January 2023

Principles of Accounting: Introduction to Prepayments and Accruals

By |2022-09-15T12:33:18+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts 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 are […]
Read More
Comments Off on Principles of Accounting: Introduction to Prepayments and Accruals

Principles of Accounting: Introduction to Provision for Doubtful Debts

By |2022-09-15T12:33:10+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Introduction to Provision for Doubtful Debts

  • As we have pointed out in our examination of bad debts the story does not end there
  • In our discussion of bad debts we stated that bad debts are only written of in the period in which they occur
  • Sometimes this happens many periods after […]
Read More
Comments Off on Principles of Accounting: Introduction to Provision for Doubtful Debts

Principles of Accounting: Incomplete and Single Records Example 1

By |2022-09-15T12:32:58+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Single entry and Incomplete records: Example 1

Question

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

Read More
Comments Off on Principles of Accounting: Incomplete and Single Records Example 1

Principles of Accounting: Partnerships: Capital and Current Accounts

By |2022-09-15T12:32:52+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: Capital and Current Accounts

  • Like a normal business partnerships are formed when their owners (partners) inject capital into the business
  • While the principles of recording capital are the same as those of a Sole Trader business
  • There are certain differences that need to be borne in mind
  • One of these […]
Read More
Comments Off on Principles of Accounting: Partnerships: Capital and Current Accounts

Principles of Accounting: Revaluation of Partnership Assets

By |2022-09-15T12:32:41+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: 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 profit has […]
Read More
Comments Off on Principles of Accounting: Revaluation of Partnership Assets

Cambrige Notes: Principles of Accounting: Introduction to Accounting ratios

By |2022-09-15T12:31:50+02:00January 24th, 2023|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Introduction to Accounting Ratios

Introduction to ratios in Accounting

  • Often in business numbers given in isolation are difficult to interpret
  • For example Business A makes a profit of $10 000 while Business B makes a profit of $10 million
  • It would be difficult to know which business better between the two
  • Those […]
Read More
Comments Off on Cambrige Notes: Principles of Accounting: Introduction to Accounting ratios

Cambrige Notes: Principles of Accounting: Partnership Dissolution Solution to Example Question

By |2022-09-15T12:32:13+02:00January 24th, 2023|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 Dissolution Example

  • We looked at the basics of partnership dissolution here
  • We also posted an example question here
  • Now we will present the solution to that question

The realisation account

  • Debtors and Receivables are just one and the same thing
  • Creditors can also be referred […]
Read More
Comments Off on Cambrige Notes: Principles of Accounting: Partnership Dissolution Solution to Example Question

Cambrige Notes: Principles of Accounting: Calculating/Estimating depreciation

By |2022-09-15T12:31:39+02:00January 24th, 2023|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) 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 […]
Read More
Comments Off on Cambrige Notes: Principles of Accounting: Calculating/Estimating depreciation

Cambrige Notes: Principles of Accounting: Partnerships: Capital and Current Accounts

By |2022-09-15T12:32:03+02:00January 24th, 2023|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Accounting for Partnerships: Capital and Current Accounts

  • Like a normal business partnerships are formed when their owners (partners) inject capital into the business
  • While the principles of recording capital are the same as those of a Sole Trader business
  • There are certain differences that need to be borne in mind
  • One […]
Read More
Comments Off on Cambrige Notes: Principles of Accounting: Partnerships: Capital and Current Accounts

Cambrige Notes: Principles of Accounting: Preparation of bank reconciliation statement

By |2022-09-15T12:31:48+02:00January 24th, 2023|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Preparation of bank reconciliation statement

  • We have already looked at what bank reconciliation statements are and why we need them
  • Here we will look at steps required to prepare them and their format
  • First it must be pointed out that the Bank Column in the Cash Book like all of […]
Read More
Comments Off on Cambrige Notes: Principles of Accounting: Preparation of bank reconciliation statement
Toggle Sliding Bar Area
Go to Top