principles of accounting notes Archives - Page 18 of 22 - Free ZIMSEC & Cambridge Revision Notes

Cambrige Notes: Principles of Accounting: General Journal opening new books entries
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Cambrige Notes: Principles of Accounting: General Journal opening new books entries

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

Cambrige Notes: Principles of Accounting: General Journal opening new books entries

By Garikai Dzoma|2025-02-12T09:35:37+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: General Journal opening new books entries

This is a solution to a question found here
One of the uses of the Journal is to create a new set of books when a propieter decides to move on to double entry and keeping a proper set of accounts
Now we will […]

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

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

Cambrige Notes: Principles of Accounting: Bank Reconciliation Statement Example

By Garikai Dzoma|2025-02-12T09:38:55+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: Bank Reconciliation Statement Example

As discussed here preparing a bank reconciliation statement involves three steps:
1. Obtaining the current bank statement
2. Updating the Cash Book
3. Preparing the Bank reconciliation statement
Now we will look at an example:

Draw up a bank reconciliation statement, after writing the cash book up to date, ascertaining […]

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Cambrige Notes: Principles of Accounting: Introduction to Prepayments and Accruals
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Cambrige Notes: Principles of Accounting: Introduction to Prepayments and Accruals

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

Cambrige Notes: Principles of Accounting: Introduction to Prepayments and Accruals

By Garikai Dzoma|2025-02-12T09:42:35+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 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 […]

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Cambrige Notes: Principles of Accounting: The Imprest system
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Cambrige Notes: Principles of Accounting: The Imprest system

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

Cambrige Notes: Principles of Accounting: The Imprest system

By Garikai Dzoma|2025-02-12T09:01:42+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: The petty Cash Book: The Imprest system

The imprest system is one where the cashier gives the petty cashier enough cash to meet
the petty cash needs for the following period
This amount is known as a float amount
Let’s say this amount is $500
Then, at the end of […]

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Principles of Accounting: Bank Statement
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Principles of Accounting: Bank Statement

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Bank Statement

By garikaib|2025-02-12T09:01:48+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts 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 account

[…]

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Principles of Accounting: Balancing off the Accounts Example
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Principles of Accounting: Balancing off the Accounts Example

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Balancing off the Accounts Example

By garikaib|2025-02-12T09:41:38+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Balancing off the Accounts Example

We have already looked at the steps you need to take when balancing off the accounts here
We will now look at a simple example:

The following transactions took place in the books of Esnath Pasipanodya in the month of August

20X7
August
1 Credit sales G Wadii $310; K […]

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Principles of Accounting: Accruals and Financial Statements
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Principles of Accounting: Accruals and Financial Statements

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Accruals and Financial Statements

By garikaib|2025-02-12T09:29:33+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Accruals and Financial Statements

Accruals are amounts owing at the end of the period when they are due
For this reason they are sometimes known as owings
There are two types of owings in busines:
1. Owed income which is accrued income at the end of the period for example when the […]

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Principles of Accounting: Introduction to Control Accounts
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Principles of Accounting: Introduction to Control Accounts

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Introduction to Control Accounts

By garikaib|2025-02-12T09:18:22+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Introduction to Control Accounts

We have already pointed out that errors do occur during the bookkeeping and accounting process
Some errors can be revealed by creating a trial balance
Control Accounts are another mechanism that can be used to discover errors in the books
Control Accounts are used to minimize errors as […]

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

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: William Sachikonye Income Statement

By garikaib|2025-02-12T09:07:47+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: 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