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SEAB GCE O-Level Principles of Accounts

GCE · SEABBusiness Studies718 cards

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Flashcards for Principles of Accounts as examined in Singapore from 2027 (SEC G3, syllabus K342), split into its three key understandings and then by numbered topic in the syllabus's order. Covers accounting theories, double entry, adjustments, the financial statements of sole proprietorships and private limited companies, bank reconciliation and the financial ratios, with short worked examples.

Adding it gives you your own copy, with every subdeck below. Each card then comes back just before you would forget it, and every one you get right or wrong counts towards your mastery of its topic. You can delete or suspend the parts you are not studying once it is yours.

What is inside (39 subdecks)

  • Key Understanding 1: Accounting and non-accounting information support decision-making116 cards
    • 1.1 Roles of accounting and accountants18 cards
    • 1.2 Stakeholders and their decision-making needs22 cards
    • 1.3 Financial statements analysis76 cards
      • 1.3.1 Profitability28 cards
      • 1.3.2 Liquidity22 cards
      • 1.3.3 Efficiency26 cards
  • Key Understanding 2: Accounting is a language used to represent business activities448 cards
    • 2.1 Types of businesses15 cards
    • 2.2 Forms of business ownerships22 cards
    • 2.3 Elements of financial statements28 cards
    • 2.4 Accounting equation21 cards
    • 2.5 Financial statements63 cards
      • 2.5.1 Statement of financial position41 cards
      • 2.5.2 Statement of financial performance22 cards
    • 2.6 Income and expenses51 cards
      • 2.6.1 Revenue and other income30 cards
      • 2.6.2 Cost of sales and other expenses21 cards
    • 2.7 Assets150 cards
      • 2.7.1 Cash in hand and cash at bank18 cards
      • 2.7.2 Inventories38 cards
      • 2.7.3 Trade receivables37 cards
      • 2.7.4 Non-current assets57 cards
    • 2.8 Liabilities34 cards
      • 2.8.1 Trade payables21 cards
      • 2.8.2 Long-term borrowings13 cards
    • 2.9 Equities39 cards
      • 2.9.1 Capital and share capital13 cards
      • 2.9.2 Drawings9 cards
      • 2.9.3 Transfer of profit or loss for the year and retained earnings17 cards
    • 2.10 Correction of errors25 cards
  • Key Understanding 3: Accounting is an information system to measure business activities154 cards
    • 3.1 Accounting theories40 cards
    • 3.2 Accounting information system and accounting cycle38 cards
      • 3.2.1 The accounting cycle and source documents27 cards
      • 3.2.2 The trial balance11 cards
    • 3.3 Understanding the double-entry recording system33 cards
    • 3.4 Internal controls43 cards
      • 3.4.1 Bank reconciliation27 cards

Some of its cards

  • Accounting entity theory
    The business is treated as separate from its owner, so only the business's own transactions are recorded
  • What does efficiency of inventory management measure?
    How well a business manages its inventory to meet customer demand
  • A person or group with an interest in a business and its accounting information
    Stakeholder
  • When is revenue recognised for a sale of goods?
    When the goods are delivered to the customer, whether or not cash has been received
  • A list of all ledger account balances, in debit and credit columns, at a date
    Trial balance
  • What does the statement of financial performance show?
    The income and expenses of a business for a period of time
  • Profitability
    How well a business earns revenue while keeping its expenses under control
  • Whether a business can pay the debts that fall due in the near future
    Liquidity
  • What are the four stages of the accounting cycle?
    Identifying and recording, adjusting, reporting and closing
  • What does the accounting entity theory say about the owner and the business?
    The business is treated as separate from its owner

And 708 more once you add the deck.