January 2023

Principles of Accounting: Trade Discount

By |2022-09-15T12:33:28+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Trade Discount

  • Generally most businesses especially wholesalers and manufacturers have three types of customers:
    1. The General Public who buy only a few items
    2. Traders who only buy a few items
    3. Traders a large number of goods
  • Traders have to eventually sell to their own customers in their own areas for example […]

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Principles of Accounting: Introduction to Accounting Concepts

By |2022-09-15T12:33:20+02:00January 24th, 2023|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 |2022-09-15T12:33:11+02:00January 24th, 2023|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: Bank Reconciliation Statement Overdraft Example

By |2022-09-15T12:33:04+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Bank Reconciliation Statement Overdraft Example

  • We have looked at the process of preparing bank statements here
  • We also looked at an example here
  • However we have made the distinction between a debit bank balance an an overdrawn account
  • We will now look at an example of how to prepare […]

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Principles of Accounting: Introduction to Manufacturing Accounts

By |2022-09-15T12:32:54+02:00January 24th, 2023|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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Principles of Accounting: Partnership Entries for Goodwill: Changes in Profit Sharing Ratios

By |2022-09-15T12:32:46+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Partnership Entries for Goodwill: Changes in Profit Sharing Ratios

  • The idea of goodwill has been explored in full here
  • We have also looked at the unique treatment of goodwill in partnership businesses here
  • Below we will look at what happens when there is a change in the profit sharing ratio of a […]

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Cambrige Notes: Principles of Accounting: Appropriation Account Example

By |2022-09-15T12:32:05+02:00January 24th, 2023|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Accounting for Partnerships: Appropriation Account Example

Example Question Appropriation Account

Gandanga, Waeni and Banda are partners. They share profits and losses in the respctive ratios

\tfrac{3}{8} : \tfrac{3}{8}: \tfrac{1}{4}
For the year ended […]


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Cambrige Notes: Principles of Accounting: Revaluation of Partnership Assets

By |2022-09-15T12:32:11+02:00January 24th, 2023|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 and Partnership businesses: Revaluation of Partnership Assets

  • It is often the case that when a business is sold the selling price of its assets would differ from their book values
  • In such instances there is either a profit or loss on the sale of the assets
  • This […]

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Cambrige Notes: Principles of Accounting: Introduction to Departmental Accounts

By |2022-09-15T12:31:59+02:00January 24th, 2023|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

  • It is customary to split a large business into various departments
  • For example large retail shops like Pick n’ Pay and OK
  • A shop might have:
    • A furniture department e.g. kitchen tables and chairs
    • Home electrical e.g. irons and fridges
    • Refrigerated foods
    • Fruit and Veggies
    • Liquor
    • Cleaning
    • […]


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Cambrige Notes: Principles of Accounting: Capital and Revenue Expenditure

By |2022-09-15T12:31:44+02:00January 24th, 2023|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Capital and Revenue Expenditure

  • In accounting it is paramount to separate between revenue and capital expenditure
  • Naturally all business expenditure can be classified as either revenue or capital expenditure

Capital Expenditure

  • Capital expenditure is not to be confused with the capital account or capital in general
  • Capital expenditure is when a business […]

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