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O-Level The Statement of Financial Position

What the O-Level syllabus expects for The Statement of Financial Position, and how to practise it.

What the syllabus expects

• Define current and non-current assets and tell them apart
• Define current and non-current liabilities and tell them apart
• Give definitions for net assets, equity and working capital
• Compute net assets, equity and working capital
• Trace how transactions and year-end adjustments affect owner's or shareholders' equity, non-current and current assets, non-current and current liabilities, net assets and working capital
• Draw up a Statement of Financial Position, including year-end adjustments, for a private limited company or a sole proprietorship
  Scope: Prepared from a list of balances or a trial balance
• Draw up a Statement of Financial Position, including year-end adjustments, for a trading or service business

More O-Level Principles of Accounts topics

Roles of accounting and of accountants · Stakeholders and what they need in order to decide · Judging profitability · Judging liquidity · Judging efficiency of inventory and trade receivables management · Kinds of business · all of O-Level Principles of Accounts