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A Level Economics Tuition
We recommend Mr Koh from ThatEconsTutor (9070-6248)
– Author of #1 Best Selling Economics Study Guide
– Author of Economics Ten Yr Series
– Track record in producing results
– Classes at Bukit Timah

What is the difference between Net Book Value (NBV) and Net Realisable Value (NRV)?

The Net Book Value (NBV), also known as depreciated cost, is equal to its original cost (its book value) less amortisation (not in O’/N’ level syllabus) and depreciation.
Closing Stock

On the other hand, the Net Realisable Value (NRV) refers to the selling price of an asset minus the expenses incurred in the sales transaction, and in bringing the asset to the saleable state. NRV is most often used when the value of stock is less than the its historical cost.

Note on Net Realisable Value
In the examination where both the cost of purchase and the NRV (or market value) of the stock is available, use the figure that is lower. The fancy way of saying it is the ‘lower of cost or market value’ rule.
This follows the accounting principle of prudence and conservatism, where assets are not overstated and liabilities not understated.

Image Credit:


A Song About the Accounting Cycle

Accounting can be as fun as you make it to be. See how this girl make it happen!

[Clicking opens a new window]


Transactions occur everyday in a business
The accounting cycle has begun
Gather your source documents and file them away

Record transactions in the general journal
Put debits first and indent the credits
Don’t forget an explanation or you’ll get confused

Once a month post the journal entries to the ledger
Just forward the balance if the page gets filled
Start a new page; show everyone you’re skilled

Do a trial balance of the ledger
And if it doesn’t balance you have made a mistake
But don’t be worried if you’ve mastered the error tests

The fiscal period is now at its end
The worksheet shows the columns to be done
Trial balance, adjustments, income and balance sheet

Net income or net loss? That’s the question
The income statement can give the answer
Revenues minus expenses is all it takes

Insurance, late invoices and supplies
All require adjusting entries
Record them on the worksheet then journalize

The nominal accounts need to be closed out
Revenue, expenses, income and drawings
Are the four closing entries

The last step is the post-closing trial balance
But if the debits don’t equal credits
Then it’s a good thing you have mastered the error tests

And if you didn’t, well…I feel bad for you

Track Your Numbers to Meet Your Business Goals!

[From Caleb: Today, Adam Khoo shares about tracking your accounting figures to meet your business goals. Just last month, he wrote about why expats will rule Singapore and why money is the lifeblood of business.

This post is written for business owners and aspirant. Start ups are usually drowned in the excitement of entreprenuer work. Keeping an eagle’s eye on financial figures is essential business success.

Notice how Adam’s tips are succintly practical: They’re very similar to most startup advice about watching cashflow and setting performance measurements. It is the intensity from this logical step that really make you think about the scale of his business success.

Stay tuned this week for something cool]


Your financial figures tell you whether your business is on track at meeting its goals. If you don’t pay attention to it constantly, your business could be going off track and by the time you figure
it out, it would be too late!

Here are some of the most common scenarios that happen to startup companies. By not tracking his expenses closely, the business owner is not aware that his costs are actually overshooting his budgeted amount.

By the end of the year, he finds that he has actually been making a loss! If he had known this fact immediately, he could have taken steps to reduce his costs and turn around a profit. Another common example is that the business owner is not aware that sales revenue is not coming in as projected. As a result, he will again find himself making a loss at the end of the year.

Business GraphWhat has made my company so successful at hitting its sales and profit targets every year is that we track our sales figures by the hour! The moment sales are made at our payment counter, an SMS is sent to my CEO and the product manager within an hour.

By the next three hours, the sales figures are updated in our computer’s accounting system. My CEO then studies the consolidated report of the entire sales revenue generated by all the product
divisions weekly. The moment our sales revenue drops below our projected target for that week, we will immediately change our strategy and take new actions.

We may place more advertisements, create new marketing channels, offer a special promotion, push our sales people harder, increase telemarketing efforts and do whatever it takes to push up the figures!

To your business success,


AdamKhooPhoto.jpgAdam Khoo is an entrepreneur, a best-selling author and a peak performance trainer. A self-made millionaire by the age of 26, he owns and runs several businesses in education, training, event management and advertising, all with a combined annual turnover of $20 million. His best-selling “Secrets of Building Multi-Million Dollar Businesses” is a complete step-by-step system that will show you how to take an indea from start-up to a million dollar business in 18 months flat. This article is reproduced with permission from Adam Khoo Learning Techology Group.

photo credit: Business Graph by nDevilTV


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Syllabus for Singapore’s Cambridge- GCE Principles of Accounts Examinations

Even the most seasoned tutors may go out of sync sometimes. In 2008, the Singapore Examinations And Assessment Board removed multiple choice questions from POA Paper 1, replacing them with structured questions – to the misery of my then-students.

This blog post contains the latest syllabus for Principles of Accounts at N’/O’ and A’ Levels. To save a copy, right click and select “Save Target As.”

7091 GCE N’ Levels Principles of Accounts Syllabus

7092 GCE O’ Levels Principles of Accounts Syllabus

9755 GCE A’ Levels H2 Principles of Accounts Syllabus

Be sure to visit the Singapore Examinations And Assessment Board’s website at for any updates on the syllabus.

Money Is The Lifeblood of Your Business!

[Caleb Ho] Adam Khoo is Singapore’s most well-known personal development trainer and entrepreneur extraordinaire. A a self-made millionaire at age 26, Adam shares the secret of building multi-million dollar businesses.

A business without enough money is like a human being without blood or a jet plane without fuel. It is an essential resource your business needs in order to achieve its fullest potential.

You can have the best ideas, a bunch of talented people, a great product and a potential market. However, without proper money management, none of your goals can materialize. I have seen entrepreneurs doing great work, attracting lots of customers and delivering great value.

Moreever, because there was nobody paying close attention to the numbers, the business soon found itself having to close down. All this could have been avoided if only the business owner understood and paid more attention to managing the cash flow of the company.

So, if money is such an important matter in a business, why do so many entrepreneurs neglect to spend enough time on it? There are three main reasons:

1) Ignorant About Money
Unfortunately, very few people are trained in money management. Unless you studied finance or accounting in college, it is unlikely that you would have learnt about smart money management strategies from your parents or from school, college or university.

2) Fear of Money
With ignorance comes a fear of dealing with money. Many business owners I talk to have a fear of constantly tracking their sales revenue, costs and other financial numbers.
They get stressed up when they have to look at and deal with numbers. They get nervous when they see the bills that come in and more stressed when the sales revenue is not as rosy as projected.

“I was never good at Math,” is the common excuse they usually give.

3) Procrastination
Finally, many business owners I know tend to place their finance and accounting matters as the last priority. They are always focused on making the product, providing the service, dealing with
customers, selling their company or managing their people. “I have no time to do the books.” “I’ll do it later!”

As a result, their accounts are never up to date. They will only know their May sales, cost and profit figures in September! It is like a basketball team playing a match without being able to see the scoreboard until two weeks after the game!

To your business success,

AdamKhooPhoto.jpgAdam Khoo is an entrepreneur, a best-selling author and a peak performance trainer. A self-made millionaire by the age of 26, he owns and runs several businesses in education, training, event management and advertising, all with a combined annual turnover of $20 million. His best-selling “Secrets of Building Multi-Million Dollar Businesses” is a complete step-by-step system that will show you how to take an indea from start-up to a million dollar business in 18 months flat. This article is reproduced with permission from Adam Khoo Learning Techology Group.

The Imprest System

The Imprest System is a system for controlling petty cash. The person petty cashier is given an amount in advance of expenditure. This amount also known as the “float.”

Under the Imprest system, the chief cashier replenishes the cash such that the petty cash box always has the same amount of float at the start of each period. Each disbursement paid out from the float must be supported by a petty cash voucher and issued by an authorized person.
Advantages of the Imprest System of keeping petty cash
The Petty Cash Book is used to record small payments. Such payments include postage, reimbursement to employees for small purchases of office supplies and numerous similar items.

The advantages of using a petty cash book are as follows:
1.    Practicality – small amounts do not require cheque payments
2.    Flexibility – size of float can be adjusted to business needs
3.    Accountability – a junior staff can be responsible for the petty cash
4.    Control  over:
a.    Mistakes – the chief cashier checks the Cash Book regularly
b.    Petty expenses – expenses keep within certain dollar limits imposed by the system
c.    Theft/ fraud – misappropriation cannot exceed the Imprest cash amount.
A petty cash system begins when a cheque is cashed and the cash is placed in a petty cash box.

Accounting Concepts

i.    Accounting/Business entity

The business is an entity (or body) separate from its owner. Entity means a distinctive existence.

ii.    Consistency
The accounting treatment applied to an item should be the same for all accounting periods, unless there is a valid reason for change and the effect of such changes are disclosed. This is to enable meaningful comparisons between two or more accounting periods to be made.

iii.    Accounting period

Assuming that the business is a going concern, the life span of a business entity is divided into fixed periods of time to enable financial reports to be prepared for that particular period.

iv.    Accrual concept
Revenue is recognized when earned and expenses when incurred. Revenue received (or expenses paid) but not yet earned (incurred) cannot be recognized.

v.    Duality concept
This is the concept at the heart of the system in accounting known as “double entry system” (see Chapter 3). It relies on the fact that each transaction represents an exchange of resources, and hence there will be two equal and opposite aspects to each accounting record.

vi.    Going concern concept
It is assumed that the business will continue to operate for an indefinite period of time. Thus, assets are valued at historical cost rather than market or saleable value.

vii.    Historical cost concept
All business transactions are recorded at the cost at the time it took place.

viii.    Matching principle
The appropriate expenses should be matched to all the revenue to determine profits in a given accounting period.

Monetary Conceptphoto credit: AMagill

ix.    Monetary assumption or money measurement
Only transactions quantifiable/ expressed in monetary terms are recorded

x.    Materiality concept
How each transaction is captured and dealt with in the accounting records depends on its significance and impact.

xi.    Objectivity convention
The methods used to prepare financial reports should be free from personal bias and based on verifiable evidence.

xii.    Prudence/ Conservatism convention
Given two alternatives of reporting an item, the alternative which gives a lower profit or lower asset value should be chosen to avoid overstating assets or understating liabilities.

xiii.    Realization concept
Revenue/Income should be recognized when it is earned and expenses when incurred.