principles of accounting Archives - Free ZIMSEC & Cambridge Revision Notes

Cambrige Notes: Double Entry Exercise and Solutions
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Cambrige Notes: Double Entry Exercise and Solutions

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

Cambrige Notes: Double Entry Exercise and Solutions

By Garikai Dzoma|2022-09-15T12:30:48+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

ZIMSEC O Level Principles of Accounts: Double Entry Exercise and Solution[/title

You are required to open the asset and liability and capital accounts and record the following transactions for June 20X8 in the records of T. Moyo. 20X8

June 1 Started business with $12,000 in cash.
2 Paid $11 700 of the opening cash into a bank account for […]
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Cambrige Notes: Principles of Accounting: Discount Allowed
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Cambrige Notes: Principles of Accounting: Discount Allowed

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

Cambrige Notes: Principles of Accounting: Discount Allowed

By Garikai Dzoma|2022-09-15T12:31:19+02:00July 25th, 2018|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 Allowed

As already pointed out elsewhere cash and cash equivalent are the life blood of business
It is also common cause that most businesses do sell goods on credit
To encourage prompt payment businesses offer discounts to their customers
When a business offers […]
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Cambrige Notes: Principles of Accounting: Discount Allowed entries simple example
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Cambrige Notes: Principles of Accounting: Discount Allowed entries simple example

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

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

By Garikai Dzoma|2022-09-15T12:31:20+02:00July 25th, 2018|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 Allowed Example

We have already looked at Discount Allowed here
Here we will look at a simple example in order to look at the entries you need to make
We sold goods worth $500 to J Chimusoro on credit on 8 January
On January […]
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Cambrige Notes: Principles of Accounting: Both prepaid and accrued income and expenses
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Cambrige Notes: Principles of Accounting: Both prepaid and accrued income and expenses

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

Cambrige Notes: Principles of Accounting: Both prepaid and accrued income and expenses

By Garikai Dzoma|2022-09-15T12:31:38+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Both prepaid and accrued income and expenses

We have already looked at the treatment of:
However the assumption in each case was that these cases would occur in isolation
That is for example only an accrual would occur […]
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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|2022-09-15T12:31:38+02:00July 25th, 2018|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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Cambrige Notes: Principles of Accounting: Correcting errors example
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Cambrige Notes: Principles of Accounting: Correcting errors example

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

Cambrige Notes: Principles of Accounting: Correcting errors example

By Garikai Dzoma|2022-09-15T12:31:32+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) 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 […]
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Cambrige Notes: Principles of Accounting: The Suspense Account
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Cambrige Notes: Principles of Accounting: The Suspense Account

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

Cambrige Notes: Principles of Accounting: The Suspense Account

By Garikai Dzoma|2022-09-15T12:31:32+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: The Suspense Account

A trial balance is prepared in order to:
1. Ease the process of preparing financial statements
2. To reveal errors
Errors that are revealed by the trial balance include:
1. Addition and other arithmetic errors
2. Single/Incomplete entries into the books
3. Entering different amounts on the debit and credit sides […]
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Cambrige Notes: Principles of Accounting: Correcting Errors using suspense account
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Cambrige Notes: Principles of Accounting: Correcting Errors using suspense account

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

Cambrige Notes: Principles of Accounting: Correcting Errors using suspense account

By Garikai Dzoma|2022-09-15T12:31:33+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Correcting Errors using suspense account

In another topic we learnt about the need, use and purpose of the suspense account
In this topic we will learn about how to correct errors that involve the suspense account
If you are looking at how errors that are not revealed by the trial […]
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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|2022-09-15T12:31:33+02:00July 25th, 2018|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: The effects of errors on profit
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Cambrige Notes: Principles of Accounting: The effects of errors on profit

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

Cambrige Notes: Principles of Accounting: The effects of errors on profit

By Garikai Dzoma|2022-09-15T12:31:34+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes Notes: An example of how to correct errors in a suspense account

We have looked at several types of errors that may occur in accounting
There are some of errors that do not affect the subsequent profit figure
There are however some errors that will result in a wrong profit figure […]
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July 2018

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