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

Principles of Accounting: Discount Received
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Principles of Accounting: Discount Received

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Discount Received

By garikaib|2025-02-12T09:13:13+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Source Documents: Three Column Cash Book: Discount Received

It is customary for businesses to sell goods on credit
In order to encourage prompt payment a business might offer a cash discount
In such instances the business will accept a lesser amount in settlement of a debt in exchange for early payment
On […]

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Principles of Accounting: Correcting Errors
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Principles of Accounting: Correcting Errors

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Correcting Errors

By garikaib|2025-02-12T09:03:48+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Correcting Errors

Errors are not uncommon in accounting processes
Often these errors are discovered and revealed at a later date than on the date they were made
Errors should not be corrected by tearing/cancelling out the wrong number or similar methods
Instead they are corrected by making Journal entries
Examination and […]

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Principles of Accounting: Causes of Depreciation
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Principles of Accounting: Causes of Depreciation

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Causes of Depreciation

By garikaib|2025-02-12T09:35:11+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Introduction to depreciation

We have already explained that depreciation is the wasting away of fixed assets
We have also explained that it is treated as an expense in the Income Statement where it should appear at least once a year
Now we will look at the causes of depreciation
It is caused […]

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Principles of Accounting: Purchases Control Accounts Example
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Principles of Accounting: Purchases Control Accounts Example

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Purchases Control Accounts Example

By garikaib|2025-02-12T09:25:38+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Purchases Control Accounts Example

Now that we have examined Purchases Control Accounts in detail
It is time to look at an example:

You are required to prepare a purchases ledger control account from the following for the month of April. The balance of the account is to be taken as the amount of […]

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Principles of Accounting: Accounting for Non-Profits Example
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Principles of Accounting: Accounting for Non-Profits Example

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Accounting for Non-Profits Example

By garikaib|2025-02-12T09:22:57+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for non profit organisations Example

Having looked at how non-profits record and report their transactions
It is time to look at a worked example

On 1 January 20X8 The Lake Chivero Angling Club had the following assets:

Cash at bank $200
Snack bar stocks $800
Club house buildings $12,500

During the year to […]

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

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Solution to Appropriation Account Example

By garikaib|2025-02-12T09:26:04+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: 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 Principles of Accounts Notes.

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Principles of Accounting: Partnership Dissolution Solution to Example Question
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Principles of Accounting: Partnership Dissolution Solution to Example Question

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Partnership Dissolution Solution to Example Question

By garikaib|2025-02-12T09:38:04+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: Partnership Dissolution Example

We looked at the basics of partnership dissolution here
We also posted an example question here
Now we will present the solution to that question

The realisation account

Debtors and Receivables are just one and the same thing
Creditors can also be referred to as […]

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Cambrige Notes: Principles of Accounting: Goodwill and Partnership businesses
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Cambrige Notes: Principles of Accounting: Goodwill and Partnership businesses

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

Cambrige Notes: Principles of Accounting: Goodwill and Partnership businesses

By Garikai Dzoma|2025-02-12T09:24:22+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

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 […]

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Cambrige Notes: Principles of Accounting: William Sachikonye Income Statement
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Cambrige Notes: Principles of Accounting: William Sachikonye Income Statement

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

Cambrige Notes: Principles of Accounting: William Sachikonye Income Statement

By Garikai Dzoma|2025-02-12T09:29:20+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 2

This is a solution including workings for the question posted here
We are attempting to create an Income Statement so naturally we will start by calculating the sales figure for the year