January 2023

Source Documents and their uses

By |2022-09-15T12:41:54+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

A bank cheque is an example of a source document. Image credit delcamp.net

A bank cheque is an example of a source document. Image credit delcampe.net ZIMSEC O Level Principles of Accounts Notes: Source Documents and their uses
  • Accounting is the systematic recording of financial transactions in monetary terms.
  • Every time a […]

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Stakeholders of the Business

By |2022-09-15T12:40:54+02:00January 24th, 2023|Notes, O Level Business Studies Notes, Ordinary Level Notes, Principles of Accounts Notes|

Every business has several stakeholders

Every business has several stakeholders. Image credit modernservantleader.com ZIMSEC O Level Business Studies Notes: Stakeholders of the Business
  • Many people are involved in running a business.
  • Some have direct interest while others have indirect interest in the running of the business.
  • These individuals or groups are known as […]

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The contents of a Balance Sheet/Statement of Financial Position

By |2022-09-15T12:40:00+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

The balance sheet contains several items that have to be explained. Image credit alignmt.com

The balance sheet contains several items that have to be explained. Image credit alignmt.com ZIMSEC O Level Principles of Accounts Notes: The contents of a Balance Sheet/Statement of Financial Position
  • While a Balance Sheet could just be […]

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Principles of Accounting: Introduction to data processing

By |2022-09-15T12:33:35+02:00January 24th, 2023|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 |2022-09-15T12:33:27+02:00January 24th, 2023|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 |2022-09-15T12:33:19+02:00January 24th, 2023|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 |2022-09-15T12:33:11+02:00January 24th, 2023|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 |2022-09-15T12:33:04+02:00January 24th, 2023|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 Accounting: William Sachikonye Statement of Financial Position

By |2022-09-15T12:32:57+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

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

William Sachikonye Statement of Financial Position

    […]

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Principles of Accounting: Solution to Capital and Current Accounts example

By |2022-09-15T12:32:50+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

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

The Capital Accounts

The Current Accounts for the partners

  • This hopefully […]

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