February 2025

Uses, advantages and disadvantages of budgets

By |2025-02-12T09:13:33+02:00February 12th, 2025|Notes, O Level Business Studies Notes, Ordinary Level Notes|

ZIMSEC O Level Business Studies Notes: Business Finance and Accounting: Ratio Analysis: Budgets: Uses, advantages and disadvantages of budgets

  • Facilitate coordination between departments within the organisation
  • Helps to assign and clarify responsibilities e.g. the production department must produce and the marketing department sell produced units
  • Help to translate strategic plans into actionable departmental goals
  • Improves communication
  • Help to control […]
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Principles of Accounting: Introduction to data processing

By |2025-02-12T08:57:42+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting Notes: Introduction to data processing

  • Part of accounting involves data processing or processing data
  • Data-refers to raw and unprocessed information for example a transaction event such as the sale of goods bought for resale in exchange for cash
  • Information- is a term that is used to refer to data:
    • That is timely and […]
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Principles of Accounting: The Sales Ledger

By |2025-02-12T09:28:27+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: The Sales Ledger

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Principles of Accounting: The Accruals concept and the Materiality concept

By |2025-02-12T09:19:23+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: The Accruals concept and the Materiality concept

  • As we has already been pointed out in another topic here
  • The accounting function is governed by several concepts which form part of what are known as International Financial Reporting Standards
  • In this topic we will look at:
    1. The Accruals/Matching Concept and
    2. The […]
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Principles of Accounting: Disposal of Fixed Assets

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

ZIMSEC O Level Principles of Accounts Notes: Disposal of Fixed Assets

  • Eventually all fixed assets (non-current assets) bought for resale reach their end of life
  • More often than not a non-current asset is sold way before it reaches its end of life
  • This can happen for any number of reasons:
    • To raise cash and improve the business’s liquidity standing

      • […]

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Principles of Accounting: Bank reconciliation statement and bank overdraft

By |2025-02-12T09:39:20+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Bank reconciliation statement and bank overdraft

  • Preparing a bank reconciliation statement is easy
  • In the last example we assumed that the business had a positive balance shown by a a debit bank balance in the bank column of the cash book and a credit balance on the bank statement
  • In reality […]
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Principles of Account: Incomplete and Single Records Example 2

By |2025-02-12T09:06:45+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Single entry and Incomplete records: Example 2

  • Our first example on this topic was relatively straight forward
  • We will now look at a more challenging and comprehensive example
  • On how to create Financial Statements in cases where only single entry and incomplete records are kept

The Question

William Sachikonye runs a second-hand furniture business […]

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Principles of Accounting: Partnerships: Basic guidelines when answering questions

By |2025-02-12T09:11:48+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: Capital and Current Accounts

  • As we will continue to emphasize throughout the topic
  • You ought to pay attention to the requirements of the question and follow these
  • Where there are no guidelines or the question is silent remember the following provisions:
    • Profits and losses are to be shared equally

      • […]

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Principles of Accounting: Goodwill: When a new partner is admitted

By |2025-02-12T08:58:56+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: Goodwill and Partnership businesses: When a new partner is admitted

  • It is not uncommon for a partnership business to admit a new partner
  • This is happens for any number of reasons including:
    • To admit a partner with new skills
    • When the firm is expanding
    • To replace a partner who is […]
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Principles of Accounting: Statement of Financial Position for Companies

By |2025-02-12T09:45:12+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Limited Liability Companies: Statement of Financial Position

  • We have looked at the Income Statement for companies here
  • We will now look at the structure of the Statement of Financial Position
  • The Statement of Financial Position is almost identical to the one prepared for sole traders
  • In fact the Assets side […]
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