principles of accounting Archives - Free ZIMSEC & Cambridge Revision Notes

Principles of Accounting: Prepayments and the Financial statements
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Principles of Accounting: Prepayments and the Financial statements

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Prepayments and the Financial statements

By garikaib|2022-09-15T12:33:17+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Prepayments and the Financial statements

A prepayment is when an amount is paid before it is due
In accounting there are two types of prepayments:
Prepaid expenses and
Prepaid income

Prepaid expenses

This is when the business prepays an expense
Examples are:
- When a business pays rent payable in advance or
- When it […]
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Principles of Accounting: Capital and Revenue Expenditure
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Principles of Accounting: Capital and Revenue Expenditure

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Capital and Revenue Expenditure

By garikaib|2022-09-15T12:33:08+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Capital and Revenue Expenditure

In accounting it is paramount to separate between revenue and capital expenditure
Naturally all business expenditure can be classified as either revenue or capital expenditure

Capital Expenditure

Capital expenditure is not to be confused with the capital account or capital in general
Capital expenditure is when a business spends […]
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Principles of Accounting: Incomplete and Single Entry Example 1 solution
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Principles of Accounting: Incomplete and Single Entry Example 1 solution

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Incomplete and Single Entry Example 1 solution

By garikaib|2022-09-15T12:32:58+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts 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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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|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 […]
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Principles of Accounting: Example revaluation of partnership assets
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Principles of Accounting: Example revaluation of partnership assets

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Example revaluation of partnership assets

By garikaib|2022-09-15T12:32:38+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

As already pointed out in another post, sometimes it is necessary for a partnership to revalue its assets
We have already looked at the entries necessary to record these changes in value
Now we will look at an example of how […]
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Cambrige Notes: Principles of Accounting: Partnership Financial Statements Example
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Cambrige Notes: Principles of Accounting: Partnership Financial Statements Example

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

Cambrige Notes: Principles of Accounting: Partnership Financial Statements Example

By Garikai Dzoma|2022-09-15T12:32:06+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 Financial Statements Example

As already said elsewhere partnerships also prepare Financial Statements at the end of every period
These do not differ much from say those of a Sole Trader
Financial Statements of a Partnership include:
An Income Statement for the period ended
An Appropriation account […]
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Cambrige Notes: Principles of Accounting: Example entries upon death or retirement of a partner
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Cambrige Notes: Principles of Accounting: Example entries upon death or retirement of a partner

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

Cambrige Notes: Principles of Accounting: Example entries upon death or retirement of a partner

By Garikai Dzoma|2022-09-15T12:32:11+02:00January 24th, 2023|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

We have already examined the entries required to record Goodwill in the books upon the death or retirement of one of the partners here
We will now look at an example to demonstrate the stages involved

Death/Retirement Example

Peter, George and Muchineripi have been in partnership for the past five years. They own a retail shop in Harare’s CBD where […]

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Cambrige Notes: Principles of Accounting: Accounting for Non-Profits Example
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Cambrige Notes: Principles of Accounting: Accounting for Non-Profits Example

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

Cambrige Notes: Principles of Accounting: Accounting for Non-Profits Example

By Garikai Dzoma|2022-09-15T12:31:58+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 non profit organisations Example

Having looked at how non-profits record and report their transactions
It is time to look at a worked example

On 1 January 20X8 The Lake Chivero Angling Club had the following assets:

Cash at bank $200
Snack bar stocks $800
Club house buildings $12,500

During the […]

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Cambrige Notes: Principles of Accounting: Introduction to Bad Debts
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Cambrige Notes: Principles of Accounting: Introduction to Bad Debts

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

Cambrige Notes: Principles of Accounting: Introduction to Bad Debts

By Garikai Dzoma|2022-09-15T12:31:42+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 Bad Debts

To understand the concept of Provision for Doubtful debts first we must look at Bad Debts
As outlined during the discussion of the matching/accruals concept
Most businesses conduct business on credit in addition to cash sales
Typically with cash sales payment is received when the […]
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Cambrige Notes: Principles of Accounting: Bank Reconciliation Statement Example
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Cambrige Notes: Principles of Accounting: Bank Reconciliation Statement Example

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

Cambrige Notes: Principles of Accounting: Bank Reconciliation Statement Example

By Garikai Dzoma|2022-09-15T12:31:49+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: Bank Reconciliation Statement Example

As discussed here preparing a bank reconciliation statement involves three steps:
1. Obtaining the current bank statement
2. Updating the Cash Book
3. Preparing the Bank reconciliation statement
Now we will look at an example:

Draw up a bank reconciliation statement, after writing the cash book up to date, ascertaining […]

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January 2023

Prepaid expenses

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Capital Expenditure

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Sales Figure Calculation

Purchases Figure Calculation

Income Statement for the year ended 30 April 20×9

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Death/Retirement Example

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2022 O Level Results Out