principles of accounts notes Archives - Page 2 of 7 - Free ZIMSEC & Cambridge Revision Notes

Determining whether an account has a debit or credit balance

By garikaib|2022-09-15T12:41:40+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

image credit tahitidance.com

ZIMSEC O Level Principles of Accounts 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 […]
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Trading and profit and loss accounts and balance sheets: Other items

By garikaib|2022-09-15T12:39:59+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

Trading and Profit and Loss Accounts. Image credit caonline.com.au

Trading and Profit and Loss Accounts. Image credit caonline.com.au ZIMSEC O Level Principles of Accounts Notes: Sole Trader: Trading and profit and loss accounts and balance sheets: Other items

The Trading and Profit and Loss Account and Balance Sheet are […]
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Cambrige Notes: Principles of Accounting: Bad Debts and Provision for Doubtful Debts Example
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Cambrige Notes: Principles of Accounting: Bad Debts and Provision for Doubtful Debts Example

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

Cambrige Notes: Principles of Accounting: Bad Debts and Provision for Doubtful Debts Example

By Garikai Dzoma|2022-09-15T12:31:44+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: Bad Debts and Provision for Doubtful Debts Example

We have looked at Bad Debts, Provision for Doubtful Debts and Bad Debts Recovered
Now we will look at an example:

A business, which started trading on 1 January 20X7, adjusted its doubtful debt provision at the end of each year on […]

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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+02:00January 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 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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Sales Journal and the Sales Ledger

By garikaib|2022-09-15T12:41:28+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

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

An example of a Sales Day Book showing entries. Image credit vc-doubleentry.co.uk ZIMSEC O Level Principles of Accounts 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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Sole Trader Final Accounts:G Musandu Trial Balance Question

By garikaib|2022-09-15T12:39:59+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

Trial balance. image credit vpg.lt

Trial balance. image credit vpg.lt ZIMSEC O Level Principles of Accounts Notes: Sole Trader: Trading and profit and loss accounts and balance sheets: Other items

From the following trial balance of G Musandu, draw up a trading and profit and loss account for the year ended 30 […]

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Cambrige Notes: Principles of Accounting: The Sales Ledger
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Cambrige Notes: Principles of Accounting: The Sales Ledger

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

Cambrige Notes: Principles of Accounting: The Sales Ledger

By Garikai Dzoma|2022-09-15T12:31:26+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: The Sales Ledger

A sale occurs when goods bought with intention of reselling them are sold
We have already looked at the Sales Day Book and the Sales Leger here
We have already looked at how transactions can be entered in the Sales Day Book and transferred to the […]
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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+02:00January 24th, 2023|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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The Cash Book

By garikaib|2022-09-15T12:41:03+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts 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 and […]
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G Musandu Solution:Trading and Profit and Loss Account

By garikaib|2022-09-15T12:39:58+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

Trading and Profit and Loss Account for G Muasandu. Image credit fidato.ca

Trading and Profit and Loss Account for G Muasandu. Image credit fidato.ca ZIMSEC O Level Principles of Accounts Notes: Sole Trader: Trading and profit and loss accounts and balance sheets: Other items

This is a solution to the question […]
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January 2023

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