2017 7175 GCE O Level POA Suggested Solutions
Hey folks!
The solutions are out! This year predictions are pretty on point. 2 misses though.
Download the solutions with the button here
Gross Profit is calculated by deducting the cost of goods sold from the net sales figure. The calculation of the gross profit takes place in the trading account. Net Profit – the excess of gross profit over expenditure. it is calculated in the profit and loss account by deducting all business expenditures from the gross…
No greater delight is there as a POA tutor to have used super eye-power to spot questions in the last two days for his beloved students! Unlike before, the crash course this year has been shorten from 18 hours (3 miserable days) last year to a mere 8 hours over 2 days with battle-weary-grouchy-always-hungry-panda-eyes-16-yr-olds. I…
There are several methods of depreciation used across different financial reporting standards around the world. For the 7175 and 7088 GCE O/N Level Syllabus, we focus on two specific methods: 1. Straight Line Method (SLM) 2. Reducing Balance Method (RBM) Methods Advantages Disadvantages Effect on Net Profit Straight Line Method a. Dep = (HC-SV) Useful…
The GCE N’ Levels Principles of Accounts was over yesterday! Good news for our friends who are not taking O Level Emaths & D&T – happy holidays! It was an intensive weekend for my students and I as we racked our brains over the POA crash course from Friday to Sunday. We identified several questions…
It might seem obvious, but in managing a business, it’s important to understand how the business makes a profit. A company needs a good business model and a good profit model. A business sells products or services and earns a certain amount of margin on each unit sold. The number of units sold is the…
Unlike errors made in school homework, bookkeepers cannot undo errors using correction tape. Whenever errors in recording transactions occurs, bookkeepers will use correcting double entries to make right the errors. Correction of Errors The trial balance is designed to detect certain errors and not others. In this article, we look at two types of errors:…