Bycalebho
7092/01 GCE O’ Level Principles of Accounts 2010 Paper 1 Suggested Solutions 7092/02 GCE O’ Level Principles of Accounts 2010 Paper 2 Suggested Solutions Previous Post The rough working for this afternoon’s GCE O’ Level Principles of Accounts Paper 2 Trading, Profit and Loss is out. Please click here download the pdf file. Goodness, and…
Bycalebho
Thank you all who came for the crash course for such a wonderful time the last three days. You guys are amazing to have sat through a grueling 15 hours of intensive revision. Hope the Physics paper today was forgiving. Some final pointers before your POA Paper tomorrow: 1. Revise your theory questions. They weigh…
Bycalebho
As Accountants, we are constantly striving to learn and improve our knowledge. Here are some quotes that I found noteworthy that I hope you will too. 1. “A fool and his money are soon invited to part company.” – Oscar Wilde 2. “A good accountant is a good poet. He appreciates the true value of…
Bycalebho
Think accounting records are boring? Written diligently, these 12 uber-cool accounting/business documents provides rich insights to the bookkeeper/accountant’s era. From an elegantly drawn chicken to a receipt for buying 57 leeches, accounting records contains rich history found nowhere else. There could be fun doing accounting, conservatively speaking. 😉 Title-less book by Thomas Tye (1712-1783) Thomas…
Bycalebho
The terminology for accounting varies across different levels of study. Those of you who have moved on to study accounting at tertiary level would agree – terms like debtors and creditors have a different meaning in ICCI, CAT, ACCA and other accounting diploma/degree programs. The term Debtors used for O’/N’ Level, for example, becomes Accounts…
Bycalebho
“Not everything that can be counted counts, and not everything that counts can be counted.” Albert Einstein, physicist (1879 – 1955) The principle of monetary concept states that anything which cannot be measured in monetaryterms will not be considered as a part of the accounting data. While accounting captures the numerical performance of a business,…
Bycalebho
Image courtesy of The Association of Banks in Singapore Reasons for Dishonoured Cheques Whenever a cheque given to a business bounces, the bank will send notice to the business that the customer/ debtor’s cheque was dishonoured. The cheque may not have been cleared for one or more of the following reasons: 1. There is insufficient…
Bycalebho
You just finished your final year examinations and are considering your options. The familiar arts (history, literature or geography) and science (biology, physics and chemistry) Principles of Accounts (POA) sounds so foreign and you’ have heard from friends that it is boring. But there’s more to debits and credits in POA. “’Double-entry bookkeeping’ is one…
Bycalebho
The Net Book Value (NBV), also known as depreciated cost, is equal to its original cost (its book value) less amortisation (not in O’/N’ level syllabus) and depreciation. On the other hand, the Net Realisable Value (NRV) refers to the selling price of an asset minus the expenses incurred in the sales transaction, and in…
Bycalebho
Accounting can be as fun as you make it to be. See how this girl make it happen! [Clicking opens a new window] LYRICS: Transactions occur everyday in a business The accounting cycle has begun Gather your source documents and file them away Record transactions in the general journal Put debits first and indent the…
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