February 2025

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: Statement of Affairs

By |2025-02-12T09:42:13+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Single entry and Incomplete records: Statement of Affairs

  • As already covered in the introduction to single entry and incomplete records
  • One of the first required steps in order to prepare financial statements
  • Is to prepare a Statement of Affairs
  • A Statement of Affairs is a summary of an entity’s asset and liabilities

    • […]

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Principles of Accounting: The format of Manufacturing Accounts

By |2025-02-12T09:44:23+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: The structure of Manufacturing Accounts

  • In the other post we introduced you to manufacturing accounts
  • In this post we will look at typical formats of manufacturing accounts
  • This is not to say there are different formats, no
  • We are merely going to present a simple manufacturing account
  • Followed by one that incorporates […]
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Principles of Accounting: Partnership Entries for Goodwill: Changes in Profit Sharing Ratios

By |2025-02-12T09:35:55+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Partnership Entries for Goodwill: Changes in Profit Sharing Ratios

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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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Building Societies

By |2025-02-12T09:34:53+02:00February 12th, 2025|Notes, O Level Commerce Notes, Ordinary Level Notes, Principles of Accounts Notes|

FBC Building Society. Image credit businessdaily.co.zw FBC Building Society. Image credit businessdaily.co.zw ZIMSEC O Level Commerce Notes: Money and Banking: Building Societies

Building Societies

  • Is a type of a financial institution.
  • A building society is a financial organization which pays interest on investments by its members and lends capital for the purchase or […]
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Sole Trader: Trading and Profit and Loss Account and Capital Accounts

By |2025-02-12T09:18:14+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

Image credit clarkewillmott.com Image credit clarkewillmott.com ZIMSEC O Level Principles of Accounts Notes: Terms used in the Trading and Profit and Loss account

  • The Trading and Profit and Loss Account is not balanced off at the end of the trading period
  • This means there are in no corresponding “balance b/d” in the […]
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