Most Form 5 Accounting Notes are identical to O level Notes. Please click here to access them. We are starting with Cost and Management Accounting Notes first

ZIMSEC Advanced Level Accounting Notes

  1. Users of accounting information and their information needs
  2. Business Ethics
  3. Types of business organisations
  4. Branches of accounting

  1. The historical cost convention
  2. The concept of money measurement
  3. The principle of substance over form
  4. The realisation concept
  5. The prudence concept
  6. The matching (accruals) concept
  7. The concept of materiality
  8. The consistency concept
  9. The going concern concept

  1. Accounting for Income
  2. Account for Expenses
  3. Prepayments
  4. Accruals
  5. Accruals and prepayments
  6. Accounting for Assets and Liabilities
  7. Provision for depreciation
  8. Disposal of Assets
  9. Bad debts
  10. Provision for doubtful debts

  1. Errors which do not affect the Trial Balance
  2. Errors that affect the trial balance and suspense accounts
  3. Journal Entries to correct errors
  4. Errors and Gross Profit
  5. Errors and net profit
  6. Errors and working Capital

  1. Purchases and Sales Control Accounts
  2. Reconciliation of personal ledger balances to control account balances
  3. Updated cash book
  4. Bank reconciliation statements
  5. Treatment of bank overdraft
  6. Errors in the cash book and on bank statements

  1. Valuation of Inventory: Introduction
    1. IAS2: Inventories
    2. Period-end vs continuous inventory records
    3. Inventory valuation methods and the need for them
    4. FIFO: First In First Out
    5. FIFO: Example Question
    6. FIFO: Solution to Example Question
    7. LIFO: Last In First Out
    8. LIFO: Example Question
    9. LIFO: Solution to Example Question
    10. AVCO: Weighted Average Cost
    11. AVCO: Example Question
    12. AVCO: Solution to Example Question
    13. Effects of different valuation methods on profit
  2. Valuation of non current assets- IAS 16
  3. Valuation methods for non-current assets

  1. Statements of Profit and Loss
  2. Statements of changes in equity of companies
  3. Capital and current accounts of partnerships
  4. Statements of financial position of sole proprietors,partnerships and companies
  5. Statements of cash flows (IAS7)
  6. Notes to financial statements
  7. Directors’ reports
  8. Auditors’ reports

  1. Statements of affairs
  2. Statements of profit and loss and other comprehensive income
  3. Profit estimation
  4. Statements of financial position

  1. Types of shares
  2. Raising and repayment of share capital
  3. Bonus issue
  4. Rights issue
  5. Share premium
  6. Raising and repayment of loans
  7. Extracts of statements of financial position
  8. Capital Redemption Reserve accounts

  1. Raising and repayment of loans
  2. Extracts of statements of financial position

  1. Companies taking over sole proprietors or partnerships
  2. Business purchase accounts
  3. Journal entries
  4. Statements of financial position after purchase

  1. Types of shares
  2. Loan stocks
  3. Convertible loan stocks

  1. Partnership changes
  2. Goodwill and revaluation of assets
  3. Financial statements
  4. Partnership dissolution
  5. Realisation accounts
  6. Capital and current accounts

  1. Manufacturing accounts
  2. Manufacturing profit
  3. Unrealised profit
  4. Statements of profit and loss and other comprehensive income
  5. Statements of financial position

  1. Costs and ancillary income
  2. Departmental statements of profit and loss and other comprehensive income
  3. Statements of financial position

  1. Sources of Income
  2. Income statements for income generating activities
  3. Income and expenditure accounts
  4. Accumulated funds
  5. Statements of financial position

  1. International Accounting Standards (IAS)
  2. 1 Presentation of financial statements
  3. 2 Inventories
  4. 7 Statements of cash flows
  5. 8 Accounting policies, changes in accounting estimates and errors
  6. 10 Events after the reporting period
  7. 16 Property, plant and equipment
  8.  36 Impairment of assets
  9. 38 Intangible assets

  1. Profitability Ratios
  2. Financial Ratios
  3. Investment Ratios

  1. Cost accounting and management accounting vs Financial Accounting
  2. Differences between Financial Accounting and Cost and Management Accounting
  3. Basic Terms in Cost Accounting
  4. The behaviour of costs: Fixed, Variable and Semi Variable Costs
  5. Types of Costs: Period, Opportunity, Sunk and Relevant costs
  6. Direct and Indirect Costs

  1. Costing for overheads: Introduction
  2. Absorption Costing: Introduction
  3. Overhead apportionment, allocation and allotment
  4. Overhead Absorption and Overhead Absorption Rates
  5. Absorption Example: One Product and One Department
  6. Absorption Example: More than one product one department worked example
  7. Absorption of Overheads: More than one department and more than one product example
  8. Absorption of Overheads: Overhead Analysis Sheet Example
  9. Absorption of Overheads: Reapportionment of service costs with no interwork
  10. Absorption of Overheads: Question: Reapportionment of service costs where there is interwork
  11. Absorption of Overheads: Solution to Reapportionment of service costs question
  12. Under and Over Absorption
  13. Absorption Costing: Statement of Profit Format
  14. Statement of Profit Example
  15. Statements of Profit Example with Over and Under Absorption
  16. Uses and Limitations of Absorption Costing

  1. Marginal Costing: Introduction
  2. Marginal Costing: Statement of Profit or Loss
  3. Marginal Costing: Statement of Profit or Loss Worked Example
  4. Differences between marginal costing and absorption costing
  5. Uses and limitations of marginal costing