Prepaid Expense – Principles of Accounts (POA)
Prepaid expense is an expense you had paid for in advance. Think of your EZ link card. You top up your EZ link card with $20. At this moment, did […]
Expense Payable
What is expense Payable? No! Expense Payables are not expenses! There! i said it and let this sink into your head. They are current liabilities. Allow me to explain. Expenses […]
POA tuition – how can it be made better for the student?
POA tuition is one of the strenuous teaching sessions to be conducted based on personal opinion. The subject matter is dry. POA tuition is not like any other sessions where […]
Depreciation of assets in Principles of Accounts (POA)
Definition and reasons for depreciation Depreciation of assets is the loss in value of the assets. The reasons for it is due to Usage Wear and Tear Obsolescence Legal Limits […]
What is Allowance for impairment loss on Trade Receivables?
Allowance for impairment loss on Trade Receivable is a contra asset account. A contra asset account is the ‘Opposite’ of an asset account. Do not take it as a liability. […]
Learning Principles of Accounts (POA) and scoring As
How can you do well in Principles of Accounts (POA)? In principles of accounts (POA), there are a few methods to learning it. Some methods rely on the massive brain […]
Double entry for Assets, Liabilities, Income, Capital and Expense
The main basic of double entry in accounting must be well understood. I had been emphasizing too many a times that DEBIT is not always adding into accounts and CREDIT […]
Prudence concept and what it actually mean
Concept of Prudence In principles of accounts POA, we often mentioned about prudence concept. The definition states that the business is not to overstate assets or understate liability. Possible losses […]
Going concern concept applied to Hyflux Singapore case probe
“CAD, MAS and Acra launch joint probe into Hyflux and its directors” Going concern concept states that the business is assumed to be on going forever. Many a times, students […]