ZIMSEC · Form 3 · Syllabus 4051
Principles of Accounts
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- Introduction to accounting and the accounting equation Accounting is recording, classifying and summarising financial information so that owners, managers, banks and ZIMRA can make decisions.
- Source documents and books of original entry Transactions are first recorded in journals before posting to the ledger:
- Double entry and the ledger Every transaction has two effects: one account is debited and another credited with the same amount.
- The trial balance A trial balance lists all ledger balances at a date in two columns. If double entry is correct, the totals agree.
- Cash book and petty cash book Columns for discount, cash and bank on each side. Receipts on the debit side; payments on the credit side.
- Final accounts of a sole trader Gross margin = gross profit ÷ net sales × 100%. Mark-up = gross profit ÷ cost of sales × 100%.