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July 2017

Principles of Accounting: Discount Allowed

By | 2017-07-21T12:14:29+00:00 July 21st, 2017|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Source Documents: Three Column Cash Book: Discount Allowed

  • As already pointed out elsewhere cash and cash equivalent are the life blood of business
  • It is also common cause that most businesses do sell goods on credit
  • To encourage prompt payment businesses offer discounts to their customers
  • When a business offers a […]
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Principles of Accounting: Discount Allowed entries simple example

By | 2017-07-21T12:16:24+00:00 July 21st, 2017|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Source Documents: Three Column Cash Book: Discount Allowed Example

  • We have already looked at Discount Allowed here
  • Here we will look at a simple example in order to look at the entries you need to make
  • We sold goods worth $500 to J Chimusoro on credit on 8 January
  • On January 12 […]

Principles of Accounting: Three Column Cash Book

By | 2017-07-21T12:13:10+00:00 July 20th, 2017|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Source Documents: Three Column Cash Book

  • Most businesses offer credit sales in order to increase sales
  • This creates the debtors accounts which are recorded in the ledger and appear in the Statement of Financial Position (Balance Sheet)
  • Cash and by extension working capital is the life blood of the business
  • To prevent […]

Principles of Accounting: Source Documents: Vouchers

By | 2017-07-19T15:10:30+00:00 July 19th, 2017|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Source Documents: Vouchers

  • A voucher is a written instrument that serves to confirm or witness (vouch) for some fact such as a transaction
  • Vouchers that can be defined as an instrument of a redeemable transaction type
  • which is worth a certain monetary value
  • and which may be spent only for specific reasons or […]

Principles of Accounting: Bank Statement

By | 2017-07-19T14:07:40+00:00 July 19th, 2017|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Source Documents:Bank Statement

  • It is a document or report released (on a fixed date every month) by banks
  • It lists:
    • The balance at the beginning of the period
    • deposits,
    • withdrawals,
    • checks paid,
    • interest earned,
    • service charges
    •  penalties incurred if any
    • The balance at the end of the period
  • on a given account
  • […]

Principles of Accounting: Electronic Data Processing

By | 2017-07-19T13:44:25+00:00 July 19th, 2017|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 […]

Principles of Accounting: Manual processing

By | 2017-07-19T13:44:42+00:00 July 19th, 2017|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting Notes: Manual processing

  • Data processing has been performed manually for millennia (thousands of years)
  • Manual data processing literary means data processing by hand
  • Ancient merchants used to record their trading transactions on clay tablets
  • Kings would record their trade, census and tax data on clay, copper, bronze, brass and stone tablets
  • This data […]

Principles of Accounting: Introduction to data processing

By | 2017-07-19T13:43:37+00:00 July 19th, 2017|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 […]

The Accounting Cycle

By | 2017-07-19T10:36:29+00:00 July 19th, 2017|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting Notes: The Accounting Cycle

  • As has already been pointed out accounting includes the recording and presentation of transactions
  • This recording and presentation is done in a systemic manner i.e. it follows a set pattern
  • This pattern is known as the accounting cycle
  • The accounting cycle refers to the sequence of six steps in […]

Principles of Accounting: Importance of Accounting

By | 2017-07-17T14:30:04+00:00 July 17th, 2017|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting Notes: Importance of Accounting

  • Accounting plays an important role within the organisation
  • Accounting is important for a number of reasons:

Importance and role of accounting

  • It allows the business to record transactions for future reference
  • Provides information about whether a business is profitable or not
  • Provides information about the liquidity of the business
  • Provides […]