Principles of Accounts Notes Archives - Page 4 of 19 - Free ZIMSEC & Cambridge Revision Notes

Principles of Accounting: Accounting for non profit organisations
Gallery
Principles of Accounting: Accounting for non profit organisations

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Accounting for non profit organisations

By garikaib|2025-02-12T09:18:08+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

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

While it is true that the majority of entities exist primarily to make a profit
There are still a large number of organisations which are not for profit
While profit is the overriding aim in for profit business
Non profit organisations are driven by other goals including:

Comments Off

Principles of Accounting: The Appropriation Account
Gallery
Principles of Accounting: The Appropriation Account

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: The Appropriation Account

By garikaib|2025-02-12T09:20:48+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships:The Appropriation Account

Apart from a few nuances partnerships prepare normal financial statements
These are almost indistinguishable from those of Sole Traders
They include the usual Income Statement ( Trading and Profit and Loss Account) and the Statement of Financial Position
If this is a manufacturing partnership the Manufacturing Account is […]

Comments Off

Principles of Accounting: Partnership dissolution
Gallery
Principles of Accounting: Partnership dissolution

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Partnership dissolution

By garikaib|2025-02-12T09:30:31+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: Revaluation of Partnership Assets

While it is true that a new partnership is created when partners leave and join the partnership
The entries required to show this are actually different from the entries needed when a partnership does actual dissolve
From an accounting point of view […]

Comments Off

Users of Accounting Information

By garikaib|2025-02-12T09:15:31+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

There are various users of accounting information. Image credit Enlgish-Today-Jarkata.

ZIMSEC Principles of Accounts Notes: Users of Accounting Information.

Users of accounting information can be divided into two groups:
Internal users and,
External users.
Users of accounting information are sometimes known as stakeholders […]

Comments Off

Preparing a Trial Balance
Gallery
Preparing a Trial Balance

Notes, Ordinary Level Notes, Principles of Accounts Notes

Preparing a Trial Balance

By garikaib|2025-02-12T09:06:24+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Preparing a Trial Balance

As already said a trial balance is extracted from the ledger accounts by listing all the credit and debit balances that are in the entity’s books at the end of each trading period.
The following steps are involved in the extraction and preparation of a trial balance:

Comments Off

Partnership Business

By garikaib|2025-02-12T09:21:11+02:00February 12th, 2025|Notes, O Level Business Studies Notes, Ordinary Level Notes, Principles of Accounts Notes|

Deloitte and Touche are examples of a Partnership Business.

Deloitte and Touche are examples of a Partnership Business.ZIMSEC O Level Business Studies Notes: Partnership Business

Characteristics/Features

A partnership is an unincorporated association of two or more individuals to carry on a business for profit. General partnerships are usually made up of 2-20 partners. Special […]

Comments Off

Sole Trader: Simple Balance Sheet Example 2

By garikaib|2025-02-12T09:36:52+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

Image credit udiscover-psbedu.paris ZIMSEC O Level Principles of Accounts Notes: Sole Trader: Simple Balance Sheet Example 2

From the following trial balance of J Nhiwatiwa after his first year’s trading, you are required to
draw up a trading and profit and loss account for the year ended 30 June […]

Comments Off

Principles of Accounting: Electronic Data Processing
Gallery
Principles of Accounting: Electronic Data Processing

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Electronic Data Processing

By garikaib|2025-02-12T08:59:53+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting Notes: Electronic Data Processing

With the advent of computers electronic data processing has become prevalent
Electronic data processing is the use of computers in recording, classifying, manipulating,presenting and summarizing data
In the early days of computers electronic processing was rather limited
At first it involved the use of electronic calculators to aid manual […]

Comments Off

Principles of Accounting: The Purchases Ledger
Gallery
Principles of Accounting: The Purchases Ledger

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: The Purchases Ledger

By garikaib|2025-02-12T09:30:30+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: The Purchases Ledger

A purchase is when good(s) are bought with intention of selling them later,
usually these goods will be sold at a profit
Items bought with the intention of using them in the business are known as assets
We have already looked at how to make entries in the Purchases […]

Comments Off