February 2025

Business Studies: Aiding and protecting the employee

By |2025-02-12T09:35:09+02:00February 12th, 2025|Notes, O Level Business Studies Notes, Ordinary Level Notes|

ZIMSEC O Level Business Studies Notes: Aiding and influencing the business:Aiding and protecting the employee

  • Employees are quite vulnerable in a number of ways
  • This is especially true during times when unemployment is high as is the case in Zimbabwe
  • High unemployment erodes the bargaining power of employees leaving them at the mercy of employers
  • There are therefore laws […]
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Principles of Accounting: The petty Cash Book

By |2025-02-12T09:16:50+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Source Documents: The petty Cash Book

  • As a business grows it is customary to have a Petty Cash Book and a Cash Book
  • In large businesses if all small transactions were to be recorded in the in the Cash Book it would become unwieldy
  • Imagine the example of a retail giant such […]
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Principles of Accounting: Correcting errors example

By |2025-02-12T09:09:05+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Correcting errors example

The following errors were discovered in the books of K Musana on 31 March 20×7

  1. Purchases $1,410 on credit from A Rombe had been entered in B Rombe’s account
  2. A cheque of $94 paid […]
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Principles of Accounting: Calculating/Estimating depreciation

By |2025-02-12T09:37:17+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Calculating/Estimating depreciation

  • Before it is entered in the books depreciation has to be calculated
  • Where an accurate figure cannot be estimated an estimate has to be used
  • It is entirely up to the business in question to choose an appropriate way of calculating depreciation for each class of assets
  • Whatever the method […]
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Principles of Accounting: Sales Control Accounts

By |2025-02-12T09:22:30+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Sales Control Accounts

  • Sales control accounts present a summarized version of what should be in the Sales Ledger in a given period
  • Below is a typical Sales Control Account:
  • The exact look of the sales control account obviously depends on the nature of transactions involved

Sources of information when preparing

  • It […]
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Principles of Accounting: Single entry and Incomplete records

By |2025-02-12T09:40:56+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Single entry and Incomplete records: Introduction

  • It is not at all uncommon for business owners to have incomplete accounting records
  • A lot of SMEs (small and medium enterprises) often do not keep double entry accounting systems
  • Consider the example of a banana vendor it would be ridiculous for him to keep a double […]
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Principles of Accounting: Introduction to Manufacturing Accounts

By |2025-02-12T09:42:49+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Introduction to Manufacturing Accounts

  • Thus far we have taken it for granted that businesses purchase everything they sell
  • While it is true that a lot of business purchase inventory and sell it at a profit
  • There are some businesses that manufacture products
  • These manufacturing businesses typically:
    • Acquire Raw materials
    • Process this raw materials […]
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Principle of Accounting: The concept of goodwill

By |2025-02-12T09:34:30+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: The concept of goodwill

  • It is not unusual for a business to be bought or sold as a going concern i.e.
  • The entire business (or business unit) and its related assets and liabilities
  • Often when a business is sold or bought it is at a price that is higher than […]
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Principles of Accounting: Partnership Dissolution Entries

By |2025-02-12T09:31:42+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

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

  • While the dissolution of each partnership is no doubt unique
  • There are entries that are typical to the dissolution of each partnership
  • During dissolution the following entries are typically made:
    1. When we transfer provision such as for bad debts/depreciation to their respective asset accounts:
      1. Dr […]
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Cambrige Notes: Principles of Accounting: Company Accounts: Basic Terms

By |2025-02-12T09:21:57+02:00February 12th, 2025|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: 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 […]
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