principles of accounting notes Archives - Page 9 of 22 - Free ZIMSEC & Cambridge Revision Notes

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

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

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

By Garikai Dzoma|2025-02-12T09:01:25+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: 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 […]

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Principles of Accounting: Manual processing
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Principles of Accounting: Manual processing

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Manual processing

By garikaib|2025-02-12T08:59:13+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting Notes: Manual processing

Data processing has been performed manually for millennia (thousands of years)
Manual data processing literary means data processing by hand
Ancient merchants used to record their trading transactions on clay tablets
Kings would record their trade, census and tax data on clay, copper, bronze, brass and stone tablets
This data […]

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Principles of Accounting: General Ledger
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Principles of Accounting: General Ledger

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: General Ledger

By garikaib|2025-02-12T09:36:31+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: General Ledger

We has already been pointed out:
1. Credit purchases are recorded in the Purchases Leger after they have been recorded in the Purchases Day Book/Purchases Journal
2. Credit Sales are recorded in the Sales ledger with the Sales Day Book/Sales Journal being the book of original entry

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Principles of Accounting: Introduction to Prepayments and Accruals
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Principles of Accounting: Introduction to Prepayments and Accruals

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Introduction to Prepayments and Accruals

By garikaib|2025-02-12T09:25:18+02:00February 12th, 2025|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 […]

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Principles of Accounting: Introduction to Provision for Doubtful Debts
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Principles of Accounting: Introduction to Provision for Doubtful Debts

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Introduction to Provision for Doubtful Debts

By garikaib|2025-02-12T09:08:38+02:00February 12th, 2025|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 […]

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

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Incomplete and Single Records Example 1

By garikaib|2025-02-12T08:59:15+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: 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 a retailer, […]

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

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Partnerships: Capital and Current Accounts

By garikaib|2025-02-12T09:07:11+02:00February 12th, 2025|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 […]

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Principles of Accounting: Revaluation of Partnership Assets
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Principles of Accounting: Revaluation of Partnership Assets

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Revaluation of Partnership Assets

By garikaib|2025-02-12T09:14:40+02:00February 12th, 2025|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 […]

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

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

Cambrige Notes: Principles of Accounting: Introduction to Accounting ratios

By Garikai Dzoma|2025-02-12T09:23:08+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 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 […]

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