Accounting study guides
SG-O-LEVEL · GCE O-Level (Singapore) · aligned to SEAB.
- Adjustments and the matching principle: O-Level Principles of Accounts (SEAB/Cambridge 7087), covering the matching principle and accrual basis, accrued and prepaid expenses, accrued and prepaid income, depreciation by the straight-line and reducing-balance methods, and irrecoverable debts and the allowance for doubtful debts
An O-Level Principles of Accounts (SEAB 7087) overview of year-end adjustments: the matching principle and accrual basis, accrued and prepaid expenses and income, depreciation by the straight-line and reducing-balance methods, and writing off irrecoverable debts and the allowance for doubtful debts.
📖 7 min readSEAB-7087 - Books of prime entry and ledgers: O-Level Principles of Accounts (SEAB/Cambridge 7087), covering source documents, the sales, purchases and returns journals, the two-column and three-column cash book, the petty cash book and the imprest system, the general journal, and the division of the ledger
An O-Level Principles of Accounts (SEAB 7087) overview of books of prime entry and ledgers: source documents, the sales, purchases and returns journals, the two-column and three-column cash book, the petty cash book and imprest system, the general journal, and how the ledger is divided.
📖 7 min readSEAB-7087 - Financial statement analysis and ratios: O-Level Principles of Accounts (SEAB/Cambridge 7087), covering the profitability ratios (gross profit margin, profit margin and return on capital), the liquidity ratios (current and quick), the efficiency ratios (inventory turnover and the receivables and payables periods), and interpreting the statements with the limitations of ratio analysis
An O-Level Principles of Accounts (SEAB 7087) overview of financial statement analysis and ratios: the profitability ratios, the liquidity (current and quick) ratios, the efficiency ratios (inventory turnover and the receivables and payables periods), and interpreting the statements with the limitations of ratio analysis.
📖 7 min readSEAB-7087 - Financial statements of a sole proprietor: O-Level Principles of Accounts (SEAB/Cambridge 7087), covering capital and revenue expenditure, the income statement from gross profit to profit for the year, the statement of financial position and the capital account, the effect of year-end adjustments on the statements, and preparing a full set from a trial balance
An O-Level Principles of Accounts (SEAB 7087) overview of the financial statements of a sole proprietor: capital versus revenue expenditure, the income statement from gross profit to profit for the year, the statement of financial position and capital account, the effect of adjustments, and preparing a full set from a trial balance.
📖 6 min readSEAB-7087 - Inventory valuation and bank reconciliation: O-Level Principles of Accounts (SEAB/Cambridge 7087), covering valuing inventory at the lower of cost and net realisable value, sales and purchases ledger control accounts, updating the cash book for items on the bank statement, and preparing a bank reconciliation statement
An O-Level Principles of Accounts (SEAB 7087) overview of inventory valuation and bank reconciliation: valuing inventory at the lower of cost and net realisable value, sales and purchases ledger control accounts, updating the cash book, and preparing a bank reconciliation statement.
📖 7 min readSEAB-7087 - The accounting environment and the accounting equation: O-Level Principles of Accounts (SEAB/Cambridge 7087), covering the purpose of accounting, the business entity concept, the users of accounting information, the elements of the financial statements, and how every transaction keeps the accounting equation in balance
An O-Level Principles of Accounts (SEAB 7087) overview of the accounting environment and the accounting equation: the purpose of accounting, the business entity concept, internal and external users, the elements of the statements, and how the dual effect keeps Assets equal to Liabilities plus Owner's Equity.
📖 7 min readSEAB-7087 - The double entry recording system: O-Level Principles of Accounts (SEAB/Cambridge 7087), covering the rules of debit and credit for the five elements, recording in ledger (T) accounts, double entry for cash and bank, double entry for credit purchases, sales and returns, and balancing off the ledger
An O-Level Principles of Accounts (SEAB 7087) overview of the double entry recording system: the rules of debit and credit for the five elements, recording in ledger (T) accounts, the entries for cash, bank, capital, drawings, expenses, credit purchases, credit sales and returns, and how to balance off an account.
📖 7 min readSEAB-7087 - The trial balance and the correction of errors: O-Level Principles of Accounts (SEAB/Cambridge 7087), covering preparing a trial balance from ledger balances, the errors that do not affect its agreement, opening and clearing a suspense account, correcting errors with journal entries, and the effect of corrections on profit
An O-Level Principles of Accounts (SEAB 7087) overview of the trial balance and the correction of errors: preparing a trial balance, the errors it does not reveal, opening and clearing a suspense account, correcting errors by journal entry, and the effect of corrections on profit.
📖 6 min readSEAB-7087