Suggested Solutions for 2010 GCE ‘O’ Level Principles of Accounts

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…

If you are embarking on a course on accounting, whether it’s Principles of Accounts (POA) or at tertiary level, here’s some good news for you. Singapore aspires to be a leading global accountancy hub for Asia-Pacific which is the fastest-growing region in accountancy services, forecasted to reach US$ 38.3 billion by 2013. Singapore contributed 2.8%…