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

Principles of Accounting: Trade Discount
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Principles of Accounting: Trade Discount

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Trade Discount

By garikaib|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
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Principles of Accounting: Introduction to Accounting Concepts

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Introduction to Accounting Concepts

By garikaib|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
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Principles of Accounting: Double entry for depreciation example

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Double entry for depreciation example

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: 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
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Principles of Accounting: Bank Reconciliation Statement Overdraft Example

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Bank Reconciliation Statement Overdraft Example

By garikaib|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
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Principles of Accounting: Introduction to Manufacturing Accounts

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Introduction to Manufacturing Accounts

By garikaib|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
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Principles of Accounting: Partnership Entries for Goodwill: Changes in Profit Sharing Ratios

Notes, Ordinary Level Notes, Principles of Accounts Notes

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

By garikaib|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
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Cambrige Notes: Principles of Accounting: Appropriation Account Example

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

Cambrige Notes: Principles of Accounting: Appropriation Account Example

By Garikai Dzoma|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

You can find the introduction to Appropriation Accounts here
Having introduced them we will now look at an 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
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Cambrige Notes: Principles of Accounting: Revaluation of Partnership Assets

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

Cambrige Notes: Principles of Accounting: Revaluation of Partnership Assets

By Garikai Dzoma|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
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Cambrige Notes: Principles of Accounting: Introduction to Departmental Accounts

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

Cambrige Notes: Principles of Accounting: Introduction to Departmental Accounts

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

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
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Cambrige Notes: Principles of Accounting: Capital and Revenue Expenditure

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

Cambrige Notes: Principles of Accounting: Capital and Revenue Expenditure

By Garikai Dzoma|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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January 2023

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Example Question Appropriation Account

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Capital Expenditure

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2022 O Level Results Out