Junyuan Sec Memory Essence Sec 4E5N 2024

Format & memory essence (Sec 4E5N) Name Class 2024 EDITION Logical Learning. Life-Long Skill. We Nurture People of Accountability JUNYUAN SECONDARY SCHOOL FOR O LEVEL SYLLABUS 7087 Required to interpret the accounts but need not prepare the accounts.

JYSS: POA FORMAT & MEMORY ESSENCE | P a g e 2 Contents Page CHAPTER 1 INTRODUCTION TO ACCOUNTING ............................................................................... 5 TYPES OF BUSINESSES ....................................................................................................................... 5 ROLE OF ACCOUNTING & ACCOUNTANTS ................................................................................... 5 PROFESSIONAL ETHICS ...................................................................................................................... 5 STAKEHOLDERS ................................................................................................................................... 6 ACCOUNTING THEORIES ................................................................................................................... 7 CHAPTER 2 ACCOUNTING INFORMATION SYSTEM..................................................................... 10 TYPES OF BUSINESS TRANSACTIONS .......................................................................................... 10 ACCOUNTING CYCLE ....................................................................................................................... 11 ACCOUNTING INFORMATION SYSTEM ........................................................................................ 12 SOURCE DOCUMENTS ...................................................................................................................... 13 CHAPTER 3 ELEMENTS OF FINANCIAL STATEMENTS & ACCOUNTING EQUATION ........... 14 ELEMENTS OF FINANCIAL STATEMENTS ................................................................................... 14 ACCOUNTING EQUATION ................................................................................................................ 14 KEYWORDS TO IDENTIFY ACCOUNT NAMES ............................................................................ 15 CHAPTER 4 DOUBLE-ENTRY RECORDING...................................................................................... 16 DOUBLE ENTRY SYSTEM ................................................................................................................. 16 CONCEPT OF DEBIT & CREDIT ....................................................................................................... 17 JOURNAL ENTRIES ............................................................................................................................ 18 LEDGER ACCOUNTS .......................................................................................................................... 18 TRADE DISCOUNT AND CASH DISCOUNT ................................................................................... 22 CHAPTER 5 TRIAL BALANCE & FINANCIAL STATEMENTS ....................................................... 24 TRIAL BALANCE ................................................................................................................................ 24 STATEMENT OF FINANCIAL PERFORMANCE ............................................................................. 25 STATEMENT OF FINANCIAL POSITION ........................................................................................ 29 CHAPTER 6 INCOME ............................................................................................................................. 32 SALES REVENUE ................................................................................................................................ 33 SALES RETURNS ................................................................................................................................. 34 INCOME RECEIVABLE ...................................................................................................................... 35 INCOME RECEIVED IN ADVANCE .................................................................................................. 36 CHAPTER 7 EXPENSES ......................................................................................................................... 39 COST OF SALES .................................................................................................................................. 40 PREPAID EXPENSE ............................................................................................................................. 42 EXPENSE PAYABLE ........................................................................................................................... 43

JYSS: POA FORMAT & MEMORY ESSENCE | P a g e 3 CHAPTER 8 CASH .................................................................................................................................. 46 DISHONOURED CHEQUE .................................................................................................................. 46 INTERNAL CONTROL ........................................................................................................................ 47 CASH IN HAND & CASH AT BANK ACCOUNT ............................................................................. 48 BANK RECONCILIATION .................................................................................................................. 49 CHAPTER 9 INVENTORY ..................................................................................................................... 53 COST OF PURCHASES........................................................................................................................ 53 FIRST-IN-FIRST-OUT (FIFO) ............................................................................................................. 53 IMPAIRMENT LOSS ON INVENTORY ............................................................................................. 57 CHAPTER 10 TRADE RECEIVABLES (TR) ......................................................................................... 60 ALLOWANCE FOR IMPAIRMENT OF TRADE RECEIVABLES ................................................... 62 IMPAIRMENT LOSS ON TRADE RECEIVABLES ........................................................................... 63 WRITING OFF DEBT ........................................................................................................................... 68 CHAPTER 11 NON-CURRENT ASSETS (NCA)................................................................................... 70 CAPITAL & REVENUE EXPENDITURE ........................................................................................... 70 DEPRECIATION ................................................................................................................................... 73 SALE OF NON-CURRENT ASSET (O LEVEL ONLY) ..................................................................... 78 CHAPTER 12 TRADE PAYABLES ........................................................................................................ 81 CHAPTER 13 LONG-TERM BORROWINGS ....................................................................................... 83 BANK LOAN VS BANK OVERDRAFT ............................................................................................. 83 CHAPTER 14 EQUITIES ......................................................................................................................... 88 OWNER'S EQUITY............................................................................................................................... 89 FORMS OF BUSINESS OWNERSHIPS (O LEVEL ONLY) .............................................................. 93 SHAREHOLDERS’ EQUITY (O LEVEL ONLY) ....................................