Zimbabwe O-Level Accounting

This course covers the fundamentals of accounting principles and practices, equipping learners with the skills to record, interpret, and present financial information. It is designed for Forms 1-4 and emphasizes practical application, including running small projects and understanding business ethics (Unhu/Ubuntu/Vumunhu). The syllabus aims to foster critical thinking, financial literacy, and enterprise skills, preparing learners for further studies or careers in accounting and related fields.

Form 1

  • Introduction to Principles of Accounting: Covers basic accounting terminology (business, accounting, transactions, bookkeeping, capital, assets, liabilities, income, expenses, profit), types of business activities (trading, manufacturing, service provision), and business organizations (sole proprietorships, partnerships, limited companies). It also introduces the importance of accounting and identifies users of financial information.
  • Accounting Cycle: Introduces the stages of the accounting cycle: transactions, source documents, subsidiary books, ledger, trial balance, and financial statements.
  • Data Processing Methods: Explores manual and electronic methods of processing accounting data.
  • Source Documents: Covers various source documents and their significance, including receipts, cheques, invoices, debit notes, credit notes, vouchers, bank statements, and statements of account.
  • Subsidiary Books: Introduces different subsidiary books, including the two-column cash book, sales journal, purchases journal, sales returns journal, and purchases returns journal, along with the interpretation of entries.
  • Ledger: Covers the classification of entries, posting, balancing ledger accounts, and interpreting ledger accounts.
  • Trial Balance: Introduces the purpose and preparation of a trial balance.

Form 2

  • Subsidiary Books: Expands on subsidiary books, including the three-column cash book, general journal, petty cash book, and interpretation of entries. Covers trade and cash discounts.
  • Ledger: Further explores classification, posting, balancing ledger accounts, types of ledgers, and interpretation of entries.
  • Trial Balance and Errors: Covers the purpose, preparation, and common errors in trial balances.
  • End of Year Financial Statements: Introduces income statements and statements of financial position.
  • End of Year Adjustments: Covers prepayments, accruals, depreciation (causes, methods including reducing balance and straight-line), and their impact on financial statements.
  • Capital and Revenue Expenditure: Defines and differentiates between capital and revenue expenditure.
  • Bank Reconciliation: Introduces bank reconciliation statements, their importance, preparation, and reasons for differences between cash book and bank statement balances.
  • Not for Profit Making Organizations: Introduces key terms (surplus, deficit, accumulated fund, subscriptions), receipts and payments accounts, income and expenditure accounts, and statements of financial position.

Form 3

  • Data Processing Methods: Continues the exploration of manual and electronic data processing methods, with a focus on practical application.
  • Subsidiary Books: Introduces the general journal and interpretation of entries.
  • Ledger: Expands on ledger accounts, including types of ledgers (trade receivables, trade payables, general ledger), use of folio columns, and interpretation of balances.
  • Capital and Revenue Expenditure: Covers the accounting treatment of capital and revenue expenditure in financial statements and the effects of incorrect classification.
  • Control Accounts: Introduces control accounts, their purpose, types, preparation, and sources of information.
  • Bank Reconciliation and Errors: Covers identifying and correcting errors in cash books and bank statements, preparing updated cash books, and treatment of bank overdrafts.
  • Departmental Accounts: Introduces departmental trading accounts, combined profit and loss accounts, and apportionment of expenses.

Form 4

  • Trial Balance and Errors: Covers the effect of errors on profit, adjustments to gross and net profit, and preparing revised financial statements (extracts).
  • Accounting Ratios: Introduces profitability ratios (mark-up, margin, net profit percentage) and liquidity ratios (current ratio, quick ratio, rate of inventory turnover), their calculation, and application.
  • Single Entry and Incomplete Records: Covers statements of affairs, calculating opening and closing capital, and deducing missing figures.
  • Not for Profit Making Organizations: Expands on sources of income, subscriptions accounts, missing figures, trading accounts, income and expenditure accounts, and statements of financial position.
  • Manufacturing Accounts: Introduces manufacturing accounts, including direct costs, indirect costs, prime costs, work in progress, income statements, and statements of financial position.
  • Partnerships: Covers partnership formation, advantages and disadvantages, appropriation accounts, current accounts, capital accounts, and statements of financial position.
  • Company Accounts: Introduces company accounts terminology (shares, debentures, share capital types, shareholders' funds, dividends, reserves, retained profits), statements of changes in equity, and statements of financial position (extracts).
  • Business Ethics: Introduces business ethics in accounting, including professionalism, integrity, confidentiality, competence, objectivity, and compliance.

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