The subject is designed to provide students with a meaningful basic introduction to financial accounting and to develop an appreciation of the discipline of accounting. It is grounded in preparing, communicating and using financial information, and appreciating the need for ethical conduct. The subject places emphasis on the understanding and application of accounting knowledge to develop lifelong skills and values that will be of value in the increasingly complex world of business.
Principles of accounts
Our Sec 3s embark on their weighted assessment (WA)! This WA tests them on their
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Secondary 3 Weighted Assessment
Students need to create their business from scratch: from thinking of the business name and the goods to sell, to creating authentic transactions, before recording them in the ledger accounts and trial balance and finally preparing their own income statement and balance sheet!
prior knowledge of POA, which they have learnt in semester 1 and allows them to apply their learning as they create their own business and have their own transactions!
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Accounting and Finance Challenge 2017
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On 23 March 2017, 4 teams of our Sec 4 POA students were selected to participate in the Accounting and Finance Challenge 2017. There were a total of 14 schools and 48 teams taking part in the challenge. At the end of the challenge, one of the teams had managed to clinch onto the second prize in the accounting quiz which amounts to a cash prize of $300.
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Congratulations to the winning team! :)
About the Subject
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.
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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.
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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.
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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.
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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.
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Section 6: Financial Statements Analysis
Understanding the use of financial ratios to analyse financial results and status.
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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.
ï‚· Paper 1 - 40% (1 hour) - Answer 3 to 4 compulsory structured questions. (40
marks)
ï‚· 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.
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SUBJECT SYLLABUSES
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7175 PRINCIPLES OF ACCOUNTS GCE ORDINARY LEVEL (2015)
http://www.seab.gov.sg/oLevel/2015Syllabus/7175_2015.pdf
7088 PRINCIPLES OF ACCOUNTS GCE NORMAL (ACADEMIC) LEVEL (2015)
