principles of accounting notes Archives - Page 11 of 22 - Free ZIMSEC & Cambridge Revision Notes

Principles of Accounting: Sales Control Accounts
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Principles of Accounting: Sales Control Accounts

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Sales Control Accounts

By garikaib|2025-02-12T09:22:30+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Sales Control Accounts

Sales control accounts present a summarized version of what should be in the Sales Ledger in a given period
Below is a typical Sales Control Account:

The exact look of the sales control account obviously depends on the nature of transactions involved

Sources of information when preparing

It […]

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Principles of Accounting: Accounting for non profit organisations
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Principles of Accounting: Accounting for non profit organisations

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Accounting for non profit organisations

By garikaib|2025-02-12T09:18:08+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

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

While it is true that the majority of entities exist primarily to make a profit
There are still a large number of organisations which are not for profit
While profit is the overriding aim in for profit business
Non profit organisations are driven by other goals including:

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Principles of Accounting: Appropriation Account Example
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Principles of Accounting: Appropriation Account Example

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Appropriation Account Example

By garikaib|2025-02-12T09:23:55+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: 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 31 December […]

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Principles of Accounting: Partnership Dissolution Example
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Principles of Accounting: Partnership Dissolution Example

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Partnership Dissolution Example

By garikaib|2025-02-12T09:35:35+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 have looked at reasons why a partnership might dissolve here
Now we will look at an example question
The solution to this question can be found by clicking here

Question

Nkosi,Xo and Zack have been in partnership for several years, sharing profits and losses in the ratio […]

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Cambrige Notes: Principle of Accounting: The concept of goodwill
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Cambrige Notes: Principle of Accounting: The concept of goodwill

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

Cambrige Notes: Principle of Accounting: The concept of goodwill

By Garikai Dzoma|2025-02-12T09:24:14+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: The concept of goodwill

It is not unusual for a business to be bought or sold as a going concern i.e.
The entire business (or business unit) and its related assets and liabilities
Often when a business is sold or bought it is at a price that is […]

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Cambrige Notes: Principles of Accounting: Incomplete and Single Entry Example 1 solution
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Cambrige Notes: Principles of Accounting: Incomplete and Single Entry Example 1 solution

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

Cambrige Notes: Principles of Accounting: Incomplete and Single Entry Example 1 solution

By Garikai Dzoma|2025-02-12T09:29:00+02:00February 12th, 2025|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

This the solution to our first example question on incomplete and single entry
First we need to calculate the Sales figure for the year ended 30 April 20×9:

Sales Figure Calculation

Then we need to ascertain purchases for the year:

Purchases Figure Calculation

Income Statement for the year ended 30 April 20×9

NB This is how arrived at the Miscellaneous […]

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Cambrige Notes: Principles of Accounting: Double entry for Depreciation
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Cambrige Notes: Principles of Accounting: Double entry for Depreciation

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

Cambrige Notes: Principles of Accounting: Double entry for Depreciation

By Garikai Dzoma|2025-02-12T09:32:11+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: Double entry for Depreciation

Once depreciation has been calculated using either:
The straight line method or
The reducing balance method
It is recorded in the books using double entry
Before we mention the entries it is important to state this

The old method of accounting for depreciation by recording it in the […]

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Cambrige Notes: Principles of Accounting: Making entries in the Sales Ledger
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Cambrige Notes: Principles of Accounting: Making entries in the Sales Ledger

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

Cambrige Notes: Principles of Accounting: Making entries in the Sales Ledger

By Garikai Dzoma|2025-02-12T09:36:11+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: Making entries in the Sales Ledger

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 […]

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Cambrige Notes: Principles of Accounting: Trial Balance and Errors
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Cambrige Notes: Principles of Accounting: Trial Balance and Errors

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

Cambrige Notes: Principles of Accounting: Trial Balance and Errors

By Garikai Dzoma|2025-02-12T09:39:55+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: Trial Balance and Errors

As already stated there are two main reasons for preparing a Trial Balance:
1. It is used as a starting point for preparing financial statements
2. To check for errors in the accounting system
Given that the second purpose of a Trial Balance is to check for errors […]

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Cambrige Notes: Principles of Accounting: Both prepaid and accrued income and expenses
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Cambrige Notes: Principles of Accounting: Both prepaid and accrued income and expenses

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

Cambrige Notes: Principles of Accounting: Both prepaid and accrued income and expenses

By Garikai Dzoma|2025-02-12T09:43:23+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: Both prepaid and accrued income and expenses

We have already looked at the treatment of:
However the assumption in each case was that these cases would occur in isolation
That is for example only an accrual would occur […]

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February 2025

Sources of information when preparing

Example Question Appropriation Account

Question

Sales Figure Calculation

Purchases Figure Calculation

Income Statement for the year ended 30 April 20×9