Cambridge O Level/ IGSCE Accounts Notes Archives - Free ZIMSEC & Cambridge Revision Notes

Cambrige Notes: The trial balance
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Cambrige Notes: The trial balance

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

Cambrige Notes: The trial balance

By Garikai Dzoma|2018-07-25T09:57:34+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: The trial balance

It has already been explained that at the core of accounting is the double entry principle.
The principle states that there are two aspects or sides to every transaction: a debit and a credit.
A trial balance is a list of all the debits and all the […]
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Cambrige Notes: Preparing a Trial Balance
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Cambrige Notes: Preparing a Trial Balance

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

Cambrige Notes: Preparing a Trial Balance

By Garikai Dzoma|2018-07-25T09:57:34+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Preparing a Trial Balance

As already said a trial balance is extracted from the ledger accounts by listing all the credit and debit balances that are in the entity’s books at the end of each trading period.
The following steps are involved in the extraction and preparation of a trial […]
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Cambrige Notes: Users of Accounting Information
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Cambrige Notes: Users of Accounting Information

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

Cambrige Notes: Users of Accounting Information

By Garikai Dzoma|2018-08-01T07:22:57+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

ZIMSEC Principles of Accounts Notes: Users of Accounting Information.

Users of accounting information can be divided into two groups:
Internal users and,
External users.
Users of accounting information are sometimes known as stakeholders since they are affected and in turn affect the concerned entity’s operations.

Internal Users

These are found inside the business entity itself and they include:
Owners– Determine […]
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Cambrige Notes: Determining whether an account has a debit or credit balance
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Cambrige Notes: Determining whether an account has a debit or credit balance

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

Cambrige Notes: Determining whether an account has a debit or credit balance

By Garikai Dzoma|2018-08-01T07:25:44+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes:Determining whether an account has a debit or credit balance

Sometimes in a bid to confuse you during the examination examiners will present you with a jumbled list of balances which might require you to determine whether the accounts should be on the debit side or credit side of the trial balance.

[…]

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Cambrige Notes: Introduction and basic terms
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Cambrige Notes: Introduction and basic terms

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

Cambrige Notes: Introduction and basic terms

By Garikai Dzoma|2018-07-25T09:57:34+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Introduction and basic terms

Accounting is a system comprising the following elements: In summary Accounting is the process of identifying, measuring and communicating business information to assist users in making informed, useful decisions.
Only monetary transactions are recorded in accounting using the historical and monetary principles.
This simply means that only […]
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Cambrige Notes: The Double Entry Concept
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Cambrige Notes: The Double Entry Concept

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

Cambrige Notes: The Double Entry Concept

By Garikai Dzoma|2018-08-01T07:27:09+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes

You need to pay close attention because this is where the accounting part in accounting begins.
This is the basic rule in accounting which states that any accounting transaction should be recorded twice.
Every debit should have a corresponding credit and every credit should have a corresponding credit.
No matter the […]
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Cambrige Notes: Double Entry Exercise and Solutions
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Cambrige Notes: Double Entry Exercise and Solutions

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

Cambrige Notes: Double Entry Exercise and Solutions

By Garikai Dzoma|2018-07-25T09:57:34+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

ZIMSEC O Level Principles of Accounts: Double Entry Exercise and Solution[/title

You are required to open the asset and liability and capital accounts and record the following transactions for June 20X8 in the records of T. Moyo. 20X8

June 1 Started business with $12,000 in cash.
2 Paid $11 700 of the opening cash into a bank account for […]
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Cambrige Notes: Features of Invoices
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Cambrige Notes: Features of Invoices

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

Cambrige Notes: Features of Invoices

By Garikai Dzoma|2018-07-25T09:57:34+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Invoices

There are two main types of invoices:
A proforma invoice and,
ordinary invoices.

Proforma invoice

Is a document in the form of an invoice.
Is send by a supplier to a potential buyer.
It may be used as a quotation.
It shows terms of payment.
It show quantities of goods/services.
Is […]
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Cambrige Notes: Credit Note and Debit Note
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Cambrige Notes: Credit Note and Debit Note

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

Cambrige Notes: Credit Note and Debit Note

By Garikai Dzoma|2018-08-01T07:30:37+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

A credit note. Image credit debitoor.com

ZIMSEC O Level Commerce Notes: Credit Note and Debit Note

Credit Note

I issued by a supplier to a buyer.
It is usually printed in red or pink.
It is used when a supplier owes the buyer money.
It shows the flow of money […]
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Cambrige Notes: Receipts and till slips
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Cambrige Notes: Receipts and till slips

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

Cambrige Notes: Receipts and till slips

By Garikai Dzoma|2018-07-25T09:57:34+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

ZIMSEC O Level Commerce Notes: Receipts and till slips

Receipt

Is issued by a seller to a buyer.
It is used to acknowledge a cash payment.
It is evidence of a cash sale.
It shows:
1. The names and addresses of the buyer and seller.
2. date of receipt issue.
3. Reason for payment.
4. Description Of goods-if it is a receipt for […]
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July 2018

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