February 2025

Cambrige Notes: Principles of Accounting: Partnership Dissolution Example

By |2025-02-12T09:26:44+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 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 […]

Read More
Comments Off on Cambrige Notes: Principles of Accounting: Partnership Dissolution Example

Cambrige Notes: Principles of Accounting: Causes of Depreciation

By |2025-02-12T09:31:10+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 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 […]
Read More
Comments Off on Cambrige Notes: Principles of Accounting: Causes of Depreciation

Cambrige Notes: Principles of Accounting: Introduction to Accounting for Partnerships

By |2025-02-12T09:35:01+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 Accounting for Partnerships

  • It is quite common for two or more people to enter into a business partnership with one another
  • We have already looked at types of business entities here
  • You can also read more about Partnerships in a post found here
  • While most of the […]
Read More
Comments Off on Cambrige Notes: Principles of Accounting: Introduction to Accounting for Partnerships

Cambrige Notes: Principles of Accounting: Introduction to Bank Reconciliation Statements

By |2025-02-12T09:38:40+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 Bank Reconciliation Statements

  • When we looked at the Cash Book we mentioned that all bank related transactions are recorded in it
  • We glaringly ignored one fact the bank is also a business
  • They have their own set of records about our deposits and withdrawals
  • In modern times due […]
Read More
Comments Off on Cambrige Notes: Principles of Accounting: Introduction to Bank Reconciliation Statements

Cambrige Notes: Principles of Accounting: Money measurement concept and Historical cost concept

By |2025-02-12T09:42:14+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:Money measurement concept and Historical cost concept

  • At the heart of the accounting discipline are two important concepts:
  • The Money measurement concept and
  • The Historical cost concept

The Money measurement concept

  • It is also known as the measurability concept
  • The concept dictates that only transactions and events that are capable of being measured […]
Read More
Comments Off on Cambrige Notes: Principles of Accounting: Money measurement concept and Historical cost concept

Cambrige Notes: Principles of Accounting: Discount Received entries simple example

By |2025-02-12T09:01:25+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: Three Column Cash Book: Discount Received entries simple example

  • We have looked at the concept of Discount Received here
  • In this topic we will look at entries that can be used to record discount received
  • One thing to be wary off is that different suppliers will likely have different […]
Read More
Comments Off on Cambrige Notes: Principles of Accounting: Discount Received entries simple example

Principles of Accounting: Manual processing

By |2025-02-12T08:59:13+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting Notes: Manual processing

  • Data processing has been performed manually for millennia (thousands of years)
  • Manual data processing literary means data processing by hand
  • Ancient merchants used to record their trading transactions on clay tablets
  • Kings would record their trade, census and tax data on clay, copper, bronze, brass and stone tablets
  • This data […]
Read More
Comments Off on Principles of Accounting: Manual processing

Principles of Accounting: General Ledger

By |2025-02-12T09:36:31+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: General Ledger

Read More
Comments Off on Principles of Accounting: General Ledger

Principles of Accounting: Introduction to Prepayments and Accruals

By |2025-02-12T09:25:18+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Introduction to Prepayments and Accruals

  • It has been stated in another topic that financial statements are prepared using the matching concept
  • The concept states that when calculating profit:
  • Revenue must be matched with expenditure incurred in generating that revenue
  • In a simple and very small business most if not all transactions are […]
Read More
Comments Off on Principles of Accounting: Introduction to Prepayments and Accruals

Principles of Accounting: Introduction to Provision for Doubtful Debts

By |2025-02-12T09:08:38+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Introduction to Provision for Doubtful Debts

  • As we have pointed out in our examination of bad debts the story does not end there
  • In our discussion of bad debts we stated that bad debts are only written of in the period in which they occur
  • Sometimes this happens many periods after […]
Read More
Comments Off on Principles of Accounting: Introduction to Provision for Doubtful Debts
Toggle Sliding Bar Area
Go to Top