Principles of Accounts Notes Archives - Page 3 of 19 - Free ZIMSEC & Cambridge Revision Notes

Principles of Accounting: Accounting for Non-Profits Example
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Principles of Accounting: Accounting for Non-Profits Example

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Accounting for Non-Profits Example

By garikaib|2022-09-15T12:32:55+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

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

Having looked at how non-profits record and report their transactions
It is time to look at a worked example

On 1 January 20X8 The Lake Chivero Angling Club had the following assets:

Cash at bank $200
Snack bar stocks $800
Club house buildings $12,500

During the year to […]

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Principles of Accounting: Appropriation Account Example
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Principles of Accounting: Appropriation Account Example

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: 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: Accounting for Partnerships: Appropriation Account Example

You can find the introduction to Appropriation Accounts here
Having introduced them we will now look at an example

Example Question Appropriation Account

Gandanga, Waeni and Banda are partners. They share profits and losses in the respctive ratios

\tfrac{3}{8} : \tfrac{3}{8}: \tfrac{1}{4}
For the year ended 31 December […]

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Principles of Accounting: Partnership Dissolution Entries
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Principles of Accounting: Partnership Dissolution Entries

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Partnership Dissolution Entries

By garikaib|2022-09-15T12:32:36+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

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

While the dissolution of each partnership is no doubt unique
There are entries that are typical to the dissolution of each partnership
During dissolution the following entries are typically made:
1. When we transfer provision such as for bad debts/depreciation to their respective asset accounts:
  1. Dr […]

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Introduction and basic terms

By garikaib|2022-09-15T12:44:08+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

So what is this accounting thing? Image credit stageandcinema.com ZIMSEC O Level Principles of Accounts Notes: Introduction and basic terms

Accounting is a system comprising the following elements: In summary Accounting is the process of identifying, measuring and communicating business information to […]

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Determining whether an account has a debit or credit balance

By garikaib|2022-09-15T12:41:40+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

image credit tahitidance.com

ZIMSEC O Level Principles of Accounts Notes:Determining whether an account has a debit or credit balance

Sometimes in a bid to confuse you during the examination examiners will present you with a jumbled list of balances which might require you to determine whether the accounts […]

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Introduction to Limited Liability Companies

By garikaib|2022-09-15T12:40:52+02:00January 24th, 2023|Notes, O Level Business Studies Notes, Ordinary Level Notes, Principles of Accounts Notes|

Pick n Pay is an example of a limited liability company. Image credit tmsm.co.zw ZIMSEC O Level Business Studies Notes: Introduction to Limited Liability Companies

Contrary to popular belief among students and common people the word company […]

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Trading and profit and loss accounts and balance sheets: Other items

By garikaib|2022-09-15T12:39:59+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

Trading and Profit and Loss Accounts. Image credit caonline.com.au ZIMSEC O Level Principles of Accounts Notes: Sole Trader: Trading and profit and loss accounts and balance sheets: Other items

The Trading and Profit and Loss Account and Balance Sheet are […]

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Principles of Accounting: Bank Statement
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Principles of Accounting: Bank Statement

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Bank Statement

By garikaib|2022-09-15T12:33:34+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Source Documents:Bank Statement

It is a document or report released (on a fixed date every month) by banks
It lists:
- The balance at the beginning of the period
- deposits,
- withdrawals,
- checks paid,
- interest earned,
- service charges
- penalties incurred if any
- The balance at the end of the period
on a given account

[…]

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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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