Singapore · SEABQ&A
AccountingQ&A by dot point
A short Q&A bank for every Singapore Accounting syllabus dot point. Each question and answer is drawn directly from our worked dot-point page, so you can scan key concepts before opening the long-form answer.
Adjustments and the Matching Principle
- Adjust expense accounts for accruals and prepayments and show them in the financial statements7Q&A pairs
- Adjust income accounts for accrued and prepaid income and show them in the financial statements6Q&A pairs
- Calculate depreciation using the straight-line and reducing-balance methods and record it5Q&A pairs
- Write off irrecoverable debts and create or adjust an allowance for doubtful debts5Q&A pairs
- Explain the matching principle and the accrual basis, and why year-end adjustments are needed4Q&A pairs
Books of Prime Entry and Ledgers
- Identify the source documents for common transactions and explain their role in the accounting process3Q&A pairs
- Prepare a two-column and three-column cash book, including cash discounts and contra entries6Q&A pairs
- Use the general journal for non-routine entries and explain the division of the ledger6Q&A pairs
- Prepare a petty cash book using the imprest system, with analysis columns, and post the totals6Q&A pairs
- Prepare the sales, purchases and returns journals and post their totals to the ledger5Q&A pairs
Financial Statement Analysis and Ratios
- Calculate and interpret efficiency ratios: inventory turnover and the receivables and payables periods5Q&A pairs
- Interpret financial statements using ratios to advise users, and explain the limitations of ratio analysis7Q&A pairs
- Calculate and interpret the liquidity ratios: the current ratio and the quick (acid-test) ratio5Q&A pairs
- Calculate and interpret the profitability ratios: gross profit margin, profit margin and return on capital5Q&A pairs
Financial Statements of a Sole Proprietor
- Distinguish capital expenditure from revenue expenditure and explain the effect of misclassifying them5Q&A pairs
- Prepare the income statement and statement of financial position from a trial balance5Q&A pairs
- Show the effect of year-end adjustments on the income statement and statement of financial position4Q&A pairs
- Prepare the income statement of a sole proprietor, distinguishing gross profit from profit for the year4Q&A pairs
- Prepare the statement of financial position of a sole proprietor, including the capital account section5Q&A pairs
Inventory Valuation and Bank Reconciliation
- Prepare sales ledger and purchases ledger control accounts and explain their purpose5Q&A pairs
- Value inventory at the lower of cost and net realisable value and explain its effect on profit5Q&A pairs
- Prepare a bank reconciliation statement using unpresented cheques and uncredited deposits5Q&A pairs
- Update the cash book for items shown on the bank statement before preparing a reconciliation5Q&A pairs
The Accounting Environment and Equation
- Apply the accounting entity (business entity) concept and identify the internal and external users of accounting information4Q&A pairs
- Define and classify assets, liabilities and owner's equity, distinguishing current from non-current items5Q&A pairs
- Explain the purpose of accounting and distinguish between book-keeping and accounting4Q&A pairs
- State and apply the accounting equation and show how transactions keep it in balance5Q&A pairs
The Double Entry Recording System
- Balance off ledger accounts and bring down the balance, identifying debit and credit balances4Q&A pairs
- Apply the rules of debit and credit to the five elements and identify the normal balance of each account4Q&A pairs
- Record cash and bank transactions, including capital, drawings and expenses, using double entry4Q&A pairs
- Record credit purchases, credit sales and returns inwards and outwards using double entry4Q&A pairs
- Record transactions in ledger (T) accounts using the double-entry principle5Q&A pairs
The Trial Balance and Correction of Errors
- Correct errors using journal entries and show the effect of corrections on profit5Q&A pairs
- Identify the errors that do not affect the agreement of the trial balance5Q&A pairs
- Prepare a trial balance from ledger balances and explain its purposes and limitations3Q&A pairs
- Open and clear a suspense account to deal with a trial balance that does not agree4Q&A pairs