February 2025

Cambrige Notes: Principles of Accounting: The straight line method

By |2025-02-12T09:31:43+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: Calculating/Estimating depreciation: The straight line method

  • As already pointed out there are number of ways in which depreciation can be calculated
  • The straight line method is merely one of these methods
  • It is the most popular and simplest method of calculating depreciation there is
  • First the cost of the asset […]
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Cambrige Notes: Principles of Accounting: Introduction to Accounting for Partnerships

By |2025-02-12T09:35:01+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 for Partnerships

  • It is quite common for two or more people to enter into a business partnership with one another
  • We have already looked at types of business entities here
  • You can also read more about Partnerships in a post found here
  • While most of the […]
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Cambrige Notes: Principles of Accounting: Sales Control Account Example

By |2025-02-12T09:38:22+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: Sales Control Account Example

Question

Prepare a sales ledger control account from the following information for October 20X6, carrying down the balance at 31 October:

  • Oct 1 Sales ledger […]
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Cambrige Notes: Principles of Accounting: Introduction to Accounting Concepts

By |2025-02-12T09:41:39+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: Introduction to Accounting Concepts

  • In the real world various measurement standards have been devised to aid communication, comparisons, trade and the sharing of ideas
  • For example units of measurement such as grams, meters, liters etc are universally used
  • We know what a kilogram looks like
  • Before the invention of these […]
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Cambrige Notes: Principles of accounts:Bank Overdrafts

By |2025-02-12T09:45:13+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 Cash Book:Bank Overdrafts

  • Bank overdrafts are a way for businesses to borrow money in the short term
  • With bank overdrafts the business is allowed to withdraw and/or make payments that exceed the business’s bank balance
  • For example a business has a balance of $200 in its bank account
  • The business […]
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Cambrige Notes: Sales Journal and the Sales Ledger

By |2025-02-12T08:58:16+02:00February 12th, 2025|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

An example of a Sales Day Book showing entries. Image credit vc-doubleentry.co.uk An example of a Sales Day Book showing entries. Image credit vc-doubleentry.co.uk

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Books of Original Entry: Sales Journal and the Sales Ledger

  • When cash or other payments e.g. Ecocash/Visa/MasterCard is received when […]
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Cambrige Notes: Principles of Accounting: The Imprest system

By |2025-02-12T09:01:42+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: Source Documents: The petty Cash Book: The Imprest system

  • The imprest system is one where the cashier gives the petty cashier enough cash to meet
    the petty cash needs for the following period
  • This amount is known as a float amount
  • Let’s say this amount is $500
  • Then, at the end of […]
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Cambrige Notes: Sole Trader:Trading and Profit and Loss Account/Income Statement Example

By |2025-02-12T09:04:58+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: Trading and Profit and Loss Account/Income Statement Example

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. A balance sheet is not required.

  • Stock at 31 December 20X6 was $12,408

Solution

S […]

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Cambrige Notes: The trial balance

By |2025-02-12T09:08:09+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 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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Commerce: The Internal Business Environment

By |2025-02-12T09:44:55+02:00February 12th, 2025|Notes, O Level Commerce Notes, Ordinary Level Notes|

ZIMSEC O Level Commerce Notes: The Internal Business Environment

  • As already mentioned elsewhere businesses do not operate in a vacuum
  • The operations of a business are affected by factors internal and external to it
  • Here we will look at the internal business environment

The internal business environment

  • A business’s internal environment is made up of people known as […]
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