The Principles of Accounting syllabus develops students’ knowledge and skills to prepare, communicate and use both accounting as well as non-accounting information for the purpose of business decision-making.

It helps students to become critical thinkers who solve problems and have the abilities to adapt to the evolving business needs.

Accounting is probably one of the most practical subjects that students study in school, together with Maths and the Sciences.

Almost all kinds of businesses need some form of financial accounting, meticulous preparation, concise presentation and clear communication.

Students are equipped with the basic knowledge and skills to prepare and present accounting information and communicate them in a useful manner.

Accounting information involves recording and processing business transactions.

The information is then used to evaluate business performance and facilitate decision-making.

Some accounting concepts such as accrual accounting, financial statement analysis, and tax accounting can be challenging to master. can be complex and difficult to understand.

PRINCIPLES OF ACCOUNTS TEACHES YOU THESE PRACTICAL SKILLS

Accounting plays a major role in creating financial stability and achieving business goals.

From analyzing expenses and creating a budget to making savvy investments, you can also apply accounting principles in your daily life to enhance your decision-making and improve your financial well-being.

Students learning Principles of Accounts will develop a keen eye for detail.

This is an important attribute for accountants (or for anyone taking exams).

Students will also learn to be organised and structured when they consolidate information into financial statements used by stakeholders for decision-making.

Accounting concepts and principles are important because they make it possible to meet an essential objective of accounting: the transmission of reliable economic and financial information for those who read the accounts and other financial documents.

Generally, accounting courses provide valuable knowledge on managing a budget and expenses effectively.

The ultimate goal of any set of accounting principles is to ensure that a company’s financial statements are complete, consistent, and comparable.

This makes it easier for stakeholders to analyze and extract useful information from the company’s financial statements, including trend data over a period of time.

By learning to become users of information, students understand:

• What business decisions are and how they are made
• How decisions are made using accounting information
• The limitations of relying only on accounting information
• The consideration of non-accounting information
• The development of transferable techniques that include investigative, problem solving, research, decision-making, mathematical competence, and analytical aptitude
• You will gain analytical dexterity, have an enquiring mind, and sharpen the ability to think logically
• The thorough and methodical approach to how you learn, assimilate and present important information
• How to deepen your organizational aptitude to plan and carry out projects
• How to explain results clearly and concisely
• How to POA concepts and understand how they relate to each other

WHY STUDY PRINCIPLES OF ACCOUNTING?

If you’re planning to start your own business, understanding how to manage the finances of your business is crucial to success.

With an understanding of accounting, you will be able to understand the financial health of your company.

You can then use to make informed business decisions that can increase your profitability and reduce risks.

If you are thinking about a career in the financial industry, it is important that you have a deep understanding of how to analyse financial statements.

Every industry requires accountancy help and there is usually a high demand for accounting professionals.

An accounting career is an incredibly flexible one, as it gives you the basis to work within many financial positions, and accounting roles are well paid.

Even if you aren’t thinking about a career in accounting, a deep understanding of financial statements is a skill that many companies want their staff to have.

BENEFITS OF STUDYING ACCOUNTING

Everyone can benefit from understanding financial accounting.

• Have you been able to track where all your money goes after you have received your allowance? When you have some accounting knowledge, you will gain a deeper understanding of how to effectively track expenses and work within a budget. This help you to manage your own personal financial finances more efficiently
• Prepare for entrepreneurial success (or at least figure out the finances for your CCA activities)
• Managing costs, cash flow, invoices, vendors, and payroll are all critical components of running a company or CCA project
  Some important accounting skills for entrepreneurs include preparing financial statements, determining how profitable your business/CCA project is, forecasting future sales, and communicating financial information to stakeholders, team members, and investors
• Improve your decision-making capabilities
• When you learn how to use financial statements like balance sheets and income statements to make data-driven decisions involving budgets and resource allocation, you can be a better decision-maker at work, and will also learn how to make more evidence-based decisions in your personal life

There’s a common misconception that only finance and accounting professionals need to be familiar with accounting concepts.

Actually, financial accounting is a critical business skill for all professionals.

Some typical accounting functions include:

• Recording transactions
• Collecting financial information
• Compiling financial records, reports, and statements
• Preparing tax returns
• Ensuring an organization’s taxes are paid and its financial records comply with the law

In simpler terms, accounting is how a business records its financial information.

Accountants, or anyone else tasked with accounting activities, are concerned with capturing a snapshot of an organization’s financial health at a specific point in time.

Whether you’re an entrepreneur who needs to prepare financial records for your company, a business professional trying to better understand and contribute to your organization’s financial decision-making process, or someone who wants to make sense of your own finances, studying basic accounting can provide many benefits.

While you might think non-accountants do not need to study financial accounting, an understanding of key accounting concepts, like the accounting equation and financial statements, can be helpful for all professionals.

Financial accounting has been called the universal language of business, so it makes sense that all business professionals should become fluent.

WHAT REWARDING CAREERS/SPECIALTY AREAS REQUIRE ACCOUNTING KNOWLEDGE?

Think Accounting is a rigid and boring subject? Think again.

For students passionate about Accounting, the career prospects are extensive, rewarding and diverse.

The following examples often involve working with complex concepts, and a deep understanding of Accounting processes.

You can consider: Tax Consultant, Credit Analyst, Forensic Accountant, Anti-Money Laundering Analyst, Financial Advisor, Auditor, Financial Analyst, Actuary, Payroll Manager, Treasury Analyst, Comptroller, Accountant, Valuation Manager, Budget Analyst, Director of Finance, Chief Financial Officer, Tax Director, Managerial Accountant, Public Accountant, Risk Assessment Examiner, Financial Manager, Cost Estimator, Payroll Accountant, Compliance Examiner, Business and Financial Consultant.

You can certainly make impactful contributions in fields that directly affect business growth, public sector policies and risk management.

HOW TO STUDY PRINCIPLES OF ACCOUNTS

Why is studying Principles of Accounts difficult?

The unfamiliarity, volume and speed of information presented in POA can be overwhelming for many students.

The vast expanse of knowledge, intricate terminologies, and the interwoven complexities often pose hurdles.

Many students grapple with the sheer volume of information and the abstract nature of POA.

Reading and understanding extensive material by yourself at home can become intimidating, and this can discourage the pursuit of better grades.

By using the practical and easy tips below, you can master your Principles of Accounting syllabus.

Memorizing basic information is helpful, but real learning comes from conceptual understanding.

Conceptual understanding is the goal.

To achieve this, you need to:

1. Learn how to read financial statements
2. When you are able to understand these statements, you can make more informed business decisions. This can improve the profitability of the company
3. Understand the Balance Sheet: The balance sheet reflects the company’s financial standing and is a financial statement that details a company’s total assets and liabilities, and the financial position of the company
4. Understand the Income Statement: The income statement of a company shows all of the profits and losses of a company in terms of revenue, profits and expenses in a given period of time
5. Understand the Cash Flow Statement: This financial statement states all of the cash flows of a company. Basically, it refers to all the money coming in and going out of the business, such as operational costs and any investing activities
6. See the “big picture”, the hierarchical structure of Accounting systems
7. Be able to understand how and why Accounting systems function the way they do
8. Grasp not only the definition of terms but why they are important
9. Do the assigned readings before your teacher covers it in school. Read and take notes on the assigned material before you come to class. This will enhance your understanding of the lecture and make note-taking easier
10. Check your understanding. After reading a section in the book, ask yourself if you could explain the material to your sibling or a friend. Reviewing questions and quizzes at the end of each chapter is also a great way to check your understanding of what you just learned
11. Convert your notes into study aids. When studying for exams, do not simply re-read your notes. Instead, convert your notes into matrices, concept maps or other visual representations of the material. Re-reading your notes is not enough
12. Form a study group. Working with a small group of 3 to 4 students will enhance your learning and comprehension. Teaching others is one of the best ways to learn Principles of Accounting
13. Partner with an admired POA mentor. If you cannot seem to truly understand a concept – even after consulting your notes and the textbook – schedule a meeting with your school teacher or start tuition with a POA tutor from The Best In Singapore. The individualized attention and tailored approaches offered by expert private tutors can unravel the intricacies of Principles of Accounting. This is the transformative benefit of personalized POA tuition in Singapore. With customized guidance, students can navigate through challenging topics, understand complex theories, and foster an enduring curiosity for how businesses work. This demystifies Principles of Account and helps you overcome academic hurdles. It also instils a profound passion and curiosity for POA beyond mere academic obligations
14. We equip our students with the how-how to study smart and score big for exams

Accounting principles build on top of one another, so taking the time to fully understand the more basic principles of accounting can help you to succeed when learning about the more difficult skills.

When studying POA, it can be tempting to learn all about different financial statements and other skills without spending time using them in real-world scenarios. But being able to your deepen knowledge can help you learn faster and become more skilled.

HOW TO TURN THIS MONTH INTO A SPRINGBOARD FOR SUCCESS IN YOUR NEXT EXAM

POA examinations are a significant milestone, and demonstrate how much of the content you have mastered.

Yet, the complexity of the POA syllabus can be a demoralizing challenge for many students.

To do well in any exam, we need to rely on discipline, not just motivation.

A top student know that they will not always feel like studying.

Motivation is fickle and can often disappear when your mood changes.

Discipline – on the other hand – means studying even when you don’t feel like it, and even when you do not feel motivated.

Strategic planning and systematic preparation play a formidable role in navigating these hurdles and achieving success in Principles of Accounting.

There are days when you have to force yourself to do the work you need to. No matter how you feel.

And you have to stick to your schedule, despite everything else that is going on around you.

THERE IS A BETTER WAY TO LEARN PRINCIPLES OF ACCOUNTS

Success in POA exams depends on a combination of factors, from extensive understanding to efficient study methods.

• Try to understand patterns.
  The human mind loves categorising information and looking for relationships between the different things we encounter. This is how our minds make sense of the world around us.
  Top students make use this way of thinking when it comes to studying as well.
  They look at the bigger picture and they look for patterns in POA syllabus that will help them make sense of different – yet interrelated – topics.
  Understanding the bigger picture, and how different topics relate to one another, will help you comprehend, memorise, and recall your work better.

• Try understanding the “why”.
  It is not enough to just know “how” to solve a problem or approach an exam question, because you are expected to be able to apply the theory that you had learned.
  Top students also know “why” you have to do things in a certain way. Understanding “why” will help you gain a deeper understanding of the work. This will then help you to internalise/absorb it more effectively.
  This is particularly true in the field of accounting and taxation

Understanding the theory behind certain things will help you answer unfamiliar questions – not only in your exams, but when you enter the workforce as well.

Adopting a structured study schedule, breaking down the syllabus into manageable sections, and dedicating focused study sessions to each topic significantly enhances comprehension and retention.

TACKLING THE RIGOUR OF PRINCIPLES OF ACCOUNTS EXAMS  

POA exams in Singapore are renowned for their depth and complexity, often posing an alarming challenge for students.

The partnership between the Ministry of Education and the University of Cambridge in crafting these examinations based on local requirements and global industry developments in POA elevates their difficulty level.

Overcoming these challenges demands focused attention, a deep understanding of concepts, and strategic application of knowledge.

IMPORTANCE OF SYSTEMIC STUDYING AND STRATEGIC PREPARATION WITH EXPERT GUIDANCE

Cultivating a habit of regular revision and addressing weak areas play a significant role in mastering Principles of Accounting.

A proven method to do well in POA examinations is to have access to an experienced tutor in Singapore who is an expert at systematic studying and who is good at simplifying complex POA concepts.

You will learn mind mapping, and how to create appropriate notes.

Importantly, you will be equipped with the exact key phrases to use for explanations and answers that fastidious exam markers require.

CHARACTERISTICS OF A GOOD POA TUTOR  

One to one POA tuition at home gives you exclusive attention, and caters to your specific needs and pace. 

This personalized touch fosters an environment where complex topics can be explored comprehensively, ensuring a solid foundation in the subject.

A good POA home tutor possesses a unique blend of qualifications, an ability to break down intricate theories into digestible components, and effective teaching methodology.

Your POA tuition teacher has a robust understanding of the content that you want to understand, imparts problem-solving strategies, and instils a sense of curiosity and passion for Principles of Accounting.

Their dedicated guidance helps you to navigate through the labyrinth of complex POA concepts.

KEY INSIGHTS

• Singapore’s best POA tuition agent, with the most qualified and experienced POA tuition teachers
• Choose from over 5,200 POA tuition teachers who are MOE teachers/experienced tutors with PhD/Master’s/Bachelor’s/university undergraduates/ACCA/CPA
• Teaching pace and material used are tailored to fit your individual needs
• Full attention of Singapore’s best private tuition teachers
• Correct the misconceptions immediately
• Specialty exam preparation
• Exposing our students to all the types of questions would mean they would never be caught off guard in an exam
• Intensive and methodical learning
• Lessons infused with impactful exam techniques
• Attentive, hardworking, committed POA family tutors
• We are here to transform confusion and anxiety into clarity and confidence

You can be a top student too!

Don’t think for a second that there is any real difference between you and a top-achieving student when it comes to what you are capable of.

The only thing standing between you and much better marks is working harder, and working smarter.

So if you want to get to the top of your class, and pass your course with distinction, you just have to cultivate better study habits.

Every student wants to do well.

But those with clear goals are the ones who manage to push themselves a bit further each time.

For each semester and each exam, you have to create a realistic goal for yourself regarding the mark you want to achieve. And each goal should be a just little higher than the previous one.

In a world where the pursuit of knowledge and good grades is inevitable, the choice of the right POA tuition teacher – whether in-person or through online tuition in Singapore – can define the types of grades that you will have over the next 3 months, for your upcoming school assessments, and the national exams.

Effective POA tuition helps you overcome academic hurdles and is a productive gateway to a deeper understanding and profound appreciation for how to grow  businesses.