February 2025

Cambrige Notes: Principles of Accounting: William Sachikonye Statement of Financial Position

By |2025-02-12T09:29:34+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: Single entry and Incomplete records: Example 2

William Sachikonye Statement of Financial […]

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Cambrige Notes: Principles of Accounting: Disposal of Fixed Assets

By |2025-02-12T09:32:42+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: Disposal of Fixed Assets

  • Eventually all fixed assets (non-current assets) bought for resale reach their end of life
  • More often than not a non-current asset is sold way before it reaches its end of life
  • This can happen for any number of reasons:
    • To raise cash and improve the business’s liquidity […]
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Cambrige Notes: Principles of Accounting: The Sales Ledger

By |2025-02-12T09:35:58+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: The Sales Ledger

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Cambrige Notes: Principles of Accounting: Bank Reconciliation Statement Overdraft Example

By |2025-02-12T09:39:21+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: Bank Reconciliation Statement Overdraft Example

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Cambrige Notes: Principles of Accounting: Introduction to Prepayments and Accruals

By |2025-02-12T09:42:35+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 Prepayments and Accruals

  • It has been stated in another topic that financial statements are prepared using the matching concept
  • The concept states that when calculating profit:
  • Revenue must be matched with expenditure incurred in generating that revenue
  • In a simple and very small business most if not all transactions […]
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Cambrige Notes: The Accounting Cycle

By |2025-02-12T09:46:14+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 Notes: The Accounting Cycle

  • As has already been pointed out accounting includes the recording and presentation of transactions
  • This recording and presentation is done in a systemic manner i.e. it follows a set pattern
  • This pattern is known as the accounting cycle
  • The accounting cycle refers to the sequence of six […]
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Cambrige Notes: The Cash Book

By |2025-02-12T08:59:27+02:00February 12th, 2025|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cash Book Example. Frank Wood's Business Accounting I Cash Book Example. Frank Wood’s Business Accounting I

ZIMSEC O Level Principles of Accounts: Books of Original Entry: Cash Book

  • The Cash Book consists of the cash account and the bank account put together in one book.
  • The result is that all monies paid […]
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Cambrige Notes: Double Entry Exercise and Solutions

By |2025-02-12T09:02:48+02:00February 12th, 2025|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
  1. June 1 Started business with $12,000 in cash.
  2. 2 Paid $11 700 of the opening cash into a bank account for […]
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Cambrige Notes: Sole Trader: Simple Statement of Financial Position Example 1

By |2025-02-12T09:06:10+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: Sole Trader: Simple Statement of Financial Position Example 1

  • From the following trial balance of S Madondo, extracted after one year’s trading, prepare a trading and profit and loss account for the year ended 31 December 20X6 and  a Statement of Financial Position as at 31 December 20×6

Inventory at 31 […]

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Cambrige Notes: Principles of Accounting: Introduction to Accounting ratios

By |2025-02-12T09:23:08+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 Accounting Ratios

Introduction to ratios in Accounting

  • Often in business numbers given in isolation are difficult to interpret
  • For example Business A makes a profit of $10 000 while Business B makes a profit of $10 million
  • It would be difficult to know which business better between the two
  • Those […]
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