Bycalebho
How suitable the depreciation method is on an asset depends on how well it reflects the economic reality of the utility of the business’ assets. In the real world, screw it. Straight Line Method is used for its simplicity. 🙂
Bycalebho
Suggested Solution It’s 8 days since your last paper. Hope you guys are having a great time with your holidays! This year’s suggested solutions came in a little late as the O’ levelers are ramping up their revision. 😉 Anyhow, it’s here now! Tell me what you think. Right click and choose “Save As” to…
Bycalebho
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…
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
“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
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
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…
Bycalebho
Accrual—accrual-basis recognition precedes (leads to) cash receipt/expenditure Revenue—recognition of revenue earned, but not received Expense—recognition of expense incurred, bill not paid Deferral—cash receipt/expenditure precedes (leads to) accrual-basis recognition Revenue—postponement of recognition of revenue; cash is received; but revenue is not earned Expense—postponement of recognition of expense; cash is paid; but expense is not incurred A deferral postpones…
Bycalebho
With effect from 1st August 2009, Singapore public accountants must adhere to an enhanced Code of Professional Conduct and Ethics. Following ICPAS Council’s approval on 19 May 2009 and in tandem with ACRA’s issuance of its enhanced code today for public accountants and effective from 1 August 2009, members of the Institute of Certified Public Accountants…
Bycalebho
Forensic accounting financial investigative specialists work with financial information for the purpose of conveying complicated issues in a manner that others can easily understand. While some forensic accountants and forensic accounting specialists are engaged in the public practice of forensic examination, others work in private industry for such entities as banks and insurance companies or…
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