January 2023

Principles of Accounting: The Appropriation Account

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:The Appropriation Account

  • Apart from a few nuances partnerships prepare normal financial statements
  • These are almost indistinguishable from those of Sole Traders
  • They include the usual Income Statement ( Trading and Profit and Loss Account) and the Statement of Financial Position
  • If this is a manufacturing partnership the Manufacturing Account is […]
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Principles of Accounting: Partnership dissolution

By |2022-09-15T12:32:37+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: Goodwill and Partnership businesses: Revaluation of Partnership Assets

  • While it is true that a new partnership is created when partners leave and join the partnership
  • The entries required to show this are actually different from the entries needed when a partnership does actual dissolve
  • From an accounting point of view […]
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Users of Accounting Information

By |2022-09-15T12:44:08+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

There are various users of accounting information. Image credit Enlgish-Today-Jarkata. There are various users of accounting information. Image credit Enlgish-Today-Jarkata.

ZIMSEC Principles of Accounts Notes: Users of Accounting Information.

  • Users of accounting information can be divided into two groups:
  • Internal users and,
  • External users.
  • Users of accounting information are sometimes known as stakeholders […]
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Preparing a Trial Balance

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

ZIMSEC O Level Principles of Accounts Notes: Preparing a Trial Balance

  • As already said a trial balance is extracted from the ledger accounts by listing all the credit and debit balances that are in the entity’s books at the end of each trading period.
  • The following steps are involved in the extraction and preparation of a trial balance:
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    Partnership Business

    By |2022-09-15T12:40:52+02:00January 24th, 2023|Notes, O Level Business Studies Notes, Ordinary Level Notes, Principles of Accounts Notes|

    Deloitte and Touche are examples of a Partnership Business.

    Deloitte and Touche are examples of a Partnership Business.ZIMSEC O Level Business Studies Notes: Partnership Business

    Characteristics/Features

    • A partnership is an unincorporated association of two or more individuals to carry on a business for profit. General partnerships are usually made up of 2-20 partners. Special […]
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    Sole Trader: Simple Balance Sheet Example 2

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

    Image credit udiscover-psbedu.paris Image credit udiscover-psbedu.paris ZIMSEC O Level Principles of Accounts Notes: Sole Trader: Simple Balance Sheet Example 2

    From the following trial balance of J Nhiwatiwa after his first year’s trading, you are required to
    draw up a trading and profit and loss account for the year ended 30 June […]

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    Principles of Accounting: Electronic Data Processing

    By |2022-09-15T12:33:34+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

    ZIMSEC O Level Principles of Accounting Notes: Electronic Data Processing

    • With the advent of computers electronic data processing has become prevalent
    • Electronic data processing is the use of computers in recording, classifying, manipulating,presenting and summarizing data
    • In the early days of computers electronic processing was rather limited
    • At first it involved the use of electronic calculators to aid manual […]
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    Principles of Accounting: The Purchases Ledger

    By |2022-09-15T12:33:26+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

    ZIMSEC O Level Principles of Accounts Notes: The Purchases Ledger

    • A purchase is when good(s) are bought with intention of selling them later,
    • usually these goods will be sold at a profit
    • Items bought with the intention of using them in the business are known as assets
    • We have already looked at how to make entries in the Purchases […]
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    Principles of Accounting: Money measurement concept and Historical cost concept

    By |2022-09-15T12:33:18+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

    ZIMSEC O Level Principles of Accounts Notes:Money measurement concept and Historical cost concept

    • At the heart of the accounting discipline are two important concepts:
    • The Money measurement concept and
    • The Historical cost concept

    The Money measurement concept

    • It is also known as the measurability concept
    • The concept dictates that only transactions and events that are capable of being measured in […]
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    Principles of Accounting: Introduction to Bad Debts

    By |2022-09-15T12:33:10+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

    ZIMSEC O Level Principles of Accounts Notes: Introduction to Bad Debts

    • To understand the concept of Provision for Doubtful debts first we must look at Bad Debts
    • As outlined during the discussion of the matching/accruals concept
    • Most businesses conduct business on credit in addition to cash sales
    • Typically with cash sales payment is received when the goods […]
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