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Key Takeways: • define capital and revenue expenditure • distinguish between capital and revenue expenditure • classify accounting transactions as capital and revenue expenditure • analyse the effects of differences in classification and treatments of capital and revenue expenditure on profit/loss for the period and non-current assets Source: 7087_y22_sy Principles of Accounts O-Level for 2022 (seab.gov.sg) Definition and differences…
Bycalebho
In 2020, the global revenue for the artificial intelligence (AI) market for software, hardware, and services segments grew to 281.4 billion U.S. dollars. The AI market is expected to grow to 327.5 billion U.S. dollars. Just as AI is slated to touch every sector, accounting is a function that is already leveraged by sector. Hence,…
Bycalebho
What is Allowance for impairment of trade receivables? The allowance for impairment of trade receivables estimates the percentage of accounts receivable that are expected to be uncollectible. The percentage estimated is usually based on historical credit loss experience An allowance for impairment of trade receivables is considered a “contra asset,” because it reduces the amount…
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This article uses the periodic inventory system to account for cost of sales Photo by Adam Kring / Unsplash If you wonder what makes sales different from the cost of sales or COS, then you are on the right page! In finance and accounting, sales are revenues produced by a business from rendering services or…
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The 7087 GCE O Level Principles of Accounts POA Specimen Paper 2 can be accessed here. 1a) XY Pte Ltd Statement of Financial Performance for the year ended 31 July 2020 $ $ Sales revenue 325,000 Less: Sales returns 2,400 Net sales revenue 322,600 Less: Cost of sales 94300 Gross profit 228,300 Add:Other income Rent…
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For The New GCE 0/N Level 7086/7087 Principles Of Accounts Syllabus First Examinable In 2021. “Scenario Based Questions is difficult because it’s so new!” Unchartered Waters – For Who? The problem of SBQs being ‘challenging’ has nothing to do with the students,– they are learning Principles of Accounts only in Sec 3. Everything will be…
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