principles of accounting Archives - Page 11 of 18 - Free ZIMSEC & Cambridge Revision Notes

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+02:00January 24th, 2023|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: 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+02:00January 24th, 2023|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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Principles of Accounting: Correcting errors example
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Principles of Accounting: Correcting errors example

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Correcting errors example

By garikaib|2022-09-15T12:33:22+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts 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 paid […]

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Principles of Accounting: Calculating/Estimating depreciation
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Principles of Accounting: Calculating/Estimating depreciation

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Calculating/Estimating depreciation

By garikaib|2022-09-15T12:33:14+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts 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 method […]

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Principles of Accounting: Introduction to Bank Reconciliation Statements
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Principles of Accounting: Introduction to Bank Reconciliation Statements

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Introduction to Bank Reconciliation Statements

By garikaib|2022-09-15T12:33:06+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Introduction to Bank Reconciliation Statements

When we looked at the Cash Book we mentioned that all bank related transactions are recorded in it
We glaringly ignored one fact the bank is also a business
They have their own set of records about our deposits and withdrawals
In modern times due to […]

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

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Accounting for Non-Profits Example

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

ZIMSEC O Level Principles of Accounting: 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 year to […]

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Principles of Accounting: Solution to Appropriation Account Example
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Principles of Accounting: Solution to Appropriation Account Example

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Solution to Appropriation Account Example

By garikaib|2022-09-15T12:32:49+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Solution to Appropriation Account Example

This is a solution to a question that is found here
You can also find the introduction to appropriation accounts here

Solution

Gandanga, Waeni and Banda

Appropriation Account for the Year ended 31 December 20×8

To access more topics go to the Principles of Accounts Notes.

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Principles of Accounting: Company Accounts: Introduction
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Principles of Accounting: Company Accounts: Introduction

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Company Accounts: Introduction

By garikaib|2022-09-15T12:32:34+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Limited Liability Companies: Introduction

It is important to note that all accounts are prepared on the basis that the owner and his/her business are two separate persons
This does not matter if the business is not considered a separate legal entity for example partnerships and sole trader businesses
However actual companies […]

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Cambrige Notes: Principles of Accounting: Introduction to ethics and basic terms
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Cambrige Notes: Principles of Accounting: Introduction to ethics and basic terms

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

Cambrige Notes: Principles of Accounting: Introduction to ethics and basic terms

By Garikai Dzoma|2022-09-15T12:32:17+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 Business Ethics

History has shown that accountants occupy an important within the organisation
The financial well being is of fundamental importance to all stakeholders
Unlike other employees of the organisation an accountant’s responsibility is not exclusively to satisfy the needs of an individual client or employer
He/She need […]

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