February 2025

Principles of Accounting: Bank Reconciliation Statement Example

By |2025-02-12T09:35:22+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Bank Reconciliation Statement Example

  • As discussed here preparing a bank reconciliation statement involves three steps:
    1. Obtaining the current bank statement
    2. Updating the Cash Book
    3. Preparing the Bank reconciliation statement
  • Now we will look at an example:

Draw up a bank reconciliation statement, after writing the cash book up to date, ascertaining the […]

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Principles of Accounting: William Sachikonye Income Statement

By |2025-02-12T09:07:47+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Single entry and Incomplete records: Example 2

  • This is a solution including workings for the question posted here
  • We are attempting to create an Income Statement so naturally we will start by calculating the sales figure for the year

Sales calculation for the year ended 31 March 20×6

NB This is not a […]

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Principles of Accounting: Capital and Current Accounts Example

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

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: Capital and Current Accounts Example

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Principles of Accounting: Revaluation of Partnership Assets

By |2025-02-12T09:14:40+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

  • It is often the case that when a business is sold the selling price of its assets would differ from their book values
  • In such instances there is either a profit or loss on the sale of the assets
  • This profit has […]
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Stakeholders of the Business

By |2025-02-12T09:15:58+02:00February 12th, 2025|Notes, O Level Business Studies Notes, Ordinary Level Notes, Principles of Accounts Notes|

Every business has several stakeholders Every business has several stakeholders. Image credit modernservantleader.com ZIMSEC O Level Business Studies Notes: Stakeholders of the Business

  • Many people are involved in running a business.
  • Some have direct interest while others have indirect interest in the running of the business.
  • These individuals or groups are known as […]
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The contents of a Balance Sheet/Statement of Financial Position

By |2025-02-12T09:34:08+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

The balance sheet contains several items that have to be explained. Image credit alignmt.com The balance sheet contains several items that have to be explained. Image credit alignmt.com ZIMSEC O Level Principles of Accounts Notes: The contents of a Balance Sheet/Statement of Financial Position

  • While a Balance Sheet could just be […]
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Principles of Accounting: Introduction to data processing

By |2025-02-12T08:57:42+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting Notes: Introduction to data processing

  • Part of accounting involves data processing or processing data
  • Data-refers to raw and unprocessed information for example a transaction event such as the sale of goods bought for resale in exchange for cash
  • Information- is a term that is used to refer to data:
    • That is timely and […]
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Principles of Accounting: The Sales Ledger

By |2025-02-12T09:28:27+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: The Sales Ledger

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Principles of Accounting: The Accruals concept and the Materiality concept

By |2025-02-12T09:19:23+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: The Accruals concept and the Materiality concept

  • As we has already been pointed out in another topic here
  • The accounting function is governed by several concepts which form part of what are known as International Financial Reporting Standards
  • In this topic we will look at:
    1. The Accruals/Matching Concept and
    2. The […]
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