principles of accounting notes Archives - Free ZIMSEC & Cambridge Revision Notes

Principles of Accounting: The Sales Ledger
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Principles of Accounting: The Sales Ledger

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: The Sales Ledger

By garikaib|2022-09-15T12:33:27+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: The Sales Ledger

A sale occurs when goods bought with intention of reselling them are sold
We have already looked at the Sales Day Book and the Sales Leger here
We have already looked at how transactions can be entered in the Sales Day Book and transferred to the Sales […]

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Principles of Accounting: The Accruals concept and the Materiality concept
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Principles of Accounting: The Accruals concept and the Materiality concept

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: The Accruals concept and the Materiality concept

By garikaib|2022-09-15T12:33:19+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: The Accruals concept and the Materiality concept

As we has already been pointed out in another topic here
The accounting function is governed by several concepts which form part of what are known as International Financial Reporting Standards
In this topic we will look at:
1. The Accruals/Matching Concept and
2. The […]

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Principles of Accounting: Disposal of Fixed Assets
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Principles of Accounting: Disposal of Fixed Assets

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Disposal of Fixed Assets

By garikaib|2022-09-15T12:33:11+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Disposal of Fixed Assets

Eventually all fixed assets (non-current assets) bought for resale reach their end of life
More often than not a non-current asset is sold way before it reaches its end of life
This can happen for any number of reasons:
- To raise cash and improve the business’s liquidity standing

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Principles of Accounting: Introduction to Accounting ratios
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Principles of Accounting: Introduction to Accounting ratios

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Introduction to Accounting ratios

By garikaib|2022-09-15T12:33:02+02:00January 24th, 2023|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: 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|2022-09-15T12:32:53+02:00January 24th, 2023|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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Principles of Accounting: Goodwill: Changes in Profit Sharing Ratio Example
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Principles of Accounting: Goodwill: Changes in Profit Sharing Ratio Example

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Goodwill: Changes in Profit Sharing Ratio Example

By garikaib|2022-09-15T12:32:45+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: Goodwill and Partnership businesses: Changes in Profit Sharing Ratio Example

This is an example of a question where there are changes in the profit sharing ratio of a partnership
We have already looked at the entries involved in such cases here

Example question

Mhaka, Banda, Feruka and Tangwena run an Accounting […]

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Cambrige Notes: Principles of Accounting: Solution to Appropriation Account Example
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Cambrige Notes: Principles of Accounting: Solution to Appropriation Account Example

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

Cambrige Notes: Principles of Accounting: Solution to Appropriation Account Example

By Garikai Dzoma|2022-09-15T12:32:06+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: Solution to Appropriation Account Example

This is a solution to a question that is found here
You can also find the introduction to appropriation accounts here

Solution

Gandanga, Waeni and Banda

Appropriation Account for the Year ended 31 December 20×8

To access more topics go to the Cambridge IGCSE Accounting(0452)/O Level […]

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Cambrige Notes: Principles of Accounting: Example revaluation of partnership assets
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Cambrige Notes: Principles of Accounting: Example revaluation of partnership assets

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

Cambrige Notes: Principles of Accounting: Example revaluation of partnership assets

By Garikai Dzoma|2022-09-15T12:32:12+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

As already pointed out in another post, sometimes it is necessary for a partnership to revalue its assets
We have already looked at the entries necessary to record these changes in value
Now we will look at an example […]

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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|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 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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