January 2023

Principles of Accounting: The Going concern concept and consistency 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: The Going concern concept and consistency concept

  • Going concern and consistency concepts are important in the accounting world

The going concern concept

  • It is one of the most fundamental concepts
  • It forms the assumption on which all accounting operations are carried out
  • According to this concept all accounting transactions must be recorded and […]
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Principles of Accounting: Bad Debts Recovered

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

ZIMSEC O Level Principles of Accounts Notes: Bad Debts Recovered

  • We have looked at the concept of Bad and Doubtful Debts
  • For a number of reasons a debt that was previously considered bad might become recoverable:
    • Maybe due to an agreement
    • A court settlement/order
    • The fortunes of the debtor improves
  • When this happens the debt must be reinstated […]
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Principles of Accounting: Profitability Ratios

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

ZIMSEC O Level Principles of Accounts Notes: Profitability Ratios

  • So we have already introduced you to accounting ratios
  • These ratios include a group of ratios that are known as profitability ratios
  • Such ratios measure how well a business performed in profit terms in a given period
  • At this level you are required to know how to calculate three profitability […]
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Principles of Accounting: Non-Profits Example: Income and Expenditure Account

By |2022-09-15T12:32:56+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for non profit organisations Example

The Receipts and Payments Account

Chivero Angling Club Snack Bar Income Statement

Chivero Angling Club Income and Expenditure Account for the year ended 31 December 20×8

[…]

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Principles of Accounting: Solution to Appropriation Account Example

By |2022-09-15T12:32:49+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Solution to Appropriation Account Example

Solution

Gandanga, Waeni and Banda

Appropriation Account for the Year ended 31 December 20×8

To access more topics go to the Principles of Accounts Notes.

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Principles of Accounting: Partnership Dissolution Example

By |2022-09-15T12:32:35+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: Partnership Dissolution Example

  • We have looked at reasons why a partnership might dissolve here
  • Now we will look at an example question
  • The solution to this question can be found by clicking here

Question

Nkosi,Xo and Zack have been in partnership for several years, sharing profits and losses in the ratio […]

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Introduction to Shares

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

Image credit pfguru.com Image credit pfguru.com ZIMSEC O Level Business Studies Notes: Introduction to Shares

  • This is a unit or portion of capital.
  • It represents a stake in a limited liability business.

Types/Classes of shares.

  • There are basically two types of shares:
  • Ordinary and preference shares.

Ordinary shares

  • these represent equity ownership […]
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Sole Trader Final Accounts:G Musandu Trial Balance Question

By |2022-09-15T12:39:59+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

Trial balance. image credit vpg.lt Trial balance. image credit vpg.lt ZIMSEC O Level Principles of Accounts Notes: Sole Trader: Trading and profit and loss accounts and balance sheets: Other items

From the following trial balance of G Musandu, draw up a trading and profit and loss account for the year ended 30 […]

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