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ZIMSEC O-Level Principles of Accounting

8Accounting Concepts

Accounting Concepts in ZIMSEC O-Level Principles of Accounting: what the syllabus expects you to know, the learning objectives and how to practise.
Topic28 practice questions2 lessons
Practise this topicAll Principles of Accounting topics

Overview

Form 3 (scope and sequence): matching/accrual, prudence, going concern, consistency, historical cost and double entry.

Learning objectives

What the syllabus expects you to be able to do.

  1. 8.1Form 3: explain the listed accounting concepts and apply them in preparing financial statements.

Lessons

  • Applied accounting concepts: matching, prudence, consistency, materiality and realisation

    40 min

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  • Foundation accounting concepts: entity, duality, money measurement, historic cost and going concern

    35 min

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Sample question

A sample question on this topic. Answer it, check it, then read the worked answer.

Accounting Concepts: sample question

1 mark

Inventory that cost US$1,800 can now be sold for only US$1,100 because it is damaged. It is valued at US$1,100. Which concept is being applied?

Choose one answer

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