principles of accounting Archives - Page 6 of 18 - Free ZIMSEC & Cambridge Revision Notes

Cambrige Notes: Principles of Accounting: Example revaluation of partnership assets
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Cambrige Notes: Principles of Accounting: Example revaluation of partnership assets

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

Cambrige Notes: Principles of Accounting: Example revaluation of partnership assets

By Garikai Dzoma|2025-02-12T09:26:07+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: 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 […]

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Cambrige Notes: Principles of Accounting: Non-Profits Example: Income and Expenditure Account
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Cambrige Notes: Principles of Accounting: Non-Profits Example: Income and Expenditure Account

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

Cambrige Notes: Principles of Accounting: Non-Profits Example: Income and Expenditure Account

By Garikai Dzoma|2025-02-12T09:29:59+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 non profit organisations Example

This is the first part of the question posted here
We have already looked at accounting for non-profit organisations here

The Receipts and Payments Account

Chivero Angling Club Snack Bar Income Statement

Chivero Angling Club Income and Expenditure Account for the year ended 31 […]

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Cambrige Notes: Principles of Accounting: Bad Debts Recovered
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Cambrige Notes: Principles of Accounting: Bad Debts Recovered

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

Cambrige Notes: Principles of Accounting: Bad Debts Recovered

By Garikai Dzoma|2025-02-12T09:33:20+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: 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 […]

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Cambrige Notes: Principles of Accounting: Bank reconciliation statement and bank overdraft
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Cambrige Notes: Principles of Accounting: Bank reconciliation statement and bank overdraft

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

Cambrige Notes: Principles of Accounting: Bank reconciliation statement and bank overdraft

By Garikai Dzoma|2025-02-12T09:39:07+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: Bank reconciliation statement and bank overdraft

Preparing a bank reconciliation statement is easy
In the last example we assumed that the business had a positive balance shown by a a debit bank balance in the bank column of the cash book and a credit balance on the bank statement
In […]

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Cambrige Notes: Principles of Accounting: Introduction to depreciation
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Cambrige Notes: Principles of Accounting: Introduction to depreciation

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

Cambrige Notes: Principles of Accounting: Introduction to depreciation

By Garikai Dzoma|2025-02-12T09:43:31+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: Introduction to depreciation

In the beginning we looked at basic terms
One of these terms we defined was fixed assets which we defined assets that are held by a firm in the long-term and are used in the production of its income and are not expected to be consumed or converted […]

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Principles of Accounting: Discount Allowed
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Principles of Accounting: Discount Allowed

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Discount Allowed

By garikaib|2025-02-12T09:07:31+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Source Documents: Three Column Cash Book: Discount Allowed

As already pointed out elsewhere cash and cash equivalent are the life blood of business
It is also common cause that most businesses do sell goods on credit
To encourage prompt payment businesses offer discounts to their customers
When a business offers a […]

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Principles of Accounting: Both prepaid and accrued income and expenses
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Principles of Accounting: Both prepaid and accrued income and expenses

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Both prepaid and accrued income and expenses

By garikaib|2025-02-12T09:31:59+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Both prepaid and accrued income and expenses

We have already looked at the treatment of:
However the assumption in each case was that these cases would occur in isolation
That is for example only an accrual would occur and […]

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Principles of Accounting: Sales Control Accounts
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Principles of Accounting: Sales Control Accounts

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Sales Control Accounts

By garikaib|2025-02-12T09:22:30+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Sales Control Accounts

Sales control accounts present a summarized version of what should be in the Sales Ledger in a given period
Below is a typical Sales Control Account:

The exact look of the sales control account obviously depends on the nature of transactions involved

Sources of information when preparing

It […]

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Principles of Accounting: William Sachikonye Income Statement
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Principles of Accounting: William Sachikonye Income Statement

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: William Sachikonye Income Statement

By garikaib|2025-02-12T09:07:47+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Single entry and Incomplete records: Example 2

This is a solution including workings for the question posted here
We are attempting to create an Income Statement so naturally we will start by calculating the sales figure for the year