CXC CSEC Principles of Accounts (POA) exam guide: Section 1: Introduction to Principles of Accounts



CXC CSEC Principles of Business Exam guide: Section 1: The Nature of Business

CXC CSEC Principles of Accounts Exam Guide

Section 1: Introduction to Principles of Accounts

 

SPECIFIC OBJECTIVES

The students should be able to:

CONTENT
1. Explain the concept of accounting;

concept of “Accounting” and “Principles of Accounting”

2. State the purpose of accounting;
Accounting as a business practice – the purpose of Accounting.

3. Identify the users of accounting information; Internal and external  users Accounting information and their needs

 

 

4.

Outline the distinguishing features of various types of business organizations;

Types of business organizations:

(i) Sole-Traders

(ii) Partnerships

(iii) Corporations (Limited Liability companies)

(iv) Cooperatives

(v) Non-Profit Organizations

5. Identify the main financial statements prepared by various business organizations;

Financial Statements –

Income statement,

Trading and Profit & Loss A/C,

Income and Expenditure A/C,

Balance sheets,

Cash Flow Statements.

(Teachers are not expected to teach how to prepare the cash flow statements but it should be identified as one of the financial statements which must be prepared by corporations).

 

6. Describe the accounting cycle;

The Accounting cycle with its diagrammatic representation.

 

7.

Outline the concepts and conventions that guide the accounting process;

Accounting concepts and conventions – principles which guide the accounting process:

accrual and matching concept;

prudence (conservation) concept;

consistency concept;

separate entity concept.

 

8. Assess the role and impact of technology on the accounting process;

(a) accounting processes which could be readily preformed by the use of the computer, for example:

payroll,

stock control,

debtors’ and creditors’ schedules.

(b) What are the software currently being used in Accounting e.g. Peachtree, SimplyAccounting

(c) Advantages and disadvantages of using the computer in accounting.

 


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guest (not verified)
please state some objectives

please state some objectives for the requirements of this subject

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damonsalvotore (not verified)
am very scard to write cxc

am very scard to write cxc next year any tips for me please :'(

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guest (not verified)
Principles of Accounts

I REALLY HAVE DIFFICULTY DOING THIS SUBJECT BUT I REALLY HOPE GOD WILL GIVE ME THE STRENGTH TO PASS IT.

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guest (not verified)
I can teach P.O. A. & Principles of Business & economice

I have a teaching experience of two decades for commerce subjects. Anybody can contact on my email ID.

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guest (not verified)
POA, POB

i am saying the same prayers my dear

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guest (not verified)
P.O.A

Hi, I had a teacher for P.O.A at the ElDorado East Secondary. For my SBA i asked him for assistance and he told me he would save his energy for people who needs it. Now thanks to him, i failed the only subject i liked and now i have to rewrite my exams in January of this year.

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nadineb12 (not verified)
principle of accounts

this is great

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Tia Palmer (not verified)
accounts, chemistry ,english a and english b

assistance please!

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tukwa (not verified)
i really like this just that

i really like this just that i find it to tough

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Shaunna Sanchez (not verified)
I love these videos, they are

I love these videos, they are very helpful.

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jamieann (not verified)
re video

what video are u talking about

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