February 2025

Principles of Accounting: Introduction to Accounting Concepts

By |2025-02-12T09:18:52+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting 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 standards people […]
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Principles of Accounting: Double entry for depreciation example

By |2025-02-12T08:56:51+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Double entry for depreciation example

  • Here we will assume that you have read
  • The topic about the rationale behind depreciation
  • The topic about the methods of calculating depreciation
  • The entries required to record depreciation in the books
  • If not you should click on each of the above links and […]
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Principles of Accounting: Introduction to Accounting ratios

By |2025-02-12T09:24:34+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Introduction to Accounting Ratios

Introduction to ratios in Accounting

  • Often in business numbers given in isolation are difficult to interpret
  • For example Business A makes a profit of $10 000 while Business B makes a profit of $10 million
  • It would be difficult to know which business better between the two
  • Those new […]
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Principles of Accounting: Example to Departmental Accounting Solution

By |2025-02-12T09:38:03+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Introduction to Departmental Accounts Example

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 notes on […]

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Principles of Accounting: Goodwill and Partnership businesses

By |2025-02-12T09:35:12+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: Goodwill and Partnership businesses

  • Now that we have explained the idea of goodwill
  • It is time we examine the concept of goodwill in relation with partnerships
  • As already explained accounting standards require that goodwill be recorded only when a business is bought or sold
  • Partnership business are special in […]
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Principles of Accounting: Introduction to ethics and basic terms

By |2025-02-12T09:00:26+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: 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 not blindly […]
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Cambrige Notes: Principle of Accounting: The concept of goodwill

By |2025-02-12T09:24:14+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: The concept of goodwill

  • It is not unusual for a business to be bought or sold as a going concern i.e.
  • The entire business (or business unit) and its related assets and liabilities
  • Often when a business is sold or bought it is at a price that is […]
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Cambrige Notes: Principles of Accounting: Incomplete and Single Records Example 1

By |2025-02-12T09:28:50+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 1

Question

On 1 May 20X8 Jenny Barnes, who is […]

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Cambrige Notes: Principles of Accounting: The reducing balance/diminishing balance method

By |2025-02-12T09:31:53+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 reducing balance/diminishing balance method

  • As discussed in this topic there are number of ways in which depreciation can be calculated
  • The reducing balance method is one of these methods
  • It is also known as the diminishing balance method
  • A fixed percentage is deducted from the first from cost then […]
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Cambrige Notes: Principles of Accounting: Purchases Control Accounts

By |2025-02-12T09:37:29+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: Purchases Control Accounts

  • Purchases Control Accounts contain a summary view of the purchases ledger
  • Below is a typical purchases control account:
  • Naturally the exact entries depend on transactions that occur in the business in the period under review or the question in an exam

Sources of information when preparing

NB

  • It […]
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