Ordinary Level Notes Archives - Page 55 of 180 - Free ZIMSEC & Cambridge Revision Notes

Principles of Accounting: The Suspense Account
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Principles of Accounting: The Suspense Account

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: The Suspense Account

By garikaib|2025-02-12T09:10:59+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: The Suspense Account

A trial balance is prepared in order to:
1. Ease the process of preparing financial statements
2. To reveal errors
Errors that are revealed by the trial balance include:
1. Addition and other arithmetic errors
2. Single/Incomplete entries into the books
3. Entering different amounts on the debit and credit sides of […]

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Principles of Accounting: The straight line method
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Principles of Accounting: The straight line method

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: The straight line method

By garikaib|2025-02-12T09:38:20+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts 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 is […]

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Principles of Accounting: Purchases Control Accounts Example
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Principles of Accounting: Purchases Control Accounts Example

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Purchases Control Accounts Example

By garikaib|2025-02-12T09:25:38+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Purchases Control Accounts Example

Now that we have examined Purchases Control Accounts in detail
It is time to look at an example:

You are required to prepare a purchases ledger control account from the following for the month of April. The balance of the account is to be taken as the amount of […]

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Principles of Accounting: Statement of Affairs
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Principles of Accounting: Statement of Affairs

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Statement of Affairs

By garikaib|2025-02-12T09:42:13+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Single entry and Incomplete records: Statement of Affairs

As already covered in the introduction to single entry and incomplete records
One of the first required steps in order to prepare financial statements
Is to prepare a Statement of Affairs
A Statement of Affairs is a summary of an entity’s asset and liabilities

[…]

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Principles of Accounting: The format of Manufacturing Accounts
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Principles of Accounting: The format of Manufacturing Accounts

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: The format of Manufacturing Accounts

By garikaib|2025-02-12T09:44:23+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: The structure of Manufacturing Accounts

In the other post we introduced you to manufacturing accounts
In this post we will look at typical formats of manufacturing accounts
This is not to say there are different formats, no
We are merely going to present a simple manufacturing account
Followed by one that incorporates […]

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Principles of Accounting: Goodwill and Partnership businesses
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Principles of Accounting: Goodwill and Partnership businesses

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Goodwill and Partnership businesses

By garikaib|2025-02-12T09:35:12+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: Goodwill and Partnership businesses

Now that we have explained the idea of goodwill
It is time we examine the concept of goodwill in relation with partnerships
As already explained accounting standards require that goodwill be recorded only when a business is bought or sold
Partnership business are special in […]

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Principles of Accounting: Partnership Dissolution Example
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Principles of Accounting: Partnership Dissolution Example

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Partnership Dissolution Example

By garikaib|2025-02-12T09:35:35+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: Partnership Dissolution Example

We have looked at reasons why a partnership might dissolve here
Now we will look at an example question
The solution to this question can be found by clicking here

Question

Nkosi,Xo and Zack have been in partnership for several years, sharing profits and losses in the ratio […]

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Cambrige Notes: Principles of Accounting: Format of Income Statement for Companies
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Cambrige Notes: Principles of Accounting: Format of Income Statement for Companies

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

Cambrige Notes: Principles of Accounting: Format of Income Statement for Companies

By Garikai Dzoma|2025-02-12T09:22:17+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 Limited Liability Companies: Income Statement

As already pointed out in our introduction
The structure of the Income Statement ( Profit and Loss part) prepared for limited liability companies such as Private Limited (PVT LTD) and Public Limited Liability companies
is especially different from those prepared for sole traders […]

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Cambrige Notes: Principles of Accounting: Example entries upon death or retirement of a partner
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Cambrige Notes: Principles of Accounting: Example entries upon death or retirement of a partner

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

Cambrige Notes: Principles of Accounting: Example entries upon death or retirement of a partner

By Garikai Dzoma|2025-02-12T09:25:49+02:00February 12th, 2025|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

We have already examined the entries required to record Goodwill in the books upon the death or retirement of one of the partners here
We will now look at an example to demonstrate the stages involved