principles of accounting notes Archives - Page 6 of 22 - Free ZIMSEC & Cambridge Revision Notes

Cambrige Notes: Principles of Accounting: An example of how to correct errors in a suspense account
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Cambrige Notes: Principles of Accounting: An example of how to correct errors in a suspense account

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

Cambrige Notes: Principles of Accounting: An example of how to correct errors in a suspense account

By Garikai Dzoma|2025-02-12T09:41:15+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: An example of how to correct errors in a suspense account

We have already looked at the suspense account and why it is needed
We will now look at an example

You have extracted a trial balance and drawn up accounts for the year ended 31 December 20X7. There was a shortage […]

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Cambrige Notes: Principles of Accounting: Electronic Data Processing
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Cambrige Notes: Principles of Accounting: Electronic Data Processing

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

Cambrige Notes: Principles of Accounting: Electronic Data Processing

By Garikai Dzoma|2025-02-12T08:56:11+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 Notes: Electronic Data Processing

With the advent of computers electronic data processing has become prevalent
Electronic data processing is the use of computers in recording, classifying, manipulating,presenting and summarizing data
In the early days of computers electronic processing was rather limited
At first it involved the use of electronic calculators to […]

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Principles of Accounting: Trade Discount
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Principles of Accounting: Trade Discount

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Trade Discount

By garikaib|2025-02-12T09:26:31+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Trade Discount

Generally most businesses especially wholesalers and manufacturers have three types of customers:
1. The General Public who buy only a few items
2. Traders who only buy a few items
3. Traders a large number of goods
Traders have to eventually sell to their own customers in their own areas for example […]

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Principles of Accounting: Introduction to Accounting Concepts
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Principles of Accounting: Introduction to Accounting Concepts

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Introduction to Accounting Concepts

By garikaib|2025-02-12T09:18:52+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting Notes: Introduction to Accounting Concepts

In the real world various measurement standards have been devised to aid communication, comparisons, trade and the sharing of ideas
For example units of measurement such as grams, meters, liters etc are universally used
We know what a kilogram looks like
Before the invention of these standards people […]

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

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Double entry for depreciation example

By garikaib|2025-02-12T08:56:51+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts 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 and […]

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

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Bank Reconciliation Statement Overdraft Example

By garikaib|2025-02-12T09:41:30+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts 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 prepare […]

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Principles of Accounting: Introduction to Manufacturing Accounts
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Principles of Accounting: Introduction to Manufacturing Accounts

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Introduction to Manufacturing Accounts

By garikaib|2025-02-12T09:42:49+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Introduction to Manufacturing Accounts

Thus far we have taken it for granted that businesses purchase everything they sell
While it is true that a lot of business purchase inventory and sell it at a profit
There are some businesses that manufacture products
These manufacturing businesses typically:
- Acquire Raw materials
- Process this raw materials […]

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Principles of Accounting: Partnership Entries for Goodwill: Changes in Profit Sharing Ratios
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Principles of Accounting: Partnership Entries for Goodwill: Changes in Profit Sharing Ratios

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Partnership Entries for Goodwill: Changes in Profit Sharing Ratios

By garikaib|2025-02-12T09:35:55+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Partnership Entries for Goodwill: Changes in Profit Sharing Ratios

The idea of goodwill has been explored in full here
We have also looked at the unique treatment of goodwill in partnership businesses here
Below we will look at what happens when there is a change in the profit sharing ratio of a […]

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Cambrige Notes: Principles of Accounting: Appropriation Account Example
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Cambrige Notes: Principles of Accounting: Appropriation Account Example

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

Cambrige Notes: Principles of Accounting: Appropriation Account Example

By Garikai Dzoma|2025-02-12T09:21:32+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: 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 […]

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Cambrige Notes: Principles of Accounting: Revaluation of Partnership Assets
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Cambrige Notes: Principles of Accounting: Revaluation of Partnership Assets

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

Cambrige Notes: Principles of Accounting: Revaluation of Partnership Assets

By Garikai Dzoma|2025-02-12T09:25:58+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: Accounting for Partnerships: Goodwill and Partnership businesses: Revaluation of Partnership Assets

It is often the case that when a business is sold the selling price of its assets would differ from their book values
In such instances there is either a profit or loss on the sale of the assets
This […]

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February 2025

Example Question Appropriation Account