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February 2018

Principles of Accounting: Introduction to Manufacturing Accounts

By | 2018-02-13T10:56:10+00:00 February 13th, 2018|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Introduction to Manufacturing Accounts

  • Thus far we have taken it for granted that businesses purchase everything they sell
  • While it is true that a lot of business purchase inventory and sell it at a profit
  • There are some businesses that manufacture products
  • These manufacturing businesses typically:
    • Acquire Raw materials
    • Process this raw materials […]
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Principles of Accounting: Example to Departmental Accounting Solution

By | 2018-02-13T08:44:38+00:00 February 13th, 2018|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Introduction to Departmental Accounts Example

OK Mart Hillside

Income Statement for the year ended 31 March 20×5

NB We are not asked to prepare the combined accounts but this should be straightforward enough. Please see notes on […]

Principles of Accounting: Departmental Accounting Example

By | 2018-02-13T08:50:49+00:00 February 7th, 2018|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Introduction to Departmental Accounts Example

Example Question

From the following list of balances you are required to prepare a departmental Income Statement in columnar form for the year ended 31 March 20X5, in respect of […]

Principles of Accounting: Introduction to Departmental Accounts

By | 2018-02-13T08:50:03+00:00 February 5th, 2018|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Introduction to Departmental Accounts

  • It is customary to split a large business into various departments
  • For example large retail shops like Pick n’ Pay and OK
  • A shop might have:
    • A furniture department e.g. kitchen tables and chairs
    • Home electrical e.g. irons and fridges
    • Refrigerated foods
    • Fruit and Veggies
    • Liquor
    • Cleaning
    • Foodstuffs etc
  • […]

Principles of Accounting: Accounting for Non-Profits Example

By | 2018-02-05T10:37:26+00:00 February 5th, 2018|Notes, Ordinary Level Notes, Principles of Accounts Notes|

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

On 1 January 20X8 The Lake Chivero Angling Club had the following assets:

  • Cash at bank $200
  • Snack bar stocks $800
  • Club house buildings $12,500

During the year to […]

Principles of Accounting: Non-Profits Example: Income and Expenditure Account

By | 2018-02-05T10:30:58+00:00 February 5th, 2018|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

[…]

Principles of Accounting: Non-Profits Example: Statement of Financial Position

By | 2018-02-05T10:31:50+00:00 February 5th, 2018|Notes, Ordinary Level Notes, Principles of Accounts Notes|

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

Principles of Accounting: Accounting for non profit organisations

By | 2018-02-05T10:20:06+00:00 February 2nd, 2018|Notes, Ordinary Level Notes, Principles of Accounts Notes|

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

  • While it is true that the majority of entities exist primarily to make a profit
  • There are still a large number of organisations which are not for profit
  • While profit is the overriding aim in for profit business
  • Non profit organisations are driven by other goals including:
      […]

January 2018

Principles of Accounting: William Sachikonye Statement of Financial Position

By | 2018-01-31T12:26:08+00:00 January 31st, 2018|Notes, Ordinary Level Notes, Principles of Accounts Notes|

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

William Sachikonye Statement of Financial Position

    […]

Principles of Accounting: William Sachikonye Income Statement

By | 2018-01-31T12:22:31+00:00 January 31st, 2018|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 […]