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ZIMSEC · Form 4 · Syllabus 4051

Principles of Accounts

5 topics5 with notes

Form 4Writing O Level finals this year?Revision mode: every Principles of Accounts past paper by year, with marking schemes, and a checklist of the whole syllabus.
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  1. Bank reconciliation statements The cash book bank balance and the bank statement balance often differ. A bank reconciliation explains the difference. Notes 1 PDF
  1. Final accounts of a sole trader Gross margin = gross profit ÷ net sales × 100%. Mark-up = gross profit ÷ cost of sales × 100%. Notes 1 PDF
  1. Adjustments: accruals, prepayments, depreciation and bad debts Final accounts follow the accruals principle: income and expenses belong to the period in which they are earned or incurred. Notes 1 PDF
  2. Correction of errors and suspense accounts Corrected by a journal entry: debit the account that should be debited (or credit the wrong account), with a narration. Notes 1 PDF
  3. Incomplete records and club accounts Many small traders keep only a cash record. Profit can still be found. Notes 1 PDF