principles of accounting Archives - Page 13 of 18 - Free ZIMSEC & Cambridge Revision Notes

Cambrige Notes: Principles of Accounting: Double entry for depreciation example
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Cambrige Notes: Principles of Accounting: Double entry for depreciation example

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

Cambrige Notes: Principles of Accounting: Double entry for depreciation example

By Garikai Dzoma|2022-09-15T12:31:40+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: Double entry for depreciation example

Here we will assume that you have read
The topic about the rationale behind depreciation
The topic about the methods of calculating depreciation
The entries required to record depreciation in the books
If not you should click on each of the above links […]

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Cambrige Notes: Principles of Accounting: Sales Control Account Example
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Cambrige Notes: Principles of Accounting: Sales Control Account Example

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

Cambrige Notes: Principles of Accounting: Sales Control Account Example

By Garikai Dzoma|2022-09-15T12:31:47+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: Sales Control Account Example

We have looked at the nature of the Sales Ledger Control Account in detail
Now it is time to look at a detailed example:

Question

Prepare a sales ledger control account from the following information for October 20X6, carrying down the balance at 31 October:

Oct 1 Sales ledger […]

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Cambrige Notes: Principles of Accounting: Introduction to Prepayments and Accruals
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Cambrige Notes: Principles of Accounting: Introduction to Prepayments and Accruals

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

Cambrige Notes: Principles of Accounting: Introduction to Prepayments and Accruals

By Garikai Dzoma|2022-09-15T12:31:36+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 Prepayments and Accruals

It has been stated in another topic that financial statements are prepared using the matching concept
The concept states that when calculating profit:
Revenue must be matched with expenditure incurred in generating that revenue
In a simple and very small business most if not all transactions […]

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Principles of Accounting: The Going concern concept and consistency concept
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Principles of Accounting: The Going concern concept and consistency concept

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: The Going concern concept and consistency concept

By garikaib|2022-09-15T12:33:18+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: The Going concern concept and consistency concept

Going concern and consistency concepts are important in the accounting world

The going concern concept

It is one of the most fundamental concepts
It forms the assumption on which all accounting operations are carried out
According to this concept all accounting transactions must be recorded and […]

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Principles of Accounting: Bad Debts Recovered
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Principles of Accounting: Bad Debts Recovered

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Bad Debts Recovered

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

ZIMSEC O Level Principles of Accounts Notes: Bad Debts Recovered

We have looked at the concept of Bad and Doubtful Debts
For a number of reasons a debt that was previously considered bad might become recoverable:
- Maybe due to an agreement
- A court settlement/order
- The fortunes of the debtor improves
When this happens the debt must be reinstated […]

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Principles of Accounting: Missing figures
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Principles of Accounting: Missing figures

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Missing figures

By garikaib|2022-09-15T12:32:58+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: 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 Affairs can […]

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Principles of Accounting: Solution to Manufacturing Accounts Example
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Principles of Accounting: Solution to Manufacturing Accounts Example

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Solution to Manufacturing Accounts Example

By garikaib|2022-09-15T12:32:53+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Example question Manufacturing Accounts

This is a solution to a Manufacturing Account question that was posted here
The introduction to Manufacturing Accounts and concepts related to the topic can be found here
We explored the nature and format of Manufacturing Accounts here
We will start by showing the Manufacturing Account

[…]

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Principles of Accounting: Goodwill upon death or retirement of a partner
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Principles of Accounting: Goodwill upon death or retirement of a partner

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Goodwill upon death or retirement of a partner

By garikaib|2022-09-15T12:32:43+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: When a partner dies/retires

Death is an inevitable part of life
Sometimes a partner might die
Also in other instances a partner might choose to leave the business i.e. retire
In all the cases above the affected partner ends up leaving the business
Technically speaking this […]

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Cambrige Notes: Principles of Accounting: Appropriation Account Example
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Cambrige Notes: Principles of Accounting: Appropriation Account Example

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

Cambrige Notes: Principles of Accounting: Appropriation Account Example

By Garikai Dzoma|2022-09-15T12:32:05+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: Appropriation Account Example

You can find the introduction to Appropriation Accounts here
Having introduced them we will now look at an example

Example Question Appropriation Account

Gandanga, Waeni and Banda are partners. They share profits and losses in the respctive ratios

\tfrac{3}{8} : \tfrac{3}{8}: \tfrac{1}{4}
For the year ended […]

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Cambrige Notes: Principles of Accounting: Goodwill: When a new partner is admitted
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Cambrige Notes: Principles of Accounting: Goodwill: When a new partner is admitted

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

Cambrige Notes: Principles of Accounting: Goodwill: When a new partner is admitted

By Garikai Dzoma|2022-09-15T12:32:09+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: Goodwill and Partnership businesses: When a new partner is admitted

It is not uncommon for a partnership business to admit a new partner
This is happens for any number of reasons including:
- To admit a partner with new skills
- When the firm is expanding
- To replace a partner […]

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January 2023

Question

The going concern concept

Example Question Appropriation Account