How To Use This Guide: REVISION CHECKLIST For N'/O' Level Principle of Accounts 7091/7092

REVISIONCHECKLISTforN/OLevelPrinciple ofAccounts7091/7092 Howtousethisguide
This revision guide is designed for you to work through at first with your school teacher and/or private tutor, who will help you to access papers and questions from previous SingaporeCambridgeGCEO/NLevelexaminations. Forbestresults,pleaseusethisrevisionguidealongwiththe latest7091and7092syllabusdownloadablehere.Thetableof checklistsummariseskeyitemsyoushouldknowbythetime yousitforyourpreliminarypapers. Eachofthesixthemesislistedwiththeirtopicareasselectedforrevisionpurposes.Each topicwillhavereferencestoeitherspecificO/NLevelpracticequestionsorsomebrief writtennotesasguidancetowhatkeypointsshouldbeincludedinthesolution. Detailed 'Financial Statement' questions that require large amounts of data cannot be includedinthisdocument,soyouwillneedtorefertothePOAwebsite,previouspapers andyourrecommendedtextsforthenecessaryinformationandsolutions. Whenyouhavecompletedallofthetopics,itisrecommendedthatyouworkthroughall theexercisesagainonyourown.Thiswillstrengthenyourknowledgeandunderstanding inreadinessfortheexamination.
RightsandDistribution Alltrademarksandregisteredtrademarks,appearinginthisguidearethepropertyoftheir respectiveowners.Usersofthisguideareadvisedtodotheirownduediligenceforinformation accuracywithyourownteachers/privatetutors. Byreadingthischecklist,youagreethatJumpGradesisnotresponsibleforthesuccessorfailure ofyourexaminations/testsrelatingtoanyinformationpresentedinthisguide. Youaregiventheunlimitedrightstoprintthischecklistandtodistributeitelectronically(via email,yourwebsite,oranyothermeans).Youmayhandoutcopiestoeveryoneyoumeet.You maynotalterthisguideinanyway,though,andyoumaynotsellit. Communication Comments,complainsorcompliments? Pleaseemailthemto:feedback@principlesofaccounts.com.sg
2010JumpGradesEducation
principlesofaccounts.com.sg
Section1Howwillyoubetested?
Youwillbeassessedbytakingtwoexaminationpapers: Paper1 Isaonehourcompulsorystructuredquestionsconsistingof35questionsthattestsyour knowledge and understanding of the subject and it will also require you to use some analytical skills involved in the production of accounting statements used by business organisations.
ThisPaperisworth40%ofthetotalmarksavailabletoyou.
Paper2 Is a twohour written paper that will ask you to answer 4 questions related to the preparation of accounting statements for different types of business organisations. You will also be expected to evaluate the financial implications for businesses from the statementsthatyouproduce. Paper2isworth60%ofthetotalmarksavailabletoyou. Note:Bothpapersmustbetakenandthereyoucanchoosetodo1outof2questionsat SectionBofPaper2(12marks)
SPECIFICATIONGRID
The relationship between the assessment objectives and components of the scheme of assessmentisasfollows:
Assessment Objectives Paper1 Paper2 Total
Knowledge with understanding 15% 10% 25%
Knowledge with application 10% 20% 30%
Analysis 10% 20% 30%
Evaluation 5% 10% 15%
Overall Weighting 40% 60% 100%
The assessment objectives are weighted to give an indication of their relative importance. They are not intendedtoprovideaprecisestatementofthenumberofmarksinparticularskills.
Section2:Whatwillbetested?
Knowledgewith Toexplain: understanding Facts,terminology,conventions,principlesandtechniquesrelatedto 'Bookkeepingandaccounting'
Keywordsare: State,define, Knowledgewith Toapply: Application Knowledgeandinformationtovariousaccountingsituationsand problems;
Analysis
Keywordsare: Identify,record,calculate,compute,explain Selectandorderinformationinwrittenandnumericalformat: Presentnumericalinformationinstandardaccountingformats Analyseaccountinginformationusingtheappropriatelevelof knowledgeandunderstanding
Evaluation
Keywordsare: Select,prepare,drawup Interpretandevaluateaccountinginformationthatmaybeprovided toyouorproducedpreviouslybyyouinananalyticalexercise. Youwillbeaskedto: drawupreasonedconclusions describepossibleactions makerecommendationsthataidproblemsolvingfor businesses
Keywordsare: Explain,suggest,advise,commenton,discuss,compare
Section3Whatyouneedtoknow
Thissectioncoversthe6themesthataredetailedinthe'PrinciplesofAccounts'syllabus. Theyare: 1. TheRoleofAccounting 2. TheDoubleEntrySystemofBookKeeping 3. AccountingProcedures 4. FundamentalsofPreparingtheFinalAccounts 5. PreparationofFinalAccounts 6. AnalysisandInterpretationofFinalAccounts Eachthemecoversanumberoftopicswithinitsrangingfrom2toamaximumof9topic areas.ThetableindicateswhatYOUshouldbeabletodoinordertoreviseforthisexam effectively. It does NOT cover every topic area but is designed to make you revise Key areas and become aware of how a topic could be examined in a number of short structured questionsinPaper1,andthenperhapsformpartofalargerquestioninPaper2. GENERALREVISIONTIPS RemembertoreviseALLtopicsinthesyllabus. Besystematicandworkyourwaymethodicallythroughthesixthemesand practicethewrittenexplanationsaswellasproducingthefinancialstatements. ManystudentsmisstheopportunityofgaininghighmarksastheydoNOT attemptthewrittenpartofquestions. AttempttheHighestweightedquestion(Paper2)onproducingFinancial statementsasyoursecondorthirdquestionwhenyouareatyourbestduringthe exam.Donotleaveittotheendasyoumayrunshortoftime! Youdonothavetoattemptthequestionsintheordertheyappearinthepaper, butremembertoensureyoudonotmissoutonremainingquestions. Finallyifyouhaveworkedthroughtherevisionprogramme,andarewellpractised inalltopicsyouwillbesuccessfulinPapers1&2ofthePrinciplesofAccounts
2010JumpGradesEducation principlesofaccounts.com.sg
REVISIONCHECKLIST
1.THEROLEOFACCOUNTING BookkeepingandAccounting Differencebetweenbookkeepingandaccounting Roleofaccounting AccountingPrinciples Youareexpectedtobeabletoexplaintheprinciplesandconceptsthatareappliedby accountantswhenproducingfinalaccounts. Theconceptsare: historicalcost accounting(orbusiness)entity monetarymeasurement accountingperiod materiality accrualconcept/matching objectivity principle prudenceorconservatism consistency realisationconcept duality Youmustbeabletoidentifytheaccountingconceptsandprinciplesappliedingiven situations Ethics QuestionsrelatingtoethicswillbecomeincreasinglyimportantinPOAexams. Exampleofanexamquestionandpossibleapproach: Explaintworeasonswhyanaccountantwouldconsideritisprofessionallyunethical toimprovethefinancialresultsofabusinessbymakingtheadjustmentssuggested? Therearefivekeypointsthatyoushouldconsiderfromthemodelanswer: Accountantsworkwithgenerallyacceptedrulessuchasaccounting standards Accountantsareexpectedbyprofessionandpublictoproducereliable financialinformation Professionalstandardsaremoreimportantthanindividualorganisations Preparingaccountsforthetemporarybenefitofanindividualororganisation, evenanemployer,isagainsttheserulesandtraining Anaccountantcouldbepenalisedlegallyorprofessionallyfornotfollowing agreedpractice
REVISIONCHECKLIST
2.THEDOULBLEENTRYSYSTEMOFBOOKKEEPING TheAccountingEquation Assets,LiabilitiesandOwners'Equity Accountingequation:relationshipbetweenAssets,LiabilitiesandOwners' Equity Cashandcredittransactions TheDoubleEntrySystem Processaccountingdatausingthedoubleentrysystem Doubleentryrules SourceDocuments Purposeofsourcedocuments Typesofsourcedocuments BooksofPrimeEntry Purposeofbooksofprimeentry Advantagesofusingsubsidiarybooks (cashbook,salesjournalandpurchasesjournal) Purposeofpurchasesjournal Tradediscount Purposeofpurchasesreturnsjournal Purposeofsalesjournal Purposeofsalesreturnsjournal Purposeofgeneraljournal
REVISIONCHECKLIST
TheCashBook Dualfunctionasabookofprimeentryandasaledgeraccountforbankand cashbyuseofanalysiscolumns Cashdiscount Dishonouredcheques The3columncashbookisrequiredonlyfortheNLevels.Sometextbooks containdetailsaboutthefolio.Thisisexcludedinthesyllabus. BankReconciliationStatement Causesofdiscrepancybetweenthecashbookbalanceandthebankstatement balance Purposeofpreparingbankreconciliationstatement PettyCash Needforapettycashfund Purposeofpettycashbook Advantagesoftheimprestsystem TheLedger Taccounts Subdivisionofledgerintothesalesledger,purchasesledgerandthegeneral ledger TransactionsrelatedtodrawingsExplainthemeaningofdrawings Transactionsrelatingtostock
REVISIONCHECKLIST
TheTrialBalance Purposeofatrialbalance Limitationsofatrialbalance Errorsnotrevealedbyatrialbalance
Errorsrevealedbyatrialbalance Thisisthebasicsystemofmanualrecordkeepingthatcomputerised accountingsystemsarebasedupon.Youneedtopracticeproducingmanual bookkeepingexercisesasthiswillhelpyoutounderstandhowinformation flowsthroughthesystem. 3.ACCOUNTINGPROCEDURES CapitalandRevenueExpenditure Definitionofcapitalandrevenueexpenditure Distinctionbetweenandclassificationofcapitalandrevenueexpenditure
AccountingforDepreciation Causesofdepreciation Needforprovisionfordepreciation Methodsofcalculatingdepreciation Disposaloffixedasset Calculategainorlossondisposaloffixedassets Disposalandgain(loss)ondisposalisnotincludedintheN'Levelsyllabus.
REVISIONCHECKLIST
AdjustmentsofLedgerAccounts AccrualsandPrepayments Accruedexpensesandrevenue Prepaidexpensesandrevenue Showworkingstodeterminetheadjustedexpenses/revenueand prepayments/accrualstobetransferredtotheProfitandLossAccountandthe balancetoappearintheBalanceSheet. BadDebtsandProvisionforDoubtfulDebts Reasonsforincurringbaddebts Differencebetweenbaddebtsanddoubtfuldebts Provisionfordoubtfuldebts Candidatesarerequiredtocalculateprovisionfordoubtfuldebtsbasedonthe adjustedvalueofdebtorsi.e.afterwritingoffallbaddebts. Thesyllabus(clickhereformostupdatedversion)containssuggested accountingentriesforprovisionfordoubtfuldebts.Alternativemethods, whichareinlinewiththeaccountingconventions,areaccepted. CorrectionofErrors Doubleentrytocorrecterrors Effectsoferrorsontheprofit ControlAccounts Debtorscontrolaccount Creditorscontrolaccount Advantagesofcontrolaccounts Sourcesofinformationforcontrolaccounts
REVISIONCHECKLIST
4.FUNDAMENTALSOFPREPARINGTHEFINALACCOUNTS TradingAccount PurposeofTradingAccount Grossprofit/loss Costofpurchases Stock ProfitandLossAccount PurposeofProfitandLossAccount Netprofit/loss Operatingexpenses Realisationofprofit Youshouldbeabletodistinguishbetweenatradingandservicebusiness, recognisingterminologysuchasfees,incomeaswellassales. BalanceSheet Differencesbetweenfixedassets,currentassets,intangibleassets,longterm liabilities,currentliabilitiesandcapital EffectofbusinesstransactionsontheBalanceSheet
REVISIONCHECKLIST
5.PREPARATIONOFFINALACCOUNTS Thisisakeyareaofthesyllabusandrepresentsthelargestweightingof marksforPaper2.Thequestioncanbeworthasmuchasathirdofthetotal marksforthepaper. Therearefourtypesoforganisationalstatementsthatyouneedtobeableto produceandpracticeregularly.Theyare: 5.1SoleTrader 5.2AmalgamationofBusinesses 5.3Partnership 5.4IncompleteRecords EnsureyoupracticeALLtypesofstatements,andthiswillimmediately improvetheprobabilityofgainingahighmarkduetotheweightinggivento thistopic. SoleTrader PrepareTradingAccount,ProfitandLossAccountandBalanceSheet Makeadjustmentsforprovisionfordepreciationusingstraightline, diminishing(reducing)balanceandrevaluationmethods Makeadjustmentsforprovisionfordoubtfuldebts Makeadjustmentsforaccrualsandprepaymentstotakeaccountofaccrued andprepaidexpensesandoutstandingandprepaidincome Makeadjustmentsforgoodstakenbyownerforownuse

REVISIONCHECKLIST
AmalgamationofBusinesses Reasonsforamalgamation Needforrevaluationofassets Meaningofgoodwill Factorscontributingtogoodwill Needfordeterminingthevalueofgoodwill Classificationofgoodwill
Partnership Advantagesanddisadvantagesofformingapartnership Needforpartnershipagreement Commontermsinpartnershipagreement Featuresandcapitalstructure Capitalaccounts Currentaccounts IncompleteRecords Determineabusinessprofitorlossfromincompleterecords,bycomparing changesincapitalovertime Analysingrecordstoderivethemissinginformationinpreparingthefinal accounts
REVISIONCHECKLIST
6.ANALYSISANDINTERPRETATIONOFFINALACCOUNTS FinancialRelationships Thefinaltopicareasarenowaskingyoutocombineyourknowledgeand understandingwithyouranalyticalskillsinordertoidentifytheimpactthatdifferent financialrelationshipshaveuponbusiness. Theserelationshipsarecalculatedasfinancialratiosthatrelatetoprofitandtheuse ofresourcessuchasworkingandlongtermcapital.Themorethatyoupracticethis topic,thedeeperwillbeyourunderstandingofpotentialproblemareasfor businesses. Commonrelationshipstobeconsideredare: Grossprofitmargin (grossprofitasapercentageofsales) Markuponcost Percentageofexpensestoturnover Netprofitmargin(netprofitasapercentageofsales) Stockturn(orrateofstockturnover) ThisisNOTacompletelist. Youmustbeabletocomparetheliquidityandprofitabilityofabusinessovertwo yearsorwiththatofanotherbusinessi.e.commentwithsupportingfiguresgivenor calculatedandthistopicisexaminedregularlyinbothpapers.
Youshouldalsobeabletoexplainthefollowing: Effectofstockvaluationonprofit,capitalandassets Importanceofmeasuringtheliquidityandprofitabilityofabusiness Interprettheratiosandperformanceindicatorscalculatede.g.givepossible reasonsforachangeinratiosorthesignificanceofratiosinrelationtoagiven situation.

HowWouldYouLikeAStudy GuideThatHandHoldYouTo GettingTheA1YouNeed?

Mysincerehopeisthatthischecklistwillassistyougreatlyinyourrevision.I hopeithasgivenyouanewwaytolaserfocusyourattentiontowhatthe examinerswantinyourexaminations.Myaimhasbeentogiveyouan overview. But,rememberthetalkaboutrevisingthroughthechecklistwithatutorat thebeginning?Well,thereisaLOTofstrategiesthatgointodoingthisright. Thereareskillsthatgointoapproachingtheexaminationquestions,speedof drawingupfinancialstatementsandclarifyingyouranswersusinghints availableintheexam.Therearealsoskillsdirectlyrelatedtorevising effectively,rememberingkeyconceptsandenteringtheexamhallswitha customisedstrategy. IhavemadenobonesaboutthefactthatIthinkPOAisprobablytheeasiest A1topickup.Butyouneedtimetogetthere.Yourschoolteachersoutthere havetocopewithmultiplestudents,marking,discipliningyournaughty classmates,runningCCAsandwritingyourexampapers.Theirattention spanavailabletoyouhasalotofcompetition. Ifyouimplementthisblueprinttogetherwiththesyllabusandcoupleitwith solidpracticeofpastexampapers,youWILLbeofftotheracesandyoucan mostdefinitelygrowintoanA1student.AnditdoesnthavetotakeNEARLY aslongasyoumightthink. So,hereswhatIgotforyou.Itisastudyguidebook.Myaimistomakeyou intoaPOAstarstudent.AnA1studentofPOAexams. BecauseIKNOWthatstudentscanscorebetterthantheydo. So,whatdoesthestudyguidebookcontain?
Thisstudyguideconsistsof100pagesofrocksolidcontentwhereyouwill discovertheinformationyouvebeenmissing,including:
CompleteandOutlinedSummariesof MaterialsforGCEO/NLevelPOA Exams StepbyStepVideoDemonstrationto Solving KeyAccountingQuestions PersonalTipsFromMeThroughoutthe EntireGuide 53CommonlyTestedDoubleEntry Transactions PersonalTipsFromMeThroughoutthe EntireGuide EssentialFormatsToMaster HintsforExamSuccess Youmay,foraverylimitedtime,purchasethisphysicalbookforSGD10.4o. Thisspecialpriceisathankyouforyourpatienceforwaitingtoreceivethis revisionchecklist. Iamboundbyagreementwithmydistributornottogivediscountmore thanthatwhichIamgivingyourightnow.Youwillseeadifferentpricein themajorbookstoresinApril2010.Trustme.;)
www.principlesofaccounts.com.sg/jgeguide
And,yes,whileIcannotguaranteeyouwilldefinitelygetA1atthis,which iswhatImstrivingfor.Attheveryleast,Iwantyoutodowellenoughtoa pointwhereyoucanbeinthepositiontodeterminewhereyouwanttogoin thenextstepoftheacademicladder,whetheritisPolytechnic,JCsorother
institutions.ThatismyaimandIdliketoworkwithyoutohelpyouachieve thatgoal. Youvegottobeanactiontaker.Becauseifyoudontchangeanything, nothingwillchange.Itisprettyobvious.
www.principlesofaccounts.com.sg/jgeguide
Thanksforreadingthechecklist.Fromhere,theballisinyourcourt.Ifyou decidetopurchasethestudyguide,thatsgreatandIlookforwardto workingwithyouverysoon.Ifnot,justdontforgetthatconsistentpractice isthemostimportanttraitthatwillgetyoutoyourgoals,notjustreading theoryalone. Keeptakingactionconsistentlyand,eventually,youllgetthere. YoursforAcademicSuccess,
CalebHo,B.Acc PrinciplesOfAccounts.com.sg

How To Use This Guide: REVISION CHECKLIST For N'/O' Level Principle of Accounts 7091/7092

Hochgeladen von

Dokumentinformationen

Originalbeschreibung:

Originaltitel

Copyright

Verfügbare Formate

Dieses Dokument teilen

Dokument teilen oder einbetten

Freigabeoptionen

Stufen Sie dieses Dokument als nützlich ein?

Sind diese Inhalte unangemessen?

Copyright:

Verfügbare Formate

How To Use This Guide: REVISION CHECKLIST For N'/O' Level Principle of Accounts 7091/7092

Hochgeladen von

Copyright:

Verfügbare Formate

REVISIONCHECKLISTforN/OLevelPrinciple ofAccounts7091/7092 Howtousethisguide

Assessment Objectives Paper1 Paper2 Total

Knowledge with understanding 15% 10% 25%

Knowledge with application 10% 20% 30%

Analysis 10% 20% 30%

Evaluation 5% 10% 15%

Overall Weighting 40% 60% 100%

Keywordsare: State,define, Knowledgewith Toapply: Application Knowledgeandinformationtovariousaccountingsituationsand problems;

Keywordsare: Identify,record,calculate,compute,explain Selectandorderinformationinwrittenandnumericalformat: Presentnumericalinformationinstandardaccountingformats Analyseaccountinginformationusingtheappropriatelevelof knowledgeandunderstanding

Keywordsare: Select,prepare,drawup Interpretandevaluateaccountinginformationthatmaybeprovided toyouorproducedpreviouslybyyouinananalyticalexercise. Youwillbeaskedto: drawupreasonedconclusions describepossibleactions makerecommendationsthataidproblemsolvingfor businesses

AccountingforDepreciation Causesofdepreciation Needforprovisionfordepreciation Methodsofcalculatingdepreciation Disposaloffixedasset Calculategainorlossondisposaloffixedassets Disposalandgain(loss)ondisposalisnotincludedintheN'Levelsyllabus.

Youshouldalsobeabletoexplainthefollowing: Effectofstockvaluationonprofit,capitalandassets Importanceofmeasuringtheliquidityandprofitabilityofabusiness Interprettheratiosandperformanceindicatorscalculatede.g.givepossible reasonsforachangeinratiosorthesignificanceofratiosinrelationtoagiven situation.

HowWouldYouLikeAStudy GuideThatHandHoldYouTo GettingTheA1YouNeed?

institutions.ThatismyaimandIdliketoworkwithyoutohelpyouachieve thatgoal. Youvegottobeanactiontaker.Becauseifyoudontchangeanything, nothingwillchange.Itisprettyobvious.

Das könnte Ihnen auch gefallen