principles of accounting Archives - Page 7 of 18 - Free ZIMSEC & Cambridge Revision Notes

Cambrige Notes: Principles of Accounting: Solution to Capital and Current Accounts example
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Cambrige Notes: Principles of Accounting: Solution to Capital and Current Accounts example

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

Cambrige Notes: Principles of Accounting: Solution to Capital and Current Accounts example

By Garikai Dzoma|2025-02-12T09:21:01+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

We have already looked at capital and current accounts here
This is the solution to the question posted here
We will use fixed capital accounts and current accounts to show the entries

The Capital Accounts

The Current Accounts for the partners

[…]

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

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

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

By Garikai Dzoma|2025-02-12T09:24:35+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: 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 […]

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Cambrige Notes: Principles of Account: Incomplete and Single Records Example 2
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Cambrige Notes: Principles of Account: Incomplete and Single Records Example 2

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

Cambrige Notes: Principles of Account: Incomplete and Single Records Example 2

By Garikai Dzoma|2025-02-12T09:29:11+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: Single entry and Incomplete records: Example 2

Our first example on this topic was relatively straight forward
We will now look at a more challenging and comprehensive example
On how to create Financial Statements in cases where only single entry and incomplete records are kept

The Question

William Sachikonye runs a second-hand […]

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Cambrige Notes: Principles of Accounting: Double entry for Depreciation
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Cambrige Notes: Principles of Accounting: Double entry for Depreciation

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

Cambrige Notes: Principles of Accounting: Double entry for Depreciation

By Garikai Dzoma|2025-02-12T09:32:11+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: 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 […]

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

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

Cambrige Notes: Principles of Accounting: Purchases Control Accounts Example

By Garikai Dzoma|2025-02-12T09:38:08+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 Example

Now that we have examined Purchases Control Accounts in detail
It is time to look at an example:

You are required to prepare a purchases ledger control account from the following for the month of April. The balance of the account is to be taken as the amount […]

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

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

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

By Garikai Dzoma|2025-02-12T09:42:26+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 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 […]

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Principles of Accounting: Money measurement concept and Historical cost concept
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Principles of Accounting: Money measurement concept and Historical cost concept

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Money measurement concept and Historical cost concept

By garikaib|2025-02-12T09:23:06+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes:Money measurement concept and Historical cost concept

At the heart of the accounting discipline are two important concepts:
The Money measurement concept and
The Historical cost concept

The Money measurement concept

It is also known as the measurability concept
The concept dictates that only transactions and events that are capable of being measured in […]

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Principles of Accounting: Introduction to Bad Debts
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Principles of Accounting: Introduction to Bad Debts

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Introduction to Bad Debts

By garikaib|2025-02-12T09:07:33+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Introduction to Bad Debts

To understand the concept of Provision for Doubtful debts first we must look at Bad Debts
As outlined during the discussion of the matching/accruals concept
Most businesses conduct business on credit in addition to cash sales
Typically with cash sales payment is received when the goods […]

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Principles of Accounting: Single entry and Incomplete records
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Principles of Accounting: Single entry and Incomplete records

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Single entry and Incomplete records

By garikaib|2025-02-12T09:40:56+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

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

It is not at all uncommon for business owners to have incomplete accounting records
A lot of SMEs (small and medium enterprises) often do not keep double entry accounting systems
Consider the example of a banana vendor it would be ridiculous for him to keep a double […]

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