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Inventory valuation methods: LIFO
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Inventory valuation methods: LIFO

Cambridge AS A Level Accounting, Notes, ZIMSEC A Level Accounting

Inventory valuation methods: LIFO

By garikaib|2025-02-12T09:36:43+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: Last In First Out (LIFO)

As already pointed out in the introduction to inventory valuation methods
There are several valuation methods that can be used to determine the cost value of inventory
LIFO- Last in First Out is one of […]

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Cambrige Notes: Principles of Accounting: Partnership Financial Statements Example
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Cambrige Notes: Principles of Accounting: Partnership Financial Statements Example

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

Cambrige Notes: Principles of Accounting: Partnership Financial Statements Example

By Garikai Dzoma|2025-02-12T09:21:48+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: Accounting for Partnerships: Partnership Financial Statements Example

As already said elsewhere partnerships also prepare Financial Statements at the end of every period
These do not differ much from say those of a Sole Trader
Financial Statements of a Partnership include:
An Income Statement for the period ended
An Appropriation account […]

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Cambrige Notes: Principles of Accounting: Goodwill: Example entries when a new partner is admitted
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Cambrige Notes: Principles of Accounting: Goodwill: Example entries when a new partner is admitted

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

Cambrige Notes: Principles of Accounting: Goodwill: Example entries when a new partner is admitted

By Garikai Dzoma|2025-02-12T09:25:19+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: Goodwill: Example entries when a new partner is admitted

We have looked at entries to be made in the books when a new partner is admitted into the business
Now it is time to look at a simple example of the entries involved

Example Question

Partners Chinjekure and Mupfumi share […]

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Cambrige Notes: Principles of Accounting: Missing figures
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Cambrige Notes: Principles of Accounting: Missing figures

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

Cambrige Notes: Principles of Accounting: Missing figures

By Garikai Dzoma|2025-02-12T09:28:39+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: Single entry and Incomplete records: Missing figures

As already pointed out creating financial statements using single entry or incomplete records requires filling in the gaps
This is because naturally there will be some missing figures/amounts
These amounts have to be ascertained
We have already looked at how a Statement of […]

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Cambrige Notes: Principles of Accounting: The straight line method
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Cambrige Notes: Principles of Accounting: The straight line method

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

Cambrige Notes: Principles of Accounting: The straight line method

By Garikai Dzoma|2025-02-12T09:31:43+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: 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 […]

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Cambrige Notes: Principles of Accounting: Introduction to Accounting for Partnerships
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Cambrige Notes: Principles of Accounting: Introduction to Accounting for Partnerships

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

Cambrige Notes: Principles of Accounting: Introduction to Accounting for Partnerships

By Garikai Dzoma|2025-02-12T09:35:01+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 for Partnerships

It is quite common for two or more people to enter into a business partnership with one another
We have already looked at types of business entities here
You can also read more about Partnerships in a post found here
While most of the […]

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Cambrige Notes: Principles of Accounting: Sales Control Account Example
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Cambrige Notes: Principles of Accounting: Sales Control Account Example

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

Cambrige Notes: Principles of Accounting: Sales Control Account Example

By Garikai Dzoma|2025-02-12T09:38:22+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: Sales Control Account Example

We have looked at the nature of the Sales Ledger Control Account in detail
Now it is time to look at a detailed example:

Question

Prepare a sales ledger control account from the following information for October 20X6, carrying down the balance at 31 October:

Oct 1 Sales ledger […]

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Cambrige Notes: Principles of Accounting: Introduction to Accounting Concepts
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Cambrige Notes: Principles of Accounting: Introduction to Accounting Concepts

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

Cambrige Notes: Principles of Accounting: Introduction to Accounting Concepts

By Garikai Dzoma|2025-02-12T09:41:39+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 Accounting Concepts

In the real world various measurement standards have been devised to aid communication, comparisons, trade and the sharing of ideas
For example units of measurement such as grams, meters, liters etc are universally used
We know what a kilogram looks like
Before the invention of these […]

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Cambrige Notes: Principles of accounts:Bank Overdrafts

By Garikai Dzoma|2025-02-12T09:45:13+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: The Cash Book:Bank Overdrafts

Bank overdrafts are a way for businesses to borrow money in the short term
With bank overdrafts the business is allowed to withdraw and/or make payments that exceed the business’s bank balance
For example a business has a balance of $200 in its bank account
The business […]

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