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Cambrige Notes: Principles of Accounting: Acid Test Ratio / Quick Asset Ratio
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Cambrige Notes: Principles of Accounting: Acid Test Ratio / Quick Asset Ratio

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

Cambrige Notes: Principles of Accounting: Acid Test Ratio / Quick Asset Ratio

By Garikai Dzoma|2025-02-12T09:27:41+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 Liquidity Ratios: Acid Test Ratio / Quick Asset Ratio

As pointed out in our discussion of the Current Asset Ratio
Including stock when calculating stock might not be desirable
This is because it might not always be easy to turn the asset of stock/inventory into liquid cash so […]

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Cambrige Notes: Principles of Accounting: Departmental Accounting Example
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Cambrige Notes: Principles of Accounting: Departmental Accounting Example

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

Cambrige Notes: Principles of Accounting: Departmental Accounting Example

By Garikai Dzoma|2025-02-12T09:30:35+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 Departmental Accounts Example

We have already looked at the basics of departmental accounting here
Now it is time to look at an example

Example Question

From the following list of balances you are required to prepare a departmental Income Statement in columnar form for the year ended 31 March 20X5, in […]

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Principles of Accounting: Accounting for non profit organisations
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Principles of Accounting: Accounting for non profit organisations

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Accounting for non profit organisations

By garikaib|2025-02-12T09:18:08+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for non profit organisations

While it is true that the majority of entities exist primarily to make a profit
There are still a large number of organisations which are not for profit
While profit is the overriding aim in for profit business
Non profit organisations are driven by other goals including:

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Cambrige Notes: Principles of Accounting: Rate of inventory turnover
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Cambrige Notes: Principles of Accounting: Rate of inventory turnover

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

Cambrige Notes: Principles of Accounting: Rate of inventory turnover

By Garikai Dzoma|2025-02-12T09:27:51+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 Liquidity Ratios: Rate of inventory turnover

Proprietors often want to know how “well” their business is doing
Besides such measures as profitability
one way of estimating liquidity is through the rate of inventory turnover ratio
The ratio estimates the number of times inventory is sold or used in a given […]

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Cambrige Notes: Principles of Accounting: Example to Departmental Accounting Solution
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Cambrige Notes: Principles of Accounting: Example to Departmental Accounting Solution

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

Cambrige Notes: Principles of Accounting: Example to Departmental Accounting Solution

By Garikai Dzoma|2025-02-12T09:30:47+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 Departmental Accounts Example

This is a solution to the question posted here
It is an example of departmental accounting

OK Mart Hillside

Income Statement for the year ended 31 March 20×5

NB We are not asked to prepare the combined accounts but this should be straightforward enough. Please see […]

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Principles of Accounting: Accounting for Non-Profits Example
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Principles of Accounting: Accounting for Non-Profits Example

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Accounting for Non-Profits Example

By garikaib|2025-02-12T09:22:57+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for non profit organisations Example

Having looked at how non-profits record and report their transactions
It is time to look at a worked example

On 1 January 20X8 The Lake Chivero Angling Club had the following assets:

Cash at bank $200
Snack bar stocks $800
Club house buildings $12,500

During the year to […]

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

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

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

By Garikai Dzoma|2025-02-12T09:28:02+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: 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 […]

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

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

Cambrige Notes: Principles of Accounting: Introduction to Manufacturing Accounts

By Garikai Dzoma|2025-02-12T09:30:59+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 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 […]

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