February 2025

Fixed costs, variable costs, direct costs and indirect cost

By |2025-02-12T09:16:19+02:00February 12th, 2025|Notes, O Level Business Studies Notes, Ordinary Level Notes|

ZIMSEC O Level Business Studies Notes: Business Finance and Accounting: Fixed costs, variable costs, direct costs and indirect cost

  • Cost accounting is the accounting function concerned with calculating costs
  • Cost is an amount that has to be paid or given up in order to get something
  • In business costs are expressed in monetary terms
  • In this discussion costs include:
      […]
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Principles of Accounting: Manual processing

By |2025-02-12T08:59:13+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting Notes: Manual processing

  • Data processing has been performed manually for millennia (thousands of years)
  • Manual data processing literary means data processing by hand
  • Ancient merchants used to record their trading transactions on clay tablets
  • Kings would record their trade, census and tax data on clay, copper, bronze, brass and stone tablets
  • This data […]
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Principles of Accounting: Making entries in the Sales Ledger

By |2025-02-12T09:28:49+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Making entries in the Sales Ledger

  • In this example we will make entries into the Sales Ledger, Cash Book and General Ledger
  • We will be skipping the books of original entry
  • Although this is not how things are done in practice
  • Examination/Exercise question might ask you to make double entries […]
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Principles of Accounting: The Prudence concept and the Business entity concept

By |2025-02-12T09:21:30+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: The Prudence concept and the Business entity concept

  • In another topic you were introduced to the idea of accounting concepts
  • These are the underlying principles that govern the accounting discipline
  • In this topic we will look at the following concepts:
  • The Business Entity Concept
  • The Prudence Concept

Business Entity Concept

  • You might […]
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Principles of Accounting: Disposal of Fixed Assets Example

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

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

  • Now that we have looked at the entries required to record depreciation
  • It is time to look at a simple example:

A business whose financial year ends at 31 December purchased on 1 January 20X7 a machine for $5,000. The machine was to be depreciated by ten equal […]

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Principles of Accounting: Bank Reconciliation Statement Overdraft Example

By |2025-02-12T09:41:30+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Bank Reconciliation Statement Overdraft Example

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Principles of Accounting: William Sachikonye Income Statement

By |2025-02-12T09:07:47+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

  • This is a solution including workings for the question posted here
  • We are attempting to create an Income Statement so naturally we will start by calculating the sales figure for the year

Sales calculation for the year ended 31 March 20×6

NB This is not a […]

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Principles of Accounting: Capital and Current Accounts Example

By |2025-02-12T09:12:40+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 Example

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Principles of Accounting: Goodwill: Example entries when a new partner is admitted

By |2025-02-12T09:00:25+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: Goodwill: Example entries when a new partner is admitted

  • We have looked at entries to be made in the books when a new partner is admitted into the business
  • Now it is time to look at a simple example of the entries involved

Example Question

Partners Chinjekure and Mupfumi share profits and […]

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Principles of Accounting: Statements of Changes in Equity

By |2025-02-12T08:57:27+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Limited Liability Companies: Statements of Changes in Equity

  • Besides the Statement of Financial Position and Income Statement
  • Companies are also required to prepare a Statement of Changes in Equity
  • This statement as implied by its name shows changes in equity from the beginning to the end of the year
  • Equity […]
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