principles of accounts notes Archives - Free ZIMSEC & Cambridge Revision Notes

Cambrige Notes: Preparing a Trial Balance
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Cambrige Notes: Preparing a Trial Balance

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

Cambrige Notes: Preparing a Trial Balance

By Garikai Dzoma|2022-09-15T12:30:54+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Preparing a Trial Balance

As already said a trial balance is extracted from the ledger accounts by listing all the credit and debit balances that are in the entity’s books at the end of each trading period.
The following steps are involved in the extraction and preparation of a trial […]
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Cambrige Notes: Determining whether an account has a debit or credit balance
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Cambrige Notes: Determining whether an account has a debit or credit balance

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

Cambrige Notes: Determining whether an account has a debit or credit balance

By Garikai Dzoma|2022-09-15T12:30:55+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes:Determining whether an account has a debit or credit balance

Sometimes in a bid to confuse you during the examination examiners will present you with a jumbled list of balances which might require you to determine whether the accounts should be on the debit side or credit side of the trial balance.

[…]

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Cambrige Notes: Sales Journal and the Sales Ledger

By Garikai Dzoma|2022-09-15T12:30:57+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

An example of a Sales Day Book showing entries. Image credit vc-doubleentry.co.uk

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Books of Original Entry: Sales Journal and the Sales Ledger

When cash or other payments e.g. Ecocash/Visa/MasterCard is received when […]
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Cambrige Notes: The Cash Book
Cambrige Notes: The Cash Book

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

Cambrige Notes: The Cash Book

By Garikai Dzoma|2022-09-15T12:30:59+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cash Book Example. Frank Wood's Business Accounting I

Cash Book Example. Frank Wood’s Business Accounting I

ZIMSEC O Level Principles of Accounts: Books of Original Entry: Cash Book

The Cash Book consists of the cash account and the bank account put together in one book.
The result is that all monies paid […]
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Cambrige Notes: Cash Book Entries to record Cash Deposited into the Bank
Cambrige Notes: Cash Book Entries to record Cash Deposited into the Bank

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

Cambrige Notes: Cash Book Entries to record Cash Deposited into the Bank

By Garikai Dzoma|2022-09-15T12:31:00+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cash Book Example. Frank Wood's Business Accounting I

Cash Book Example. Frank Wood’s Business Accounting I

ZIMSEC O Level Principles of Accounts: Books of Original Entry: Cash Book Entries to record Cash Deposited into the Bank

If a business receives cash from its customers and
The cash is later paid into (deposited) […]
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Cambrige Notes: Introduction to the Trading and Profit and Loss Account
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Cambrige Notes: Introduction to the Trading and Profit and Loss Account

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

Cambrige Notes: Introduction to the Trading and Profit and Loss Account

By Garikai Dzoma|2022-09-15T12:31:04+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Introduction to the Trading and Profit and Loss Account

The profit/loss of a business is calculated by preparing a trading and profit and loss account
It is sometimes called only the profit and loss account in error
It is also more accurately known as the: Statement of Comprehensive Income
It is […]
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Cambrige Notes: Uses and the importance of the Trading and Profit and Loss Account
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Cambrige Notes: Uses and the importance of the Trading and Profit and Loss Account

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

Cambrige Notes: Uses and the importance of the Trading and Profit and Loss Account

By Garikai Dzoma|2022-09-15T12:31:05+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Uses and the importance of the Trading and Profit and Loss Account

People set up businesses to make a profit
Profit is the main objective of most privately owned businesses
However a business may fail to make a profit
The business may make a loss instead
The owners of a business […]
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Cambrige Notes: Terms used in the Trading and Profit and Loss account/Income Statement
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Cambrige Notes: Terms used in the Trading and Profit and Loss account/Income Statement

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

Cambrige Notes: Terms used in the Trading and Profit and Loss account/Income Statement

By Garikai Dzoma|2022-09-15T12:31:05+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Terms used in the Trading and Profit and Loss account/Income Statement

Gross profit

is the excess of sales over the cost of goods sold
If the amount of cost of goods sold is more than the amount of sales the result is a gross loss
Gross profit is found in the Trading […]
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Cambrige Notes: Sole Trader: Trading and Profit and Loss Account and Capital Accounts
Cambrige Notes: Sole Trader: Trading and Profit and Loss Account and Capital Accounts

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

Cambrige Notes: Sole Trader: Trading and Profit and Loss Account and Capital Accounts

By Garikai Dzoma|2022-09-15T12:31:05+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Terms used in the Trading and Profit and Loss account

The Trading and Profit and Loss Account is not balanced off at the end of the trading period
This means there are in no corresponding “balance b/d” in the books
Instead the Net Profit increases the capital of the owner
This […]
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Cambrige Notes: The format of a Simple Trading and Profit and Loss Account/Income Statement
Cambrige Notes: The format of a Simple Trading and Profit and Loss Account/Income Statement

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

Cambrige Notes: The format of a Simple Trading and Profit and Loss Account/Income Statement

By Garikai Dzoma|2022-09-15T12:31:06+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: The format of a Simple Trading and Profit and Loss Account

The Name of the Business/Proprieter

NB The exact names and types of expenses and other income will vary from business to business you should take your cue from the examination question

Trading and Profit and Loss Account and the Expense […]

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July 2018

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