principles of accounting notes Archives - Page 3 of 22 - Free ZIMSEC & Cambridge Revision Notes

Cambrige Notes: Principles of Accounting: Goodwill and Partnership businesses
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Cambrige Notes: Principles of Accounting: Goodwill and Partnership businesses

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

Cambrige Notes: Principles of Accounting: Goodwill and Partnership businesses

By Garikai Dzoma|2025-02-12T09:24:22+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

Now that we have explained the idea of goodwill
It is time we examine the concept of goodwill in relation with partnerships
As already explained accounting standards require that goodwill be recorded only when a business is bought or sold
Partnership business are […]

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

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

Cambrige Notes: Principles of Accounting: William Sachikonye Income Statement

By Garikai Dzoma|2025-02-12T09:29:20+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 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

Sales calculation for the year ended 31 March 20×6

NB This is […]

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Cambrige Notes: Principles of Accounting: Double entry for depreciation example
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Cambrige Notes: Principles of Accounting: Double entry for depreciation example

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

Cambrige Notes: Principles of Accounting: Double entry for depreciation example

By Garikai Dzoma|2025-02-12T09:32:23+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: Double entry for depreciation example

Here we will assume that you have read
The topic about the rationale behind depreciation
The topic about the methods of calculating depreciation
The entries required to record depreciation in the books
If not you should click on each of the above links […]

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

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

Cambrige Notes: Principles of Accounting: The Purchases Ledger

By Garikai Dzoma|2025-02-12T09:36:20+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 Purchases Ledger

A purchase is when good(s) are bought with intention of selling them later,
usually these goods will be sold at a profit
Items bought with the intention of using them in the business are known as assets
We have already looked at how to make entries in the […]

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Cambrige Notes: Principles of Accounting: Errors that are not revealed by a Trial Balance
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Cambrige Notes: Principles of Accounting: Errors that are not revealed by a Trial Balance

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

Cambrige Notes: Principles of Accounting: Errors that are not revealed by a Trial Balance

By Garikai Dzoma|2025-02-12T09:40:07+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: Errors that are not revealed by a Trial Balance

A Trial Balance can reveal a number of errors as pointed out here
A number of errors however do not affect the balancing of a Trial Balance
This means such errors will remain hidden
To find out what errors are not […]

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Cambrige Notes: Principles of Accounting: Introduction to depreciation
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Cambrige Notes: Principles of Accounting: Introduction to depreciation

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

Cambrige Notes: Principles of Accounting: Introduction to depreciation

By Garikai Dzoma|2025-02-12T09:43:31+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

In the beginning we looked at basic terms
One of these terms we defined was fixed assets which we defined assets that are held by a firm in the long-term and are used in the production of its income and are not expected to be consumed or converted […]

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

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Discount Received entries simple example

By garikaib|2025-02-12T09:13:46+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: 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 discount […]

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Principles of Accounting: Correcting errors example
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Principles of Accounting: Correcting errors example

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Correcting errors example

By garikaib|2025-02-12T09:09:05+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Correcting errors example

We have looked at entries required to correct various errors
Now consider the following example

The following errors were discovered in the books of K Musana on 31 March 20×7

Purchases $1,410 on credit from A Rombe had been entered in B Rombe’s account
A cheque of $94 paid […]

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Principles of Accounting: Calculating/Estimating depreciation
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Principles of Accounting: Calculating/Estimating depreciation

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Calculating/Estimating depreciation

By garikaib|2025-02-12T09:37:17+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Calculating/Estimating depreciation

Before it is entered in the books depreciation has to be calculated
Where an accurate figure cannot be estimated an estimate has to be used
It is entirely up to the business in question to choose an appropriate way of calculating depreciation for each class of assets
Whatever the method […]

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