Accounting (POA) Lessons
This course is for secondary school students studying Principles of Accounts and preparing for the GCE O Level exam.
This accounting lesson is crafted to build strong accounting knowledge step-by-step, from core concepts to more challenging topics. Students learn how to apply formulas with deep understanding, perform scenario and financial analysis, and link accounting ideas to real business situations — building confidence, exam readiness, and long-term success in accounting.
Course Content
01
Learn how to prepare a Trial Balance from a list of account balances at the end of the accounting year.
02
Learn how to calculate Gross Profit and Profit for the Year and prepare the above statement for a sole proprietor trading business with step-by-step guidance.
03
Learn how to calculate the total assets, liabilities, and equity of a sole proprietor, and prepare the above statement with step-by-step guidance.
04
Learn how to reconcile your cash at bank with the bank statement, adjust differences, and prepare a bank reconciliation statement step-by-step with examples.
05
Learn the difference between cash and trade discounts, how to calculate them, and how to record discount allowed and discount received in the journals and ledgers.
06
Learn how to calculate sales revenue for goods sold with trade discount, how to record in the journal, prepare and close the sales revenue account.
07
Learn how to calculate sales return of goods previously sold with trade discount, how to record in the journal, prepare and close the sales return account.
08
Learn how to record cost of sales in the journals and ledgers.
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09
Learn when income is recognised and how to adjust for income received in advance, including amounts brought forward, with guidance on interpreting the income account.
10
Learn when income is recognised and how to adjust for income receivable, including amounts brought forward, with guidance on interpreting the income account.
11
Learn when expense is recognised and how to adjust for prepaid expense, including amounts brought forward, with guidance on interpreting the expense account.
12
Learn when expense is recognised and how to adjust for expense payable, including amounts brought forward, with guidance on interpreting the expense account.
13
Learn to calculate and record inventory purchases, cost of sales using FIFO, and update the Inventory account, including returns to suppliers and from customers.
14
Learn step-by-step strategies to determine the best product the business should purchase to resell in an inventory scenario-based question.
15
Learn how to value inventory, record impairment losses in journals, and account for insurance compensation.
16
Learn to calculate and record allowance and impairment loss on trade receivables in journals, and how to account for writing off trade receivables.
17
Learn how to record transactions in the trade receivables account, prepare the account, and apply trade and cash discounts correctly.
18
Learn step-by-step strategies to determine who should the business sell to on credit and extend its credit terms to in a trade receivables scenario-based question.
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19
Learn how to record transactions in the trade payables account, prepare the account, and apply trade and cash discounts correctly.
20
Learn step-by-step strategies to determine which supplier should the business buy its goods from to receive the best deal in a trade payable scenario-based question.
21
Learn how to account for long-term loans, calculate and record interest expense for the first and second years.
22
Learn how to tell capital and revenue expenditure apart, record them in journals, and understand how mistakes affect profit and equity.
23
Learn step-by-step strategies to determine which non-current asset should the business buy that best suit its needs or should the business buy or lease the required non-current asset.
24
Learn what depreciation, accumulated depreciation, and net book value mean, how to record in the journals, and calculate depreciation using the straight-line and reducing-balance methods with clear step-by-step examples.
25
Learn how to calculate and record in the journals the gain or loss on the sale of non-current assets, with clear examples.
26
Learn how to correct different types of errors using journals and prepare the statement of adjusted profit.
27
Learn how to record the capital and drawings account of a sole proprietor.
28
Learn how to calculate share capital issued, dividends declared, and retained earnings, and record them in the journals, ledger accounts, and the statement of financial position.
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29
Learn how to calculate and interpret inventory ratios, and compare inventory management performance across different years and with other businesses.
30
Learn how to calculate and interpret trade receivables ratios, and compare trade receivables management performance across different years and with other businesses.
31
Learn how to calculate and interpret current and quick ratios, and compare the liquidity performance across different years and with other businesses.
32
Learn to calculate and interpret gross profit margin, mark-up, and profit margin to evaluate business performance over time and against other businesses.
33
Learn how to calculate and interpret return on equity to decide whether a business is worth investing in or continuing to invest in.