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Principles of Accounts


Overview

It is the intent of both the GCE O- & N-level syllabi that students develop the abilities to prepare, communicate and use accounting information.  In the learning process, students will develop an understanding of the importance of professional ethics.
 

Subject content

Section 1: The Roles of Accounting
Understanding the general environment that accounting operates in.  In particular, the roles of accounting, the stakeholders, the importance of professional ethics, the business context of accounting and the theories that underline accounting practices.
 
Section 2: The Accounting Information System
Understanding the methodology that applies to the collation, recording and organisation of accounting information.  These include the representations of business transactions, and the components and workings of the accounting information system.
 
Section 3: Elements of the Financial Statements
Understanding the accounting practices and procedures applied to business activities in trading and services.  The practices and procedures that impact on income, expenses, trade receivables and payables, inventories, non-current assets, long-term borrowings, as well as the correction of any error.
 
Section 4: The Financial Statements
Understanding the preparation of the financial statements and the significance of financial results and status.  The financial statements involved are the income statement and balance sheet only.
 
Section 5: Business Entities
Understanding the practices and procedures applied to represent the owner’s interest in the entities of sole proprietor and limited company only.
 
Section 6: Financial Statements Analysis
Understanding the use of financial ratios to analyse financial results and status.
 

Assessment (7175 & 7088)

There are two compulsory papers. The use of a calculator as approved by the Singapore Examinations and Assessment Board is allowed for both papers.
  • Paper 1 - 40% (1 hour) - Answer 3 to 4 compulsory structured questions. (40 marks)
  • Paper 2 - 60% (2 hours)

Section A (48 marks)
Answer 3 compulsory structured questions.
One question will be on the preparation of financial statement.
 
Section B (12 marks)
Answer any 1 out of 2 structured questions.
Candidates will write their answers on the question paper in Paper 1.  They will be provided with multi-column accounting paper for answering questions in Paper 2.
 

Subject syllabuses

7092 PRINCIPLES OF ACCOUNTS GCE ORDINARY LEVEL (2014)
http://www.seab.gov.sg/oLevel/2014Syllabus/7092_2014.pdf
 
7091 PRINCIPLES OF ACCOUNTS GCE NORMAL (ACADEMIC) LEVEL (2014)
 
To be implemented from Year of Examination 2015
7175 PRINCIPLES OF ACCOUNTS GCE ORDINARY LEVEL (2015)
 
7088 PRINCIPLES OF ACCOUNTS GCE NORMAL (ACADEMIC) LEVEL (2015)