CORRECTION OF ERRORS

CORRECTION OF ERRORS

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:…

2015 7175 GCE O Level POA Suggested Solutions is Out!

2015 7175 GCE O Level POA Suggested Solutions is Out!

Congratulations to all Jump Grades’ students! We’ve been slogging it out over the past week focussing on the key chapters we were spotting that might come out for Os: At Jurong East: At Macpherson (Bedok + Kovan Students) DAY BEFORE EXAM CAMPING AT SAIZERIYA: The results are out. Comparing Caleb’s guess vs what came out….

2016 GCE N Level 7088 Suggested Solutions Are Out!

2016 GCE N Level 7088 Suggested Solutions Are Out!

Phew! It’s over.  On Paper 1 day last Friday, we tackled multiple topics + theory just the night before exams. Here’s the result: The Suggested Solutions Here’s the draft/suggested/imperfect solutions for Paper 1 and 2. Paper 1:7088-2016-n-level-suggested-solutions-paper-1-v1-2 Paper 2: 7088-2016-gce-n-level-paper-2-suggested-solutions-v1-4 Feel free to comment or reply with your feedback and suggestions!

Methods of Depreciation

Methods of Depreciation

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…

Difference Between Bookkeeping And Accounting

Difference Between Bookkeeping And Accounting

What is the difference between bookkeeping and accounting? Accounting Bookkeeping Accounting is the process of recording, summarising, reporting, analysing and interpretation of financial information. Book-keeping is part of the accounting process. It involves the process of recording accounting data according to set rules.  Role of accounting is to communicate financial information for decision-making purposes.  Role…

2014 7092 GCE O Levels POA Suggested Solutions for Paper 2 (Only)

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…