2011 GCE O’ Level Principles of Accounts (POA) Suggested Solutions!
O Level

2011 GCE O’ Level Principles of Accounts (POA) Suggested Solutions!

So guys, it’s a few more weeks before your O’s are finally over! Yes, I know some of you have been waiting long for the suggested solutions. Braving thunderstorm and huge downpour some slight drizzle, I’ve been able to receive both Paper 1 and Paper 2 of 2011 GCE O’ Level POA Paper yesterday afternoon,…

INTERNATIONAL STANDARDS & ACCOUNTING TERMINOLOGY
O Level O'/N' Level Principles of Accounts

INTERNATIONAL STANDARDS & ACCOUNTING TERMINOLOGY

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…

Source Document – the Returned Cheque Advice
Business O Level O'/N' Level Principles of Accounts

Source Document – the Returned Cheque Advice

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…

5 Reasons Why Principles of Accounts
Accountants Careers Home O Level O'/N' Level Principles of Accounts

5 Reasons Why Principles of Accounts

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…

What is the difference between Net Book Value (NBV) and Net Realisable Value (NRV)?
O Level O'/N' Level Principles of Accounts

What is the difference between Net Book Value (NBV) and Net Realisable Value (NRV)?

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…

O Level

The Imprest System

The Imprest System is a system for controlling petty cash. The person petty cashier is given an amount in advance of expenditure. This amount also known as the “float.” Under the Imprest system, the chief cashier replenishes the cash such that the petty cash box always has the same amount of float at the start…

12 Essential Accounting Concepts You Need to Know for POA
O Level

12 Essential Accounting Concepts You Need to Know for POA

PURPOSE Accounting principles or concepts are set up to ensure all business standardise accounting definitions, assumptions and methods when recording transactions in the business Accounting concept Definition Frequently tested in Materiality Concept Requires the disclosure of information which is deemed to be material in accounting reports. Information is deemed to be material if it has…