February 2025

Business Studies: Aiding and protecting the consumer: Introduction

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

ZIMSEC O Level Business Studies Notes: Persuading and protecting the consumer

  • Businesses exist to make sales to the customer/consumer
  • To do this businesses need to communicate with the customer with the aim of persuading the potential to buy the business’s products
  • This persuasion is carried out the form of marketing promotions
  • While most businesses act ethically without laws […]
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Principles of Accounting: Discount Received entries simple example

By |2025-02-12T09:13:46+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Source Documents: Three Column Cash Book: Discount Received entries simple example

  • We have looked at the concept of Discount Received here
  • In this topic we will look at entries that can be used to record discount received
  • One thing to be wary off is that different suppliers will likely have different discount […]
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Principles of Accounting: Correcting Errors

By |2025-02-12T09:03:48+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Correcting Errors

  • Errors are not uncommon in accounting processes
  • Often these errors are discovered and revealed at a later date than on the date they were made
  • Errors should not be corrected by tearing/cancelling out the wrong number or similar methods
  • Instead they are corrected by making Journal entries
  • Examination and […]
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Principles of Accounting: Causes of Depreciation

By |2025-02-12T09:35:11+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Introduction to depreciation

  • We have already explained that depreciation is the wasting away of fixed assets
  • We have also explained that it is treated as an expense in the Income Statement where it should appear at least once a year
  • Now we will look at the causes of depreciation
  • It is caused […]
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Principles of Accounting: Purchases Control Accounts

By |2025-02-12T09:20:09+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Purchases Control Accounts

  • Purchases Control Accounts contain a summary view of the purchases ledger
  • Below is a typical purchases control account:
  • Naturally the exact entries depend on transactions that occur in the business in the period under review or the question in an exam

Sources of information when preparing

NB

  • It is […]
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Principles of Accounting: Rate of inventory turnover

By |2025-02-12T09:38:53+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Introduction to Liquidity Ratios: Rate of inventory turnover

  • Proprietors often want to know how “well” their business is doing
  • Besides such measures as profitability
  • one way of estimating liquidity is through the rate of inventory turnover ratio
  • The ratio estimates the number of times inventory is sold or used in a given financial period […]
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Principles of Accounting: Example to Departmental Accounting Solution

By |2025-02-12T09:38:03+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Introduction to Departmental Accounts Example

OK Mart Hillside

Income Statement for the year ended 31 March 20×5

NB We are not asked to prepare the combined accounts but this should be straightforward enough. Please see notes on […]

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Principles of Accounting: Statement of Financial Position Example

By |2025-02-12T09:32:22+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: Partnership Financial Statements Example

  • This is the second part solution to the question that was posted here
  • The first part of the solution to this question can be found here
  • It examines the basic structure of Financial Statements of partnerships
  • In this part we will examine the structure […]
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Principles of Accounting: Partnership dissolution

By |2025-02-12T09:30:31+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: Revaluation of Partnership Assets

  • While it is true that a new partnership is created when partners leave and join the partnership
  • The entries required to show this are actually different from the entries needed when a partnership does actual dissolve
  • From an accounting point of view […]
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Cambrige Notes: Principles of Accounting: Partnership Financial Statements Example

By |2025-02-12T09:21:48+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 Partnerships: Partnership Financial Statements Example

  • As already said elsewhere partnerships also prepare Financial Statements at the end of every period
  • These do not differ much from say those of a Sole Trader
  • Financial Statements of a Partnership include:
  • An Income Statement for the period ended
  • An Appropriation account […]
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