CORRECTION OF ERRORS

Unlike errors made in school homework, bookkeepers cannot undo errors using correction tape. Whenever errors in recording transactions occurs, bookkeepers will use correcting double entries to make right the errors. Correction of Errors Table of Contents Correction of ErrorsB. TYPES OF ERRORS NOT REVEALED BY TRIAL BALANCE (POORCC)1. Error of principle (P)Correction of errors:2. Error …

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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!

2016 GCE O Levels POA Suggested Solutions

Methods of Depreciation

There are several methods of depreciation used across different financial reporting standards around the world. For the 7175 and 7088 GCE O/N Level Syllabus, we focus on two specific methods: 1. Straight Line Method (SLM) 2. Reducing Balance Method (RBM) Table of Contents 2. Reducing Balance Method (RBM)Straight Line MethodReducing Balance MethodSuitability of depreciation method COMMON …

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Difference Between Bookkeeping And Accounting

What is the 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 …

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