Cambridge O Level/ IGSCE Accounts Notes Archives - Free ZIMSEC & Cambridge Revision Notes

July 2018

Cambrige Notes: The Double Entry Concept
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Cambrige Notes: The Double Entry Concept

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

Cambrige Notes: The Double Entry Concept

By Garikai Dzoma|2018-08-01T07:27:09+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes

You need to pay close attention because this is where the accounting part in accounting begins.
This is the basic rule in accounting which states that any accounting transaction should be recorded twice.
Every debit should have a corresponding credit and every credit should have a corresponding credit.
No matter the […]
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Cambrige Notes: Double Entry Exercise and Solutions
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Cambrige Notes: Double Entry Exercise and Solutions

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

Cambrige Notes: Double Entry Exercise and Solutions

By Garikai Dzoma|2018-07-25T09:57:34+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

ZIMSEC O Level Principles of Accounts: Double Entry Exercise and Solution[/title

You are required to open the asset and liability and capital accounts and record the following transactions for June 20X8 in the records of T. Moyo. 20X8

June 1 Started business with $12,000 in cash.
2 Paid $11 700 of the opening cash into a bank account for […]
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Cambrige Notes: Features of Invoices
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Cambrige Notes: Features of Invoices

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

Cambrige Notes: Features of Invoices

By Garikai Dzoma|2018-07-25T09:57:34+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Invoices

There are two main types of invoices:
A proforma invoice and,
ordinary invoices.

Proforma invoice

Is a document in the form of an invoice.
Is send by a supplier to a potential buyer.
It may be used as a quotation.
It shows terms of payment.
It show quantities of goods/services.
Is […]
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Cambrige Notes: Credit Note and Debit Note
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Cambrige Notes: Credit Note and Debit Note

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

Cambrige Notes: Credit Note and Debit Note

By Garikai Dzoma|2018-08-01T07:30:37+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

A credit note. Image credit debitoor.com

A credit note. Image credit debitoor.com

ZIMSEC O Level Commerce Notes: Credit Note and Debit Note

Credit Note

I issued by a supplier to a buyer.
It is usually printed in red or pink.
It is used when a supplier owes the buyer money.
It shows the flow of money […]
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Cambrige Notes: Receipts and till slips
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Cambrige Notes: Receipts and till slips

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

Cambrige Notes: Receipts and till slips

By Garikai Dzoma|2018-07-25T09:57:34+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

ZIMSEC O Level Commerce Notes: Receipts and till slips

Receipt

Is issued by a seller to a buyer.
It is used to acknowledge a cash payment.
It is evidence of a cash sale.
It shows:
1. The names and addresses of the buyer and seller.
2. date of receipt issue.
3. Reason for payment.
4. Description Of goods-if it is a receipt for […]
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Cambrige Notes: Statement of Account
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Cambrige Notes: Statement of Account

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

Cambrige Notes: Statement of Account

By Garikai Dzoma|2018-08-01T07:32:15+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

ZIMSEC O Level Commerce Notes: Statement of Account

Also known as an account statement or customer statement.
It is a summary of all the transactions (for a particular customer) over a period of time.
It is issued by a seller to a buyer.
It is issued when goods or services are bought on credit.
It is sent as a […]
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Cambrige Notes: Building Societies
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Cambrige Notes: Building Societies

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

Cambrige Notes: Building Societies

By Garikai Dzoma|2018-08-01T07:08:46+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

ZIMSEC O Level Commerce Notes: Money and Banking: Building Societies

Building Societies

Is a type of a financial institution.
A building society is a financial organization which pays interest on investments by its members and lends capital for the purchase or improvement of houses.
The following building societies currently operate in Zimbabwe: CBZ Building Society, ZB building society, CABS […]
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Cambrige Notes: The clearing of cheques
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Cambrige Notes: The clearing of cheques

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

Cambrige Notes: The clearing of cheques

By Garikai Dzoma|2018-08-01T07:14:12+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

ZIMSEC O Level Commerce Notes: Money and Banking: The clearing of Cheques.

There are three ways and circumstances in which a cheque may be cleared.

If the payee and drawer use the same bank and branch

The payee deposits the cheque into his/her account.
The payee is credited and,
The drawer is debited.

If the payee and drawer use the same […]

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Cambrige Notes: Private Limited Companies
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Cambrige Notes: Private Limited Companies

Cambridge O Level/ IGSCE Accounts Notes, Ordinary Level Notes

Cambrige Notes: Private Limited Companies

By Garikai Dzoma|2018-08-01T07:18:31+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Ordinary Level Notes|

ZIMSEC O Level Commerce Notes: Business Organisations: Private Limited Companies

Its operations are governed by the Companies Act.
Formed by 2-50 shareholders.
In other countries a company is formed by 2 or more people with no maximum number of shareholders.
Has a lot of legal formalities including:
It has to create an Articles of Association, Memorandum of Association and […]
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Cambrige Notes: Public Limited Companies
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Cambrige Notes: Public Limited Companies

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

Cambrige Notes: Public Limited Companies

By Garikai Dzoma|2018-07-25T09:57:34+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

ZIMSEC O Level Commerce Notes: Business Organisations: Public Limited Companies

Formation

Membership is open to the public.
Membership is by invitation through a prospectus.
Formed by at least two shareholders and there is no upper limit.
Governed by the Companies Act.
The founding members have to draw up a prospectus, articles and memorandum of association and a statutory declaration and […]
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ZIMSEC has extended the November 2021 registration deadlines