Cambrige Notes: Principles of Accounting: Balancing off the accounts
Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Balancing off the accounts
February 2025
Cambrige Notes: Principles of Accounting: Correcting Errors
Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Correcting Errors
- Errors are not uncommon in accounting processes
- Often these errors are discovered and revealed at a later date than on the date they were made
- Errors should not be corrected by tearing/cancelling out the wrong number or similar methods
- Instead they are corrected by making Journal entries
- Examination […]
Cambrige Notes: Sole Trader Final Accounts:G Musandu Trial Balance Question
Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Sole Trader: Trading and profit and loss accounts and balance sheets: Other items
From the following trial balance of G Musandu, draw up a trading and profit and loss account for the year ended 30 September 20X9, and a balance sheet as at that date.
G Musandu
Trial Balance as at […]
Cambrige Notes: Principles of Accounting: Source Documents: Vouchers
Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Source Documents: Vouchers
- A voucher is a written instrument that serves to confirm or witness (vouch) for some fact such as a transaction
- Vouchers that can be defined as an instrument of a redeemable transaction type
- which is worth a certain monetary value
- and which may be spent only for specific reasons […]
Cambrige Notes: Stakeholders of the Business
Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Stakeholders of the Business
- Many people are involved in running a business.
- Some have direct interest while others have indirect interest in the running of the business.
- These individuals or groups are known as stakeholders.
- At any given time and during each and every business operation each stakeholder group will have […]
Cambrige Notes: Multinational Companies/ Trans National Companies
Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Multinational Companies/ Trans National Companies
- These are large limited liability companies with branches in other countries and a headquarters in one country.
- Control is centralized and products have very similar features
- for example Zimplats (Implats), Coca Cola, Shell and BP.
Advantages
To host country
- Multinational companies bring several […]
Cambrige Notes: The clearing of cheques
ZIMSEC O Level Commerce Notes: Money and Banking: The clearing of Cheques.
- There are three ways and circumstances in which a cheque may be cleared.
If the payee and drawer use the same bank and branch
- The payee deposits the cheque into his/her account.
- The payee is credited and,
- The drawer is debited.
If the payee and drawer use the same […]
Cambrige Notes: Principles of Accounting: Capital and Current Accounts Example
Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Accounting for Partnerships: Capital and Current Accounts Example
- Bearing in mind what we have said in the introduction to capital and current accountshere
- And the basic guidelines here
- It is important to add the fact in this topic will mostly deal with making entries into Capital and Current […]
Cambrige Notes: Principle of Accounting: The concept of goodwill
Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Accounting for Partnerships: The concept of goodwill
- It is not unusual for a business to be bought or sold as a going concern i.e.
- The entire business (or business unit) and its related assets and liabilities
- Often when a business is sold or bought it is at a price that is […]
Cambrige Notes: Principles of Accounting: Acid Test Ratio / Quick Asset Ratio
Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Introduction to Liquidity Ratios: Acid Test Ratio / Quick Asset Ratio
- As pointed out in our discussion of the Current Asset Ratio
- Including stock when calculating stock might not be desirable
- This is because it might not always be easy to turn the asset of stock/inventory into liquid cash so […]