February 2025

Principles of Accounting: The Appropriation Account

By |2025-02-12T09:20:48+02:00February 12th, 2025|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 |2025-02-12T09:30:31+02:00February 12th, 2025|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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The trial balance

By |2025-02-12T09:22:25+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: The trial balance

  • It has already been explained that at the core of accounting is the double entry principle.
  • The principle states that there are two aspects or sides to every transaction: a debit and a credit.
  • A trial balance is a list of all the debits and all the credits […]
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Partnership Business

By |2025-02-12T09:21:11+02:00February 12th, 2025|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 |2025-02-12T09:36:52+02:00February 12th, 2025|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 |2025-02-12T08:59:53+02:00February 12th, 2025|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 |2025-02-12T09:30:30+02:00February 12th, 2025|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 |2025-02-12T09:23:06+02:00February 12th, 2025|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 |2025-02-12T09:07:33+02:00February 12th, 2025|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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Principles of Accounting: Introduction to Accounting ratios

By |2025-02-12T09:24:34+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Introduction to Accounting Ratios

Introduction to ratios in Accounting

  • Often in business numbers given in isolation are difficult to interpret
  • For example Business A makes a profit of $10 000 while Business B makes a profit of $10 million
  • It would be difficult to know which business better between the two
  • Those new […]
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