principles of accounting notes Archives - Page 19 of 22 - Free ZIMSEC & Cambridge Revision Notes

Principles of Accounting: The Appropriation Account
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Principles of Accounting: The Appropriation Account

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: The Appropriation Account

By garikaib|2025-02-12T09:20:48+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships:The Appropriation Account

Apart from a few nuances partnerships prepare normal financial statements
These are almost indistinguishable from those of Sole Traders
They include the usual Income Statement ( Trading and Profit and Loss Account) and the Statement of Financial Position
If this is a manufacturing partnership the Manufacturing Account is […]

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Principles of Accounting: Partnership Dissolution Entries
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Principles of Accounting: Partnership Dissolution Entries

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Partnership Dissolution Entries

By garikaib|2025-02-12T09:31:42+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

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

While the dissolution of each partnership is no doubt unique
There are entries that are typical to the dissolution of each partnership
During dissolution the following entries are typically made:
1. When we transfer provision such as for bad debts/depreciation to their respective asset accounts:
  1. Dr […]

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Cambrige Notes: Principles of Accounting: Statement of Financial Position Example
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Cambrige Notes: Principles of Accounting: Statement of Financial Position Example

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

Cambrige Notes: Principles of Accounting: Statement of Financial Position Example

By Garikai Dzoma|2025-02-12T09:23:56+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 Financial Statements Example

This is the second part solution to the question that was posted here
The first part of the solution to this question can be found here
It examines the basic structure of Financial Statements of partnerships
In this part we will examine […]

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Cambrige Notes: Principles of Accounting: Incomplete and Single Records Example 1
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Cambrige Notes: Principles of Accounting: Incomplete and Single Records Example 1

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

Cambrige Notes: Principles of Accounting: Incomplete and Single Records Example 1

By Garikai Dzoma|2025-02-12T09:28:50+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 1

After looking at the steps required to create Financial Statements using Incomplete and Single Records
And calculating missing figures
And learning about Statement of Affairs
It is time to look at a first example

Question

On 1 May 20X8 Jenny Barnes, who is […]

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Cambrige Notes: Principles of Accounting: The Revaluation Method
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Cambrige Notes: Principles of Accounting: The Revaluation Method

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

Cambrige Notes: Principles of Accounting: The Revaluation Method

By Garikai Dzoma|2025-02-12T09:32:01+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: Calculating/Estimating depreciation: The Revaluation Method

When there are a few big fixed assets it is easy to:
1. Ascertain the cost
2. Estimate its useful life
3. Calculate/estimate its depreciation
4. Account for its disposal
5. Calculate/estimate profit or loss on disposal
For each asset because it is worth the effort
There are times when […]

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Cambrige Notes: Principles of Accounting: The Sales Ledger
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Cambrige Notes: Principles of Accounting: The Sales Ledger

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

Cambrige Notes: Principles of Accounting: The Sales Ledger

By Garikai Dzoma|2025-02-12T09:35:58+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: 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 […]

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

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

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

By Garikai Dzoma|2025-02-12T09:39:21+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 Overdraft Example

We have looked at the process of preparing bank statements here
We also looked at an example here
However we have made the distinction between a debit bank balance an an overdrawn account
We will now look at an example of how to […]

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

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

Cambrige Notes: Principles of Accounting: Accruals and Financial Statements

By Garikai Dzoma|2025-02-12T09:43:07+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: 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 […]

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Principles of Accounting: Three Column Cash Book
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Principles of Accounting: Three Column Cash Book

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Three Column Cash Book

By garikaib|2025-02-12T09:04:01+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

Most businesses offer credit sales in order to increase sales
This creates the debtors accounts which are recorded in the ledger and appear in the Statement of Financial Position (Balance Sheet)
Cash and by extension working capital is the life blood of the business
To prevent […]

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