Principles of Accounting: Balancing off the accounts
ZIMSEC O Level Principles of Accounts Notes: Balancing off the accounts
February 2025
Principles of Accounting: Prepayments and the Financial statements
ZIMSEC O Level Principles of Accounts 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 it […]
Principles of Accounting: Bad Debts and Provision for Doubtful Debts Example
ZIMSEC O Level Principles of Accounts Notes: Bad Debts and Provision for Doubtful Debts Example
- We have looked at Bad Debts, Provision for Doubtful Debts and Bad Debts Recovered
- Now we will look at an example:
A business, which started trading on 1 January 20X7, adjusted its doubtful debt provision at the end of each year on a […]
Principles of Accounting: Profitability Ratios
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 […]
Principles of Accounting: Non-Profits Example: Income and Expenditure Account
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
[…]
Principles of Accounting: Appropriation Account Example
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 […]
Principles of Accounting: Example revaluation of partnership assets
ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: Goodwill and Partnership businesses: Revaluation of Partnership Assets
- As already pointed out in another post, sometimes it is necessary for a partnership to revalue its assets
- We have already looked at the entries necessary to record these changes in value
- Now we will look at an example of how […]
Introduction to costing terms
Cambrige AS and A Level Accounting Notes (9706)/ ZIMSEC Advanced Accounting Level Notes: Costing Terms
- Before we get started with the actual costing process you need to get acquainted with various cost accounting terms and costing
- It is important to note that this is not meant to be a glossary of all the terms in cost accounting
- This is […]
Inventory valuation methods: AVCO: Solution to Example Question
Cambrige AS and A Level Accounting Notes (9706)/ ZIMSEC Advanced Accounting Level Notes: Inventory valuation: Inventory valuation methods: Weighted Average Cost(AVCO): Example Question
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- This is a solution to the question found here
- To learn more about […]
Cambrige Notes: Principles of Accounting: Introduction to ethics and basic terms
Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Introduction to Business Ethics
- History has shown that accountants occupy an important within the organisation
- The financial well being is of fundamental importance to all stakeholders
- Unlike other employees of the organisation an accountant’s responsibility is not exclusively to satisfy the needs of an individual client or employer
- He/She need […]