February 2025

Cost Behaviour: Fixed, Variable and Semi-variable costs

By |2025-02-12T09:11:24+02:00February 12th, 2025|Cambridge AS A Level Accounting, Notes, ZIMSEC A Level Accounting|

Cambrige AS and A Level Accounting Notes (9706)/ ZIMSEC  Advanced Accounting Level Notes: Cost Behaviour: Fixed Costs, Variable Costs and Semi-Variable Costs

  • Costs can be classified in a number of ways
  • One way to classify costs is by behaviour
  • This involves determining how certain costs will vary according to the organisation’s level of activity
  • For example how rentals change […]
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Inventory valuation methods: Effects of different methods on profit

By |2025-02-12T09:08:08+02:00February 12th, 2025|Cambridge AS A Level Accounting, Notes, ZIMSEC A Level Accounting|

Cambrige AS and A Level Accounting Notes (9706)/ ZIMSEC  Advanced Accounting Level Notes: Inventory valuation: Inventory valuation methods: Effects of different valuation methods on profit

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Cambrige Notes: Principles of Accounting: Introduction to Accounting ratios

By |2025-02-12T09:23:08+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: Introduction to Accounting Ratios

Introduction to ratios in Accounting

  • Often in business numbers given in isolation are difficult to interpret
  • For example Business A makes a profit of $10 000 while Business B makes a profit of $10 million
  • It would be difficult to know which business better between the two
  • Those […]
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Cambrige Notes: Principles of Accounting: Partnership Dissolution Entries

By |2025-02-12T09:26:34+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 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:
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    Cambrige Notes: Principles of Accounting: Accounting for non profit organisations

    By |2025-02-12T09:29:45+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 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 […]
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    Cambrige Notes: Principles of Accounting: Disposal of Fixed Assets Example

    By |2025-02-12T09:32:52+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: Disposal of Fixed Assets Example

    • Now that we have looked at the entries required to record depreciation
    • It is time to look at a simple example:

    A business whose financial year ends at 31 December purchased on 1 January 20X7 a machine for $5,000. The machine was to be depreciated by ten […]

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    Cambrige Notes: Principles of Accounting: Making entries in the Sales Ledger

    By |2025-02-12T09:36:11+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: Making entries in the Sales Ledger

    • In this example we will make entries into the Sales 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 […]
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    Cambrige Notes: Sole Trader: Simple Statement of Financial Position Example 2

    By |2025-02-12T09:39:37+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: Sole Trader: Simple Statement of Financial Position 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 (Income Statement) for the year ended 30 June 20X8 as well as Statement of Financial Position as at […]

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    Cambrige Notes: Principles of Accounting: Prepayments and the Financial statements

    By |2025-02-12T09:42:54+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: Prepayments and the Financial statements

    • A prepayment is when an amount is paid before it is due
    • In accounting there are two types of prepayments:
    • Prepaid expenses and
    • Prepaid income

    Prepaid expenses

    • This is when the business prepays an expense
    • Examples are:
      • When a business pays rent payable in advance or
      • When […]
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    Cambrige Notes: Principles of Accounting: Introduction to data processing

    By |2025-02-12T08:55:48+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 Notes: Introduction to data processing

    • Part of accounting involves data processing or processing data
    • Data-refers to raw and unprocessed information for example a transaction event such as the sale of goods bought for resale in exchange for cash
    • Information- is a term that is used to refer to data:
      • That is […]
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