Principles of Accounts Notes Archives - Page 14 of 19 - Free ZIMSEC & Cambridge Revision Notes

Principles of Accounting: Making entries in the Purchases Ledger
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Principles of Accounting: Making entries in the Purchases Ledger

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Making entries in the Purchases Ledger

By garikaib|2022-09-15T12:33:26+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Making entries in the Purchases Ledger

In this example we will make entries into the Purchases Ledger, Cash Book and General Ledger
We will be skipping the books of original entry
Although this is not how things are done in practice
Examination/Exercise question might ask you to make double entries in […]

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Principles of Accounting: The Going concern concept and consistency concept
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Principles of Accounting: The Going concern concept and consistency concept

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: The Going concern concept and consistency concept

By garikaib|2022-09-15T12:33:18+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: The Going concern concept and consistency concept

Going concern and consistency concepts are important in the accounting world

The going concern concept

It is one of the most fundamental concepts
It forms the assumption on which all accounting operations are carried out
According to this concept all accounting transactions must be recorded and […]

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Principles of Accounting: Bad Debts Recovered
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Principles of Accounting: Bad Debts Recovered

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Bad Debts Recovered

By garikaib|2022-09-15T12:33:09+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Bad Debts Recovered

We have looked at the concept of Bad and Doubtful Debts
For a number of reasons a debt that was previously considered bad might become recoverable:
- Maybe due to an agreement
- A court settlement/order
- The fortunes of the debtor improves
When this happens the debt must be reinstated […]

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Principles of Accounting: Profitability Ratios
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Principles of Accounting: Profitability Ratios

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Profitability Ratios

By garikaib|2022-09-15T12:33:02+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Profitability Ratios

So we have already introduced you to accounting ratios
These ratios include a group of ratios that are known as profitability ratios
Such ratios measure how well a business performed in profit terms in a given period
At this level you are required to know how to calculate three profitability […]

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Principles of Accounting: Non-Profits Example: Income and Expenditure Account
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Principles of Accounting: Non-Profits Example: Income and Expenditure Account

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Non-Profits Example: Income and Expenditure Account

By garikaib|2022-09-15T12:32:56+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for non profit organisations Example

This is the first part of the question posted here
We have already looked at accounting for non-profit organisations here

The Receipts and Payments Account

Chivero Angling Club Snack Bar Income Statement

Chivero Angling Club Income and Expenditure Account for the year ended 31 December 20×8

[…]

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Principles of Accounting: Solution to Appropriation Account Example
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Principles of Accounting: Solution to Appropriation Account Example

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Solution to Appropriation Account Example

By garikaib|2022-09-15T12:32:49+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Solution to Appropriation Account Example

This is a solution to a question that is found here
You can also find the introduction to appropriation accounts here

Solution

Gandanga, Waeni and Banda

Appropriation Account for the Year ended 31 December 20×8

To access more topics go to the Principles of Accounts Notes.

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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|2022-09-15T12:32:35+02:00January 24th, 2023|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|2022-09-15T12:44:06+02:00January 24th, 2023|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|2022-09-15T12:41:29+02:00January 24th, 2023|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