principles of accounting notes Archives - Page 12 of 22 - Free ZIMSEC & Cambridge Revision Notes

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|2025-02-12T09:21:32+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: 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|2025-02-12T09:25:58+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

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|2025-02-12T09:30:14+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: 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|2025-02-12T09:34:04+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: 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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Cambrige Notes: Principles of Accounting: Purchases Control Accounts
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Cambrige Notes: Principles of Accounting: Purchases Control Accounts

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

Cambrige Notes: Principles of Accounting: Purchases Control Accounts

By Garikai Dzoma|2025-02-12T09:37:29+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: Purchases Control Accounts

Purchases Control Accounts contain a summary view of the purchases ledger
Below is a typical purchases control account:

Naturally the exact entries depend on transactions that occur in the business in the period under review or the question in an exam

Sources of information when preparing

NB

It […]

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Cambrige Notes: Principles of Accounting: The effects of errors on profit
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Cambrige Notes: Principles of Accounting: The effects of errors on profit

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

Cambrige Notes: Principles of Accounting: The effects of errors on profit

By Garikai Dzoma|2025-02-12T09:41:33+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 Notes: An example of how to correct errors in a suspense account

We have looked at several types of errors that may occur in accounting
There are some of errors that do not affect the subsequent profit figure
There are however some errors that will result in a wrong profit figure […]

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Cambrige Notes: Principles of Accounting: Bank Statement
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Cambrige Notes: Principles of Accounting: Bank Statement

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

Cambrige Notes: Principles of Accounting: Bank Statement

By Garikai Dzoma|2025-02-12T08:56:27+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: Source Documents:Bank Statement

It is a document or report released (on a fixed date every month) by banks
It lists:
- The balance at the beginning of the period
- deposits,
- withdrawals,
- checks paid,
- interest earned,
- service charges
- penalties incurred if any
- The balance at the end of the period
on a given […]

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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|2025-02-12T09:28:27+02:00February 12th, 2025|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|2025-02-12T09:19:23+02:00February 12th, 2025|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|2025-02-12T09:02:16+02:00February 12th, 2025|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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February 2025

Example Question Appropriation Account

Capital Expenditure

Sources of information when preparing

NB