January 2023

Cambrige Notes: Principles of Accounting: Introduction to Accounting Concepts

By |2022-09-15T12:31:34+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 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 […]
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Principles of Accounting: The effects of errors on profit

By |2022-09-15T12:33:20+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting 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 being obtained

Errors […]

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Principles of Accounting: Double entry for Depreciation

By |2022-09-15T12:33:12+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes:  Double entry for Depreciation

  • Once depreciation has been calculated using either:
  • The straight line method or
  • The reducing balance method
  • It is recorded in the books using double entry
  • Before we mention the entries it is important to state this

The old method of accounting for depreciation by recording it in the asset […]

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Principles of Accounting: Bank Reconciliation Statement Overdraft Example

By |2022-09-15T12:33:04+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Bank Reconciliation Statement Overdraft Example

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Principles of Accounting: Departmental Accounting Example

By |2022-09-15T12:32:55+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Introduction to Departmental Accounts Example

Example Question

From the following list of balances you are required to prepare a departmental Income Statement in columnar form for the year ended 31 March 20X5, in respect of […]

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Principle of Accounting: The concept of goodwill

By |2022-09-15T12:32:47+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: The concept of goodwill

  • It is not unusual for a business to be bought or sold as a going concern i.e.
  • The entire business (or business unit) and its related assets and liabilities
  • Often when a business is sold or bought it is at a price that is higher than […]
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Principles of Accounting: Statements of Changes in Equity

By |2022-09-15T12:32:30+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Limited Liability Companies: Statements of Changes in Equity

  • Besides the Statement of Financial Position and Income Statement
  • Companies are also required to prepare a Statement of Changes in Equity
  • This statement as implied by its name shows changes in equity from the beginning to the end of the year
  • Equity […]
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Cambrige Notes: Principles of Accounting: Statement of Financial Position Example

By |2022-09-15T12:32:07+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

  • This is the second part solution to the question that was posted here
  • The first part of the solution to this question can be found here
  • It examines the basic structure of Financial Statements of partnerships
  • In this part we will examine […]
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Cambrige Notes: Principles of Accounting: Missing figures

By |2022-09-15T12:31:54+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: Single entry and Incomplete records: Missing figures

  • As already pointed out creating financial statements using single entry or incomplete records requires filling in the gaps
  • This is because naturally there will be some missing figures/amounts
  • These amounts have to be ascertained
  • We have already looked at how a Statement of […]
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Cambrige Notes: Principles of Accounting: The straight line method

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: The straight line method

  • As already pointed out there are number of ways in which depreciation can be calculated
  • The straight line method is merely one of these methods
  • It is the most popular and simplest method of calculating depreciation there is
  • First the cost of the asset […]
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