtitles)
  • May/June 2024
• Emphasis: May/June 2024 is “very important.”

2b) Single Entry

• Speaker’s emphasis: “Apart from manufacturing, single entry is more important this time.”
• Practice papers suggested (three questions total):
  • May/June 2022
  • Oct/Nov 2024 variant 2022 (subtitle text is garbled; likely Oct/Nov 2024)
  • Feb/Mar 2016 (subtitle says “February March 16 2022 IGCSE”)

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3) Non-Profit Organization (NPO)

Core accounting areas listed

• Accumulated fund
• Subscription account
• Rent and rates account
• Income and expenditure account
• Part of current assets (some portion)

Concept to be understood (difference)

• Difference between non-receipt and payment account vs income and expenditure account is important.

Practice papers suggested

• “You have to solve 2020 papers, all variants”:
  • May/June 2021 variant
  • May/June 2022 variant
  • Oct/Nov 2022 variant
  • (also mentions “May June 2020 only” with variant 22/23—subtitle unclear)
• One more: Oct/Nov 2024 (variant 2022 mentioned in subtitle)

Why this paper is important (as stated)

• It contains NPO questions
• Also includes single entry
• Also includes company-account elements (e.g., preference shares, capital, preference dividend, interim dividend)

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4) Errors

What to do when errors are given

Prepare/correct so that you show:

• The effect after correction on gross profit and profit
• The effect before correction on gross profit/profit
• The effect on bank balance for the corrected trial balance

Practice papers suggested

• 2020 papers, variant 21/22
• Oct/Nov 2022/23 (subtitle inconsistent but indicates those variants)

Important note mentioned

• Since 4 years have passed, they “are not having question of corrected trial balance.” (It might not come, but could still appear.)

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5) Company and Ratios

5a) Company accounts (income statement focus)

• Expected outputs:

  • Income statement / Statement of profit or loss (not balance sheet / statement of financial position)
  • Similar structure for company vs sole trader/partnership, but company is prioritized
  • Statement of changes in equity
  • Some part of ratios

• Practice papers for income statement:

  • Oct/Nov 2023/2023 (speaker: “October November 2323”)
  • May/June 2022/2022 (speaker: “May June 2222”)
  • May/June 2021/2022 (speaker: “May June 2122”)

• Practice for ratios:

  • Same general practice approach is implied; ratio rules are provided below.

5b) Ratio rules / marking tips (explicit)

• Control accounts

  • When preparing a control account, do not write “credit sales.”
  • Write “sales” (and other sides as required). Otherwise, they may deduct marks.

• Dates in books / T-accounts / cash book

  • For petty cash book, T accounts, cash book: write dates.
  • “Total marks are one for all the dates.”
  • In other questions, dates may not carry marks—don’t overfocus everywhere.

• Days conversion rule (given example)

  • If your answer is 217.1 days, go for 28 days (adjust to the expected basis).

• Ratio format requirement

  • Current ratio: if it’s expected as “2:1”, write in the required ratio form.
  • Liquid ratio: if it’s expected as “1:1”, write in the required ratio form.

• Return on capital employed

  • Should be written as a percentage, otherwise marks may be deducted.

• Labeling again

  • Profit must be labeled correctly (e.g., “profit for the year”).

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Speakers / sources featured

• Primary speaker/teacher: Harris Butt (referred to as “Sir Harris” / “teacher Harris Butt” / “Accounting with Sir Harris”).

Category

Educational

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