January 2023

Principles of Accounting: Introduction to Departmental Accounts

By |2022-09-15T12:32:55+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Introduction to Departmental Accounts

  • It is customary to split a large business into various departments
  • For example large retail shops like Pick n’ Pay and OK
  • A shop might have:
    • A furniture department e.g. kitchen tables and chairs
    • Home electrical e.g. irons and fridges
    • Refrigerated foods
    • Fruit and Veggies
    • Liquor
    • Cleaning
    • Foodstuffs etc

    • […]

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Principles of Accounting: Income Statement and Appropriation Account Example

By |2022-09-15T12:32:48+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

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

  • This is the first part solution to the question that was posted here
  • It examines the basic structure of Financial Statements of partnerships
  • In this part we will look at the Income Statement and Appropriation Account for Save and Moyo

Solution

Save and Moyo

Income Statement and Appropriation […]

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Principles of Accounting: Company Accounts: Introduction

By |2022-09-15T12:32:34+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Limited Liability Companies: Introduction

  • It is important to note that all accounts are prepared on the basis that the owner and his/her business are two separate persons
  • This does not matter if the business is not considered a separate legal entity for example partnerships and sole trader businesses
  • However actual companies […]
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Commerce:Invoices

By |2022-09-15T12:43:58+02:00January 24th, 2023|Notes, O Level Commerce Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC Commerce Notes: Invoices

  • There are two main types of invoices:
  • A proforma invoice and,
  • ordinary invoices.

Proforma invoice

  • Is a document in the form of an invoice.
  • Is send by a supplier to a potential buyer.
  • It may be used as a quotation.
  • It shows terms of payment.
  • It show quantities of goods/services.
  • Is used when goods are send […]
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Multinational Companies/ Trans National Companies

By |2022-09-15T12:40:41+02:00January 24th, 2023|Notes, O Level Business Studies Notes, Ordinary Level Notes, Principles of Accounts Notes|

Cocal Cola is an example of a Multinational Company. Image credit source.co.zw Cocal Cola is an example of a Multinational Company. Image credit source.co.zw ZIMSEC O Level Business Studies Notes: Multinational Companies/ Trans National Companies

  • These are large limited liability companies with branches in other countries and a headquarters in one […]
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Principles of Accounting: Discount Allowed

By |2022-09-15T12:33:32+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Source Documents: Three Column Cash Book: Discount Allowed

  • As already pointed out elsewhere cash and cash equivalent are the life blood of business
  • It is also common cause that most businesses do sell goods on credit
  • To encourage prompt payment businesses offer discounts to their customers
  • When a business offers a […]
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Principles of Accounting: Balancing off the Accounts Example

By |2022-09-15T12:33:24+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Balancing off the Accounts Example

  • We have already looked at the steps you need to take when balancing off the accounts here
  • We will now look at a simple example:

The following transactions took place in the books of Esnath Pasipanodya in the month of August

20X7
August
1 Credit sales G Wadii $310; K […]

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Principles of Accounting: Accruals and Financial Statements

By |2022-09-15T12:33:16+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Accruals and Financial Statements

  • Accruals are amounts owing at the end of the period when they are due
  • For this reason they are sometimes known as owings
  • There are two types of owings in busines:
    1. Owed income which is accrued income at the end of the period for example when the […]
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