O-Level: Accounting

The syllabus content can be summarized into the following core units:

• Fundamentals of Accounting: (Double Entry and the Accounting Equation, Source Documents and Books of Prime Entry (Journals, Cash Book), The Ledger and preparing a Trial Balance.

• Preparation of Financial Statements (Sole Traders): (Trading and Profit and Loss Accounts (Statement of Profit or Loss), Balance Sheets (Statement of Financial Position).

• Key Adjustments & Concepts: Depreciation of Non-Current Assets, Accruals and Prepayments, Bad Debts and Provision for Doubtful Debts, Inventory Valuation, Capital and Revenue items.

• Control and Verification: Bank Reconciliation Statements, Control Accounts, Correction of Errors and the Suspense Account.

• Specialised Accounts: Partnership Accounts (basic preparation/appropriation), Manufacturing Accounts (Cost of Goods Manufactured), Accounts from Incomplete Records.

• Analysis: Ratio Analysis (Profitability and Liquidity Ratios).