February 2025

Cambrige Notes: Principles of Accounting: General Ledger

By |2025-02-12T09:36:45+02:00February 12th, 2025|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

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

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Cambrige Notes: Principles of Accounting: Errors that are not revealed by a Trial Balance

By |2025-02-12T09:40:07+02:00February 12th, 2025|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Errors that are not revealed by a Trial Balance

  • A Trial Balance can reveal a number of errors as pointed out here
  • A number of errors however do not affect the balancing of a Trial Balance
  • This means such errors will remain hidden
  • To find out what errors are not […]
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Cambrige Notes: Principles of Accounting: Introduction to depreciation

By |2025-02-12T09:43:31+02:00February 12th, 2025|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Introduction to depreciation

  • In the beginning we looked at basic terms
  • One of these terms we defined was fixed assets which we defined assets that are held by a firm in the long-term  and are used in the production of its income and are not expected to be consumed or converted […]
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Cambrige Notes: Principles of Accounting: Bank Statement

By |2025-02-12T08:56:27+02:00February 12th, 2025|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Source Documents:Bank Statement

  • It is a document or report released (on a fixed date every month) by banks
  • It lists:
    • The balance at the beginning of the period
    • deposits,
    • withdrawals,
    • checks paid,
    • interest earned,
    • service charges
    •  penalties incurred if any
    • The balance at the end of the period
  • on a given […]
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Cambrige Notes: Purchases Return Day Book Example

By |2025-02-12T09:00:28+02:00February 12th, 2025|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Purchases Return Day Book Example

You are to enter up the Purchases Day Book and the Returns Outwards Day Book from the following details, then to post the items to the relevant accounts in the Purchases Ledger and to show the transfers to the General Ledger at the end of the month.

May 2013

  • 1 Credit […]
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Cambrige Notes: Introduction to Debentures

By |2025-02-12T09:03:32+02:00February 12th, 2025|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Introduction to Debentures
A debenture certificate. Image credit scripophily.net A debenture certificate. Image credit scripophily.net

  • These are loan stocks that are issued to the company.
  • A debenture is simply a document or certificates that acknowledges said loan.
  • Debentures are […]
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Cambrige Notes: Building Societies

By |2025-02-12T09:06:47+02:00February 12th, 2025|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

ZIMSEC O Level Commerce Notes: Money and Banking: Building Societies

Building Societies

  • Is a type of a financial institution.
  • A building society is a financial organization which pays interest on investments by its members and lends capital for the purchase or improvement of houses.
  • The following building societies currently operate in Zimbabwe: CBZ Building Society, ZB building society, CABS […]
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Cambrige Notes: Principles of Accounting: Partnerships: Basic guidelines when answering questions

By |2025-02-12T09:20:42+02:00February 12th, 2025|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Accounting for Partnerships: Capital and Current Accounts

  • As we will continue to emphasize throughout the topic
  • You ought to pay attention to the requirements of the question and follow these
  • Where there are no guidelines or the question is silent remember the following provisions:
    • Profits and losses are to be […]
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Cambrige Notes: Principles of Accounting: Statement of Financial Position Example

By |2025-02-12T09:23:56+02:00February 12th, 2025|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Accounting for Partnerships: Partnership Financial Statements Example

  • This is the second part solution to the question that was posted here
  • The first part of the solution to this question can be found here
  • It examines the basic structure of Financial Statements of partnerships
  • In this part we will examine […]
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Cambrige Notes: Principles of Accounting: Current Asset Ratio

By |2025-02-12T09:27:26+02:00February 12th, 2025|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Introduction to Liquidity Ratios: Current Asset Ratio

  • As pointed out in the introduction
  • One of the liquidity ratios that you need to be familiar with is the Current Asset Ratio
  • Like all liquidity ratios it measures how well a business will be able to settle its short term obligations as […]
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