principles of accounting notes Archives - Page 5 of 22 - Free ZIMSEC & Cambridge Revision Notes

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

Notes, Ordinary Level Notes, Principles of Accounts Notes

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

By garikaib|2025-02-12T09:02:14+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts 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 revealed […]

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Principles of Accounting: Introduction to depreciation
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Principles of Accounting: Introduction to depreciation

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Introduction to depreciation

By garikaib|2025-02-12T09:34:42+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts 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 into […]

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Principles of Accounting: Sales Control Accounts
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Principles of Accounting: Sales Control Accounts

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Sales Control Accounts

By garikaib|2025-02-12T09:22:30+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Sales Control Accounts

Sales control accounts present a summarized version of what should be in the Sales Ledger in a given period
Below is a typical Sales Control Account:

The exact look of the sales control account obviously depends on the nature of transactions involved

Sources of information when preparing

It […]

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Principles of Accounting: Accounting for non profit organisations
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Principles of Accounting: Accounting for non profit organisations

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Accounting for non profit organisations

By garikaib|2025-02-12T09:18:08+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for non profit organisations

While it is true that the majority of entities exist primarily to make a profit
There are still a large number of organisations which are not for profit
While profit is the overriding aim in for profit business
Non profit organisations are driven by other goals including:

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Principles of Accounting: Appropriation Account Example
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Principles of Accounting: Appropriation Account Example

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Appropriation Account Example

By garikaib|2025-02-12T09:23:55+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: 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 31 December […]

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Principles of Accounting: Partnership Dissolution Example
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Principles of Accounting: Partnership Dissolution Example

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Partnership Dissolution Example

By garikaib|2025-02-12T09:35:35+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: 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 the ratio […]

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Cambrige Notes: Principle of Accounting: The concept of goodwill
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Cambrige Notes: Principle of Accounting: The concept of goodwill

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

Cambrige Notes: Principle of Accounting: The concept of goodwill

By Garikai Dzoma|2025-02-12T09:24:14+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: Accounting for Partnerships: The concept of goodwill

It is not unusual for a business to be bought or sold as a going concern i.e.
The entire business (or business unit) and its related assets and liabilities
Often when a business is sold or bought it is at a price that is […]

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Cambrige Notes: Principles of Accounting: Incomplete and Single Entry Example 1 solution
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Cambrige Notes: Principles of Accounting: Incomplete and Single Entry Example 1 solution

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

Cambrige Notes: Principles of Accounting: Incomplete and Single Entry Example 1 solution

By Garikai Dzoma|2025-02-12T09:29:00+02:00February 12th, 2025|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

This the solution to our first example question on incomplete and single entry
First we need to calculate the Sales figure for the year ended 30 April 20×9:

Sales Figure Calculation

Then we need to ascertain purchases for the year:

Purchases Figure Calculation

Income Statement for the year ended 30 April 20×9

NB This is how arrived at the Miscellaneous […]

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February 2025

Sources of information when preparing

Example Question Appropriation Account

Question

Sales Figure Calculation

Purchases Figure Calculation

Income Statement for the year ended 30 April 20×9