Notes

/Notes

June 2018

Introduction to costing terms

By | 2018-06-21T08:57:42+00:00 June 21st, 2018|Cambridge AS A Level Accounting, Notes, ZIMSEC A Level Accounting|

Cambrige AS and A Level Accounting Notes (9706)/ ZIMSEC  Advanced Accounting Level Notes: Costing Terms

  • Before we get started with the actual costing process you need to get acquainted with various cost accounting terms and costing
  • It is important to note that this is not meant to be a glossary of all the terms in cost accounting
  • This is […]

Differences between Financial Accounting and Cost and Management Accounting

By | 2018-06-21T07:58:54+00:00 June 21st, 2018|Cambridge AS A Level Accounting, Notes, ZIMSEC A Level Accounting|

Cambrige AS and A Level Accounting Notes (9706)/ ZIMSEC  Advanced Accounting Level Notes: Differences between Financial Accounting and Cost and Management Accounting

  • We have already looked at the basics and definition of both:
  • Financial Accounting as well as
  • Cost and Management Accounting in the post here
  • Here we will looked at a summarised version between the two:
  • Remember […]

A Level Accounting: Introduction to costs and management accounting

By | 2018-06-21T08:04:03+00:00 June 21st, 2018|Cambridge AS A Level Accounting, Notes, ZIMSEC A Level Accounting|

Cambrige AS and A Level Accounting Notes (9706)/ ZIMSEC  Advanced Accounting Level Notes: Introduction to Cost and Management Accounting

  • All Accounting can generally be divided into two branches:
    • Financial Accounting
    • Cost and Management Accounting

Financial Accounting

  • involves the recording the financial transactions of an organisation
  • And summarising them in periodic financial statements for external stakeholders who want to analyse and […]

May 2018

Principles of Accounting: Introduction to ethics and basic terms

By | 2018-05-18T11:47:13+00:00 May 18th, 2018|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Introduction to Business Ethics

  • History has shown that accountants occupy an important within the organisation
  • The financial well being is of fundamental importance to all stakeholders
  • Unlike other employees of the organisation an accountant’s responsibility is not exclusively to satisfy the needs of an individual client or employer
  • He/She need not blindly […]

Principles of Accounting: Statements of Changes in Equity

By | 2018-05-18T10:13:02+00:00 May 18th, 2018|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Limited Liability Companies: Statements of Changes in Equity

  • Besides the Statement of Financial Position and Income Statement
  • Companies are also required to prepare a Statement of Changes in Equity
  • This statement as implied by its name shows changes in equity from the beginning to the end of the year
  • Equity […]

Principles of Accounting: Statement of Financial Position for Companies

By | 2018-05-18T09:38:24+00:00 May 18th, 2018|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Limited Liability Companies: Statement of Financial Position

  • We have looked at the Income Statement for companies here
  • We will now look at the structure of the Statement of Financial Position
  • The Statement of Financial Position is almost identical to the one prepared for sole traders
  • In fact the Assets side […]

Principles of Accounting: Format of Income Statement for Companies

By | 2018-05-18T09:38:12+00:00 May 18th, 2018|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Limited Liability Companies: Income Statement

  • As already pointed out in our introduction
  • The structure of the Income Statement ( Profit and Loss part) prepared for limited liability companies such as Private Limited (PVT LTD) and Public Limited Liability companies
  • is especially different from those prepared for sole traders and partnerships
  • […]

Principles of Accounting: Company Accounts: Basic Terms

By | 2018-05-14T07:21:17+00:00 May 14th, 2018|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Limited Liability Companies: Basic Terms

  • As pointed out elsewhere there are subtle differences between accounting for sole trader businesses, partnerships and non-profit entities when compared to accounting for limited liability companies
  • This is due to differences in the way limited liability companies conduct their business when compared to the rest
  • […]

Principles of Accounting: Company Accounts: Introduction

By | 2018-05-07T09:54:17+00:00 May 7th, 2018|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Limited Liability Companies: Introduction

  • It is important to note that all accounts are prepared on the basis that the owner and his/her business are two separate persons
  • This does not matter if the business is not considered a separate legal entity for example partnerships and sole trader businesses
  • However actual companies […]

April 2018

Principles of Accounting: Partnership Dissolution Solution to Example Question

By | 2018-04-20T10:18:16+00:00 April 20th, 2018|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: Partnership Dissolution Example

  • We looked at the basics of partnership dissolution here
  • We also posted an example question here
  • Now we will present the solution to that question

The realisation account

  • Debtors and Receivables are just one and the same thing
  • Creditors can also be referred to as […]
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