Bycalebho
2021 O Level POA Paper 1 Answers is LIVE now. Thanks to the contributions from Redditors and students from Master Principles of Accounts. 7087 POA Paper 1 (New Syllabus) This is the first year the 7087 Principles of Accounts syllabus is being tested. Overall, very similar to the preceding year’s topic and question style with…
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…
Bycalebho
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…
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. 🙂
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sheep by A. Roger Davies Short Answer: Land generally does not depreciate in value because it is a limited resource with aninfinite life and can be used for a range of purposes. Explanation: All assets wear out and eventually cease to exist, except land. Land is not considered to ever be able to be destroyed,…
Bycalebho
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,…
Bycalebho
Thank you all who came for the crash course for such a wonderful time the last three days. You guys are amazing to have sat through a grueling 15 hours of intensive revision. Hope the Physics paper today was forgiving. Some final pointers before your POA Paper tomorrow: 1. Revise your theory questions. They weigh…
Bycalebho
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…
Bycalebho
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…
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…
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