accounting notes Archives - Free ZIMSEC & Cambridge Revision Notes

Cambrige Notes: Principles of Account: Incomplete and Single Records Example 2
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Cambrige Notes: Principles of Account: Incomplete and Single Records Example 2

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

Cambrige Notes: Principles of Account: Incomplete and Single Records Example 2

By Garikai Dzoma|2025-02-12T09:29:11+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: Single entry and Incomplete records: Example 2

Our first example on this topic was relatively straight forward
We will now look at a more challenging and comprehensive example
On how to create Financial Statements in cases where only single entry and incomplete records are kept

The Question

William Sachikonye runs a second-hand […]

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Principles of Accounting: Single entry and Incomplete records
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Principles of Accounting: Single entry and Incomplete records

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Single entry and Incomplete records

By garikaib|2025-02-12T09:40:56+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

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

It is not at all uncommon for business owners to have incomplete accounting records
A lot of SMEs (small and medium enterprises) often do not keep double entry accounting systems
Consider the example of a banana vendor it would be ridiculous for him to keep a double […]

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Principles of Accounting: Introduction to Manufacturing Accounts
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Principles of Accounting: Introduction to Manufacturing Accounts

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Introduction to Manufacturing Accounts

By garikaib|2025-02-12T09:42:49+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Introduction to Manufacturing Accounts

Thus far we have taken it for granted that businesses purchase everything they sell
While it is true that a lot of business purchase inventory and sell it at a profit
There are some businesses that manufacture products
These manufacturing businesses typically:
- Acquire Raw materials
- Process this raw materials […]

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Cambrige Notes: Principles of Accounting: William Sachikonye Income Statement
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Cambrige Notes: Principles of Accounting: William Sachikonye Income Statement

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

Cambrige Notes: Principles of Accounting: William Sachikonye Income Statement

By Garikai Dzoma|2025-02-12T09:29:20+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: Example 2

This is a solution including workings for the question posted here
We are attempting to create an Income Statement so naturally we will start by calculating the sales figure for the year

Sales calculation for the year ended 31 March 20×6

NB This is […]

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Principles of Accounting: Statement of Affairs
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Principles of Accounting: Statement of Affairs

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Statement of Affairs

By garikaib|2025-02-12T09:42:13+02:00February 12th, 2025|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
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Principles of Accounting: The format of Manufacturing Accounts

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: The format of Manufacturing Accounts

By garikaib|2025-02-12T09:44:23+02:00February 12th, 2025|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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Cambrige Notes: Principles of Accounting: William Sachikonye Statement of Financial Position
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Cambrige Notes: Principles of Accounting: William Sachikonye Statement of Financial Position

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

Cambrige Notes: Principles of Accounting: William Sachikonye Statement of Financial Position

By Garikai Dzoma|2025-02-12T09:29:34+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: Single entry and Incomplete records: Example 2

This is a continuation of the question posted here and
It is the last part of the solution found here
Now that we have created the Income Statement it is time to create the Statement of Financial Position

William Sachikonye Statement of Financial […]

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Principles of Accounting: Statement of Affairs Example
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Principles of Accounting: Statement of Affairs Example

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Statement of Affairs Example

By garikaib|2025-02-12T09:42:48+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

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

We have explained what a Statement of Affairs is
Now we will look at an example of how to prepare a Statement of Affairs

Question

W Soja started his business on 1 April 20X2 with $35,000 in a bank account. Unfortunately
he did not keep proper books […]

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Principles of Accounting: Solution to Manufacturing Accounts Example
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Principles of Accounting: Solution to Manufacturing Accounts Example

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Solution to Manufacturing Accounts Example

By garikaib|2025-02-12T09:01:04+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Example question Manufacturing Accounts

This is a solution to a Manufacturing Account question that was posted here
The introduction to Manufacturing Accounts and concepts related to the topic can be found here
We explored the nature and format of Manufacturing Accounts here
We will start by showing the Manufacturing Account

[…]

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