January 2023

Principles of Accounting: The Suspense Account

By |2022-09-15T12:33:22+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: The Suspense Account

  • A trial balance is prepared in order to:
    1. Ease the process of preparing financial statements
    2. To reveal errors
  • Errors that are revealed by the trial balance include:
    1. Addition and other arithmetic errors
    2. Single/Incomplete entries into the books
    3. Entering different amounts on the debit and credit sides of […]
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Principles of Accounting: The straight line method

By |2022-09-15T12:33:13+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Calculating/Estimating depreciation: The straight line method

  • As already pointed out there are number of ways in which depreciation can be calculated
  • The straight line method is merely one of these methods
  • It is the most popular and simplest method of calculating depreciation there is
  • First the cost of the asset is […]
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Principles of Accounting: Purchases Control Accounts Example

By |2022-09-15T12:33:06+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Purchases Control Accounts Example

You are required to prepare a purchases ledger control account from the following for the month of April. The balance of the account is to be taken as the amount of […]

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Principles of Accounting: Statement of Affairs

By |2022-09-15T12:32:59+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Single entry and Incomplete records: Statement of Affairs

  • As already covered in the introduction to single entry and incomplete records
  • One of the first required steps in order to prepare financial statements
  • Is to prepare a Statement of Affairs
  • A Statement of Affairs is a summary of an entity’s asset and liabilities

    • […]

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Principles of Accounting: The format of Manufacturing Accounts

By |2022-09-15T12:32:53+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: The structure of Manufacturing Accounts

  • In the other post we introduced you to manufacturing accounts
  • In this post we will look at typical formats of manufacturing accounts
  • This is not to say there are different formats, no
  • We are merely going to present a simple manufacturing account
  • Followed by one that incorporates […]
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Principles of Accounting: Goodwill and Partnership businesses

By |2022-09-15T12:32:46+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: Goodwill and Partnership businesses

  • Now that we have explained the idea of goodwill
  • It is time we examine the concept of goodwill in relation with partnerships
  • As already explained accounting standards require that goodwill be recorded only when a business is bought or sold
  • Partnership business are special in […]
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Principles of Accounting: Partnership Dissolution Example

By |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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Period-end vs continuous inventory records

By |2022-09-15T12:32:26+02:00January 24th, 2023|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: Period-end vs continuous inventory records

  • As pointed out in our examination of the International Accounting Standard (IAS 2)
  • There are two accepted methods of keeping inventory records:
    1. The traditional period-end / periodic and
    2. Continuous inventory records
  • These methods are in turn used […]
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Cambrige Notes: Principles of Accounting: Capital and Current Accounts Example

By |2022-09-15T12:32:04+02:00January 24th, 2023|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Accounting for Partnerships: Capital and Current Accounts Example

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Cambrige Notes: Principle of Accounting: The concept of goodwill

By |2022-09-15T12:32:07+02:00January 24th, 2023|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Accounting for Partnerships: The concept of goodwill

  • It is not unusual for a business to be bought or sold as a going concern i.e.
  • The entire business (or business unit) and its related assets and liabilities
  • Often when a business is sold or bought it is at a price that is […]
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