2015 7175 GCE O Level POA Suggested Solutions is Out!

Congratulations to all Jump Grades’ students!

We’ve been slogging it out over the past week focussing on the key chapters we were spotting that might come out for Os:

At Jurong East:

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At Macpherson (Bedok + Kovan Students)

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DAY BEFORE EXAM CAMPING AT SAIZERIYA:

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The results are out. Comparing Caleb’s guess vs what came out. It’s not too bad:

 

screenshot-2016-11-02-14-24-24

 

Alright. Here you go. My SUGGESTED solutions attached. If you find any errors, please feel free to let me know in the comments section below or via whatsapp (better!) – Caleb

7175 2016 GCE O Level Suggested Solutions Paper 1

7175 2016 GCE O Level Suggested Solutions Paper 2

I’ll be uploading the suggested solutions for Paper 1 soon!

All the best for the rest of the papers!

2016 POA CRASH COURSE AT LION D BUILDING

DIRECTIONS TO 2016 POA CRASH COURSE AT LION D BUILDING

Date: 28-30 Oct 2016

Time: 2:15pm to 5:30pm on each day

Location: 16 Arumugam Road

Lion Building Block D #05-01 Singapore 409961

MAP:

Lion Building D, where we are having our crash course, is located just 30 second walk across MacPherson MRT Station Exit B:

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FREQUENTLY ASKED QUESTIONS

1. I am driving, where can I park and what is the parking rate like?

There is ample parking lot within Lion Building compound.

The rate is S$1.12 per hour from 8am to 5pm and S$1.72 per entry after 5pm, Monday to Saturday. Free parking on Sunday and Public Holiday.

2. Will there be breaks in between?

Yes. There will be a half an hour break in between – there’s a canteen right downstairs and light refreshments will be provided

3. What’s the program like?

We will revise all key topics that I’m spotting will come out for Os with special emphasis on common mistakes and short cuts that will speed up exam performance. Practice papers are also available for students who speed through the topical questions. We will also spend some time on theory questions

4. What topics are you covering on each of the three days?

We will cover 2 more challenging topics at the start of each day and tapering to “easier” topics towards the end of the day. Won’t comment on which ones on which days as it’s subject to change up to the actual day.

5. Can I leave earlier/come later if I have something on earlier or later in the day?

Sure. I understand you might have other subjects to study for. I encourage you to at least join us for 2 hours each day. Notes for that day’s course can be collected on each day or all on the last day of the crash course

6. How big is the class?

The class combines all the classes coming from Kovan and Bedok. Around 40-50 students will be present. Fret not. It’d be near exams and the practice will be very-well paced.

2016 GCE N Level 7088 Suggested Solutions Are Out!

Phew! It’s over. 

On Paper 1 day last Friday, we tackled multiple topics + theory just the night before exams. Here’s the result:


The Suggested Solutions

Here’s the draft/suggested/imperfect solutions for Paper 1 and 2.

Paper 1:
7088-2016-n-level-suggested-solutions-paper-1-v1-2

Paper 2:

7088-2016-gce-n-level-paper-2-suggested-solutions-v1-4

Feel free to comment or reply with your feedback and suggestions!

Comparison between straight-line and reducing methods of depreciation

 

Methods Advantages Disadvantages Effect on Net Profit
1. Straight Line

a. Dep = (HC-SV) Useful Life

OR

b. Dep = HC x % Rate

• Simple to apply

• Calculation of dep easy to understand

• For assets like furniture that has a constant rate of use

• Not suitable for assets like machinery where the benefits obtained from using the assets in each period are not of fixed amounts. Constant reduction of a fixed amount
2. Reducing Balance

 

Dep = NBV x % Rate

• More accurately reflect pattern of usage of assets if assets provide most benefits during initial years

More maintenance and repairs costs in later years so total expenses incurred for asset more or less become constant over its life (since more dep charge in early years)

• May never fully depreciate asset

• High depreciation charge in the early years of assets’ life

• Higher reduction in the early years compared to the later years

* HC = Historical cost

* SV = Scrap value

* NBV = Net book value

= Cost – accumulated depreciation

2015 7175 GCE O Level POA Suggested Solutions is out!

 

 

Weekend proved to be an exciting one for all of us at Caleb’s 2015 POA Crash Course at YMCA Room 206.
Challenging as it is to spot questions in the debut exams from the new syllabus, we did our best and covered most of what we thought will come out for this year’s exams. We cheekily call it, ‘Caleb’s Crystal Ball.’ XD
That said, here’s the suggested solutions for today’s paper:
Download your O Level POA Suggested Solutions now <–

And while you are at it, LIKE US on Facebook!

Best,

Caleb Ho
The POA Tutor

P.S: If you have Sec 2 or 3 friends who need POA foundational classes, please let me know. Classes start from 9 Nov 2015.

Difference Between Bookkeeping And Accounting

 

Accounting Bookkeeping
Accounting is the process of recording, summarising, reporting, analysing and interpretation of financial information. Book-keeping is part of the accounting process. It involves the process of recording accounting data according to set rules. 
Role of accounting is to communicate financial information for decision-making purposes.  Role of book-keeping is to ensure a systematic and accurate recording of business events

2014 7092 GCE O Levels POA Suggested Solutions for Paper 2 (Only)

No greater delight is there as a POA tutor to have used super eye-power to spot questions in the last two days for his beloved students!

Unlike before, the crash course this year has been shorten from 18 hours (3 miserable days) last year to a mere 8 hours over 2 days with battle-weary-grouchy-always-hungry-panda-eyes-16-yr-olds.

I have the other subjects to thank for taking time away from my students for POA.

-.-‘’

Ok. Moving on:

Delightful students maketh a delightful tutor.

 

Instead of burning the theory notes and drink studying, these folks chose to take we-fie and spam my phone WHILE I’M TEACHING.

Now I make you famous. Muahahahah. Open-mouthed smile

> 50 students witness the massive bet I took at YMCA and Jurong East on 4th and 5th Nov:

Beside the obvious (Trading, PLA, Current A/C and B/S) and theory, major topics spotting were made plain on the whiteboard the last two days.

Scoreboard:

Topics Spotted Came out
Analysis and Interpretation of final accounts
– Profitability and commentary
YES!
Stock Valuation Partially. Theory
Bank Reconciliation YES!
Capital versus Revenue Expenditure/Receipt Neh.
Incomplete Records (Debtor/Creditor Ctrl) YES!
Capital Structure (WC, CO, CE) YES!
Provision for Doubtful Debts YES!
Correction of Error (Partial emphasis) YES!

 

Also mentioned to not focus on:

P4 Dep + Disposal of Fixed Assets YES!
Amalgamation YES!
Control Accounts No. Sad smile Saved only by revision of incomplete records

 

The Solutions

Of course you didn’t come here to see how delighted my students and I are.

So here’s the draft/suggested/imperfect solutions for Paper 2. I gave up trying to fish for Paper 1. If you have, please what’s app me:

2014 7092 GCE O Levels POA Paper 2 Suggested Solutions

As with previous attempts for solutions, this post gets flamed with questions, doubts and critics even with this caveat and repeated again in the pdf.

I’ll leave you with a quote:

“It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defeat. “

So. Bring it on.

To a better tomorrow and the holidays!

Cheers,

Caleb Ho

P.S: Please also like us on Facebook. This foreign thing is still pretty new to us and we are putting up stuff.

I promise to put useful things for you and your friends!

2013 POA Suggested Solutions for Paper 2!

Hi there!

For those who have put in your fair share of labor, I hope today’s paper was easy for you. 🙂 This year, we have a lag with sources for Paper 1. We will put up the suggested solutions for P1 ASAP. If you are looking for it, head straight below, read the FAQ section and download your answers for review.

——-

To my 2013 students, I just want to say thanks for making this year one of the most enjoyable and memorable moments in my teaching career.

You’ve been such a delightful and fun cohort to teach. What a privilege it is to share moments with you in the classrooms and outside of them.

They are memories I’ll have with me for a long time. I’m grateful for the sense of joy and anticipation every time I am in the class and I’m so happy to see so many survive my very bad jokes.

Look forward to see you make good of the learning experience we had together (POA or not) and may you excel tremendously in whichever industry you set your eyes on.

I’ll miss you sorely. 🙂

Your partner in crime,

Caleb

——

Frequently Asked Questions

Q: Can you upload the question paper for Paper 1?

A: No, unfortunately. Question papers cannot be uploaded due to copyright reasons. Authorized publishers will make these available at all major bookstores from Feb 2014 onwards.

Q: My presentation is this like my school teacher says, it differs from your answers – will I be marked wrong by Cambridge?

A: I’m not the examiner/guru/genie. This remains as suggested solutions and serves as a point of reference.They are not absolute answers. We can discuss who’s right and wrong till the cows come home but it’s decided by the all-power examiner. 🙂

Q: I noticed something is wrong with your answer. Did you make a mistake?

A: Well, the mistake could be mine. In fact, assume it’s mine. 🙂

That’s why I put it up here for discussion. Help better it that all of us can benefit. Tell us your thoughts in the comments section below. I’ll update and upload the new version(s) if there is a need. 🙂

——-

When you are ready, right click and choose “Save As” to download:

7092/02 GCE O’ Level Principles of Accounts 2013 Paper 2 Suggested Solutions

Again, we will upload the answers for Paper 1 as soon as we can. 🙂

Update 1:

8 Nov, 9:48a.m -Solution update:

Adrian Chiam pointed out that insurance expenses was for 15 months. (Thanks)

22 Nov, 5:42p.m

Solutions revised! Credit goes to:

Joshua Ng, Jun Hong, poastudent, Tim, Qq, Green, Chloe and the community on PrinciplesofAccounts.com.sg!

Comments are closed at this time. Check back soon!

2013 GCE N Levels Principles of Accounts (POA) Suggested Solutions!

image: Class in accounting at Mary (sic) Morrison Carnegie School, Pittsburgh, PA

Heyo N Levelers!

Congratulations on completing your entire N Level exams!

Every year, I try out the N Level papers for my students and since I’m doing that, I thought it’d be fun to hear your views and responses.

This year’s paper is amazingly easy (which means the bell curve could be punishing). I’ve indicated my views on parts which I think has contestable responses in red. Teachers/tutors/students, let me know what you think!

When you are ready, right click and choose “Save As” to download:

7092/01/ 02 GCE N’ Level Principles of Accounts 2013 Suggested Solutions

Frequently Asked Questions:

Q: Can you upload the question paper for Paper 1

A: Question papers cannot be uploaded due to copyright reasons. I may be arrested and never to be able to upload anything in future

Q: My presentation is this like my school teacher says, it differs from your answers – will I be marked wrong by Cambridge?

A: Well, in the final analysis – I’m not the examiner/guru/genie. This set of suggested solutions serves as a point of reference, not the absolute answers.

Q: I noticed that you made a mistake in the solutions. 

A: That’s why I put it up here for you to make comments. Help me better it that all of us can benefit. I’ll update and upload the new version(s) if there is a need. 🙂

When you are ready, right click and choose “Save As” to download:

7092/01/ 02 GCE N’ Level Principles of Accounts 2013 Suggested Solutions

Oh yes,

If you are doing O Levels this year, we still have space for our annual crash course. Do join us if you need a push for the final paper on 7 Nov. 🙂

Cheers,

Caleb

 

An Overview of Macro-Level Opportunities in Accountancy in Singapore

Financial District Singaproe

 

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% to the Asia-Pacific market and its US$ 862.4 million formed 0.47% of its GDP, signalling great potential to grow. 1

In order to be on par with developed countries such as the United Kingdom and Australia, Singapore aims to double the sector’s existing GDP contribution (from 0.4% to about 1%) and its contribution from services export (from 22% to 50%) over the next decade. 1

This is exciting times for those seeking employment opportunities in Singapore.

Moreover, 29 of the biggest 30 international accountancy network firms have established a presence in Singapore. Deloitte & Touche, Ernst & Young, KPMG and PricewaterhouseCoopers (the “Big-4”) are part of the international accountancy networks and service a large portion (74%) of Singapore’s listed entities. The medium-sized public accountancy entities comprise those that audit 10 or more Public Interest Entities.

Together they account for 24% of the market share for audit services provided to listed companies. 1

Chic Princples of Accounts SingaporeA world-recognised professional accountancy qualification is key to transforming Singapore’s accountancy sector. Singapore will be the regional hub where international professional bodies offer other accountancy qualifications, and where global accountancy entities operate for Asia-Pacific. The corporate entities and government agencies also offer “on-the-job” training opportunities for accountants in commerce and government service. In terms of employment, the sector directly generates about 12,000 jobs. 1

The ACCA and Robert Half Women in Accounting and Finance Survey showed that the three main industries their respondents worked at were Accounting and Audit, Manufacturing, and Banking and Finance respectively.2

 

 

According to the 2008 survey conducted by the Institute of Certified Public Accountants Singapore (ICPAS),3 only 1 out of 10 accountants are working for an accountancy firm while the majority are working for corporations. Long working hours was found to be the main reason deterring them from working in the accountancy firms. A recent survey by top recruitment company Robert Half also revealed that at least 98 percent of finance or accounting employees in Singapore work longer than what was stipulated in their contract.4 In a separate survey on female accounting and financial consultants in Singapore, it was found that the average working week is 46.1 hours.2

Number of Graduates with Degrees in Accountancy (2011/2012)

University

Degree

Number of Graduates

Nanyang Technological University (NTU)

Bachelor of Accountancy

628

(M: 297; F: 331) 5

MBA (Accountancy)

4

(M: 3; F: 1) 6

National University of Singapore (NUS)

BBA (with Accountancy)

139

(M: 53; F: 86) 7

Singapore Management University (SMU) 8

Bachelor of Accountancy

269

Master of Professional Accounting

31

M – Male ; F – Female

Total number of members in Asia Pacific (2011/2012) for ACCA is 43,704 ; Total number of students is 113,623 (no stand-alone figures for Singapore found). 9

The ICPAS currently has about 21,000 members, of which about 15,000 hold the title of “CPA Singapore” .1

Median Monthly Basic and Gross Wages of Accounting-Related Occupations in All Industries, June 201110

Median Basic Wage ($)

Median Gross Wage ($)

Accountant

4,285

(M: 4,266; F: 4,300)

4,347

(M: 4,310; F: 4,350)

Auditor (Accounting)

4,266

(F: 4,095)

4,285

(F: 4,130)

Accounting Associate Professional

2,952

(M: 3,000; F: 2,950)

3,000

(M: 3,000; F: 3,000)

M – Male ; F – Female

References

1. http://www.acra.gov.sg/Publications/CDAS+Final+Report.htm

2. http://www.roberthalf.com.sg/EMEA/Singapore/Channel%20Descriptors/rh-sg/PDFs/RH_ACCA_Women_in_accounting&finance_survey.pdf

3. http://www.icpas.org.sg/doc/ICPAS%20WP_Young%20Accountants%20Career%20Intentions.pdf

4. http://www.roberthalf.com.sg/id/PR-03432/singapore-finance-accounting-employees-work-longer-hours

5. http://www.ntu.edu.sg/AboutNTU/CorporateInfo/FactsFigures/Pages/AY2011-12FirstDegreeGraduateOutputByProgrammeandGender.aspx

6. http://www.ntu.edu.sg/AboutNTU/CorporateInfo/FactsFigures/Pages/AY2011-12HigherDegreeGraduatesByGender.aspx

7. https://share.nus.edu.sg/registrar/info/statistics/ug-grad-20112012.pdf

8. http://www.smu.edu.sg/sites/default/files/smu/downloads/statistical_highlights_20120907.pdf

9. http://www.accaglobal.com/content/dam/acca/global/pdf-agm/ar2011-12.pdf

10. www.mom.gov.sg