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

Cambrige Notes: Principles of Accounting: Purchases Control Accounts
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Cambrige Notes: Principles of Accounting: Purchases Control Accounts

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

Cambrige Notes: Principles of Accounting: Purchases Control Accounts

By Garikai Dzoma|2025-02-12T09:37:29+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: Purchases Control Accounts

Purchases Control Accounts contain a summary view of the purchases ledger
Below is a typical purchases control account:

Naturally the exact entries depend on transactions that occur in the business in the period under review or the question in an exam

Sources of information when preparing

NB

It […]

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Cambrige Notes: Principles of Accounting: The Prudence concept and the Business entity concept
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Cambrige Notes: Principles of Accounting: The Prudence concept and the Business entity concept

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

Cambrige Notes: Principles of Accounting: The Prudence concept and the Business entity concept

By Garikai Dzoma|2025-02-12T09:42:03+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: The Prudence concept and the Business entity concept

In another topic you were introduced to the idea of accounting concepts
These are the underlying principles that govern the accounting discipline
In this topic we will look at the following concepts:
The Business Entity Concept
The Prudence Concept

Business Entity Concept

You […]

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Principles of Accounting: The Accruals concept and the Materiality concept
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Principles of Accounting: The Accruals concept and the Materiality concept

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: The Accruals concept and the Materiality concept

By garikaib|2025-02-12T09:19:23+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: The Accruals concept and the Materiality concept

As we has already been pointed out in another topic here
The accounting function is governed by several concepts which form part of what are known as International Financial Reporting Standards
In this topic we will look at:
1. The Accruals/Matching Concept and
2. The […]

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Principles of Accounting: Disposal of Fixed Assets
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Principles of Accounting: Disposal of Fixed Assets

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Disposal of Fixed Assets

By garikaib|2025-02-12T09:02:16+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Disposal of Fixed Assets

Eventually all fixed assets (non-current assets) bought for resale reach their end of life
More often than not a non-current asset is sold way before it reaches its end of life
This can happen for any number of reasons:
- To raise cash and improve the business’s liquidity standing

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Principles of Accounting: Profitability Ratios
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Principles of Accounting: Profitability Ratios

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Profitability Ratios

By garikaib|2025-02-12T09:25:39+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Profitability Ratios

So we have already introduced you to accounting ratios
These ratios include a group of ratios that are known as profitability ratios
Such ratios measure how well a business performed in profit terms in a given period
At this level you are required to know how to calculate three profitability […]

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Principles of Accounting: Introduction to Manufacturing Accounts
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Principles of Accounting: Introduction to Manufacturing Accounts

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Introduction to Manufacturing Accounts

By garikaib|2025-02-12T09:42:49+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Introduction to Manufacturing Accounts

Thus far we have taken it for granted that businesses purchase everything they sell
While it is true that a lot of business purchase inventory and sell it at a profit
There are some businesses that manufacture products
These manufacturing businesses typically:
- Acquire Raw materials
- Process this raw materials […]

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Principles of Accounting: Partnership Entries for Goodwill: Changes in Profit Sharing Ratios
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Principles of Accounting: Partnership Entries for Goodwill: Changes in Profit Sharing Ratios

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Partnership Entries for Goodwill: Changes in Profit Sharing Ratios

By garikaib|2025-02-12T09:35:55+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Partnership Entries for Goodwill: Changes in Profit Sharing Ratios

The idea of goodwill has been explored in full here
We have also looked at the unique treatment of goodwill in partnership businesses here
Below we will look at what happens when there is a change in the profit sharing ratio of a […]

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Cambrige Notes: Principles of Accounting: Capital and Current Accounts Example
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Cambrige Notes: Principles of Accounting: Capital and Current Accounts Example

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

Cambrige Notes: Principles of Accounting: Capital and Current Accounts Example

By Garikai Dzoma|2025-02-12T09:20:50+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: Accounting for Partnerships: Capital and Current Accounts Example

Bearing in mind what we have said in the introduction to capital and current accountshere
And the basic guidelines here
It is important to add the fact in this topic will mostly deal with making entries into Capital and Current […]

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Cambrige Notes: Principles of Accounting: Goodwill and Partnership businesses
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Cambrige Notes: Principles of Accounting: Goodwill and Partnership businesses

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

Cambrige Notes: Principles of Accounting: Goodwill and Partnership businesses

By Garikai Dzoma|2025-02-12T09:24:22+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: Accounting for Partnerships: Goodwill and Partnership businesses

Now that we have explained the idea of goodwill
It is time we examine the concept of goodwill in relation with partnerships
As already explained accounting standards require that goodwill be recorded only when a business is bought or sold
Partnership business are […]

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