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

In this example we will make entries into the Sales Ledger, Cash Book and General Ledger
We will be skipping the books of original entry
Although this is not how things are done in practice
Examination/Exercise question might ask you to make double entries […]

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Principles of Accounting: The Prudence concept and the Business entity concept
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Principles of Accounting: The Prudence concept and the Business entity concept

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: The Prudence concept and the Business entity concept

By garikaib|2025-02-12T09:21:30+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: The Prudence concept and the Business entity concept

In another topic you were introduced to the idea of accounting concepts
These are the underlying principles that govern the accounting discipline
In this topic we will look at the following concepts:
The Business Entity Concept
The Prudence Concept

Business Entity Concept

You might […]

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

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Disposal of Fixed Assets Example

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

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

Now that we have looked at the entries required to record depreciation
It is time to look at a simple example:

A business whose financial year ends at 31 December purchased on 1 January 20X7 a machine for $5,000. The machine was to be depreciated by ten equal […]

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Principles of Accounting: Profitability Ratios
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Principles of Accounting: Profitability Ratios

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Profitability Ratios

By garikaib|2025-02-12T09:25:39+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Profitability Ratios

So we have already introduced you to accounting ratios
These ratios include a group of ratios that are known as profitability ratios
Such ratios measure how well a business performed in profit terms in a given period
At this level you are required to know how to calculate three profitability […]

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Principles of Accounting: Example question Manufacturing Accounts
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Principles of Accounting: Example question Manufacturing Accounts

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Example question Manufacturing Accounts

By garikaib|2025-02-12T08:58:14+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Example question Manufacturing Accounts

Having looked at the nature of Manufacturing Accounts
And the structure of these accounts
It is time we look at a worked example

Manufacturing Accounts Example Question

E Makonese is a manufacturer. His trial balance at 31 December 20X8 is as follows:

Additional information:

Stocks at 31 December 20X8: […]

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Principles of Accounting: Goodwill: When a new partner is admitted
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Principles of Accounting: Goodwill: When a new partner is admitted

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Goodwill: When a new partner is admitted

By garikaib|2025-02-12T08:58:56+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: When a new partner is admitted

It is not uncommon for a partnership business to admit a new partner
This is happens for any number of reasons including:
- To admit a partner with new skills
- When the firm is expanding
- To replace a partner who is […]

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Cambrige Notes: Principles of Accounting: Partnership Financial Statements Example
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Cambrige Notes: Principles of Accounting: Partnership Financial Statements Example

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

Cambrige Notes: Principles of Accounting: Partnership Financial Statements Example

By Garikai Dzoma|2025-02-12T09:21:48+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: Partnership Financial Statements Example

As already said elsewhere partnerships also prepare Financial Statements at the end of every period
These do not differ much from say those of a Sole Trader
Financial Statements of a Partnership include:
An Income Statement for the period ended
An Appropriation account […]

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Cambrige Notes: Principles of Accounting: Partnership dissolution
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Cambrige Notes: Principles of Accounting: Partnership dissolution

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

Cambrige Notes: Principles of Accounting: Partnership dissolution

By Garikai Dzoma|2025-02-12T09:26:23+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: Goodwill and Partnership businesses: Revaluation of Partnership Assets

While it is true that a new partnership is created when partners leave and join the partnership
The entries required to show this are actually different from the entries needed when a partnership does actual dissolve
From an accounting point […]

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