February 2025

Determining whether an account has a debit or credit balance

By |2025-02-12T09:07:52+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

image credit tahitidance.com image credit tahitidance.com

ZIMSEC O Level Principles of Accounts Notes:Determining whether an account has a debit or credit balance

  • Sometimes in a bid to confuse you during the examination examiners will present you with a jumbled list of balances which might require you to determine whether the accounts […]
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Introduction to Limited Liability Companies

By |2025-02-12T09:21:51+02:00February 12th, 2025|Notes, O Level Business Studies Notes, Ordinary Level Notes, Principles of Accounts Notes|

Pick n Pay is an example of a limited liability company. Image credit tmsm.co.zw Pick n Pay is an example of a limited liability company. Image credit tmsm.co.zw ZIMSEC O Level Business Studies Notes: Introduction to Limited Liability Companies

  • Contrary to popular belief among students and common people the word company […]
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Trading and profit and loss accounts and balance sheets: Other items

By |2025-02-12T09:39:14+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

Trading and Profit and Loss Accounts. Image credit caonline.com.au Trading and Profit and Loss Accounts. Image credit caonline.com.au ZIMSEC O Level Principles of Accounts Notes: Sole Trader: Trading and profit and loss accounts and balance sheets: Other items

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Principles of Accounting: Bank Statement

By |2025-02-12T09:01:48+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Source Documents:Bank Statement

  • It is a document or report released (on a fixed date every month) by banks
  • It lists:
    • The balance at the beginning of the period
    • deposits,
    • withdrawals,
    • checks paid,
    • interest earned,
    • service charges
    •  penalties incurred if any
    • The balance at the end of the period
  • on a given account

    • […]

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Principles of Accounting: Making entries in the Purchases Ledger

By |2025-02-12T09:31:40+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

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

  • In this example we will make entries into the Purchases 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 in […]
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Principles of Accounting: The Going concern concept and consistency concept

By |2025-02-12T09:23:51+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: The Going concern concept and consistency concept

  • Going concern and consistency concepts are important in the accounting world

The going concern concept

  • It is one of the most fundamental concepts
  • It forms the assumption on which all accounting operations are carried out
  • According to this concept all accounting transactions must be recorded and […]
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Principles of Accounting: Bad Debts Recovered

By |2025-02-12T09:07:56+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Bad Debts Recovered

  • We have looked at the concept of Bad and Doubtful Debts
  • For a number of reasons a debt that was previously considered bad might become recoverable:
    • Maybe due to an agreement
    • A court settlement/order
    • The fortunes of the debtor improves
  • When this happens the debt must be reinstated […]
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Principles of Accounting: Profitability Ratios

By |2025-02-12T09:25:39+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Profitability Ratios

  • So we have already introduced you to accounting ratios
  • These ratios include a group of ratios that are known as profitability ratios
  • Such ratios measure how well a business performed in profit terms in a given period
  • At this level you are required to know how to calculate three profitability […]
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Principles of Accounting: Non-Profits Example: Income and Expenditure Account

By |2025-02-12T09:23:53+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for non profit organisations Example

The Receipts and Payments Account

Chivero Angling Club Snack Bar Income Statement

Chivero Angling Club Income and Expenditure Account for the year ended 31 December 20×8

[…]

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Principles of Accounting: Solution to Appropriation Account Example

By |2025-02-12T09:26:04+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Solution to Appropriation Account Example

Solution

Gandanga, Waeni and Banda

Appropriation Account for the Year ended 31 December 20×8

To access more topics go to the Principles of Accounts Notes.

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