Principles of Accounts Notes Archives - Page 11 of 19 - Free ZIMSEC & Cambridge Revision Notes

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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The Double Entry Concept

By garikaib|2025-02-12T09:23:22+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

Introduction to double entry. Image credit snwmo636sriverct.biz ZIMSEC O Level Principles of Accounts Notes

You need to pay close attention because this is where the accounting part in accounting begins.
This is the basic rule in accounting which states that any accounting transaction should be […]

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Purchases Journal and the Purchases Ledger

By garikaib|2025-02-12T09:39:31+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

An example of entries being made in a Purchases Day Book. Image credit rtahosting.co.uk ZIMSEC O Level Principles of Accounts Notes: Purchases Journal and the Purchases Ledger

As has already been said transactions are first recorded […]

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Introduction to Shares

By garikaib|2025-02-12T09:22:38+02:00February 12th, 2025|Notes, O Level Business Studies Notes, Ordinary Level Notes, Principles of Accounts Notes|

Image credit pfguru.com ZIMSEC O Level Business Studies Notes: Introduction to Shares

This is a unit or portion of capital.
It represents a stake in a limited liability business.

Types/Classes of shares.

There are basically two types of shares:
Ordinary and preference shares.

Ordinary shares

these represent equity ownership […]

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Sole Trader Final Accounts:G Musandu Trial Balance Question

By garikaib|2025-02-12T09:39:47+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

Trial balance. image credit vpg.lt ZIMSEC O Level Principles of Accounts 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 […]

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Principles of Accounting: Source Documents: Vouchers
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Principles of Accounting: Source Documents: Vouchers

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Source Documents: Vouchers

By garikaib|2025-02-12T09:02:43+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts 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 or […]

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Principles of Accounting: General Ledger
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Principles of Accounting: General Ledger

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: General Ledger

By garikaib|2025-02-12T09:36:31+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: General Ledger

We has already been pointed out:
1. Credit purchases are recorded in the Purchases Leger after they have been recorded in the Purchases Day Book/Purchases Journal
2. Credit Sales are recorded in the Sales ledger with the Sales Day Book/Sales Journal being the book of original entry

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

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Introduction to Prepayments and Accruals

By garikaib|2025-02-12T09:25:18+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts 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 are […]

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Principles of Accounting: Introduction to Provision for Doubtful Debts
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Principles of Accounting: Introduction to Provision for Doubtful Debts

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Introduction to Provision for Doubtful Debts

By garikaib|2025-02-12T09:08:38+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Introduction to Provision for Doubtful Debts

As we have pointed out in our examination of bad debts the story does not end there
In our discussion of bad debts we stated that bad debts are only written of in the period in which they occur
Sometimes this happens many periods after […]

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Principles of Accounting: Introduction to Liquidity Ratios
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Principles of Accounting: Introduction to Liquidity Ratios

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Introduction to Liquidity Ratios

By garikaib|2025-02-12T09:33:52+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Introduction to Liquidity Ratios

Liquidity is a measure of how well a business can meet its short term obligations as and when they fall due
It is usually expressed in terms of how well the entity/business in question can convert its assets into cash
Short term obligations include amounts owed to creditors, bank […]

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February 2025

Question

Ordinary shares