Principles of Accounts course outline based on the CSEC Principles of Accounts Syllabus effective from September 2017. The outline covers the course content for Grades 9 - 11.
An exercise whose objective is to enable auditors to express an opinion on whether the financial statements give a true and fair view (or equivalent) of the entity’s affairs at the period end and of its profit or loss (or income and expenditure) for the period then ended and have been properly prepared in
accordance with the applicable reporting framework (e.g. relevant legislation and applicable accounting standards) or where statutory or other specific requirements prescribe the term, whether the financial statements “present fairly”.
An exercise whose objective is to enable auditors to express an opinion on whether the financial statements give a true and fair view (or equivalent) of the entity’s affairs at the period end and of its profit or loss (or income and expenditure) for the period then ended and have been properly prepared in
accordance with the applicable reporting framework (e.g. relevant legislation and applicable accounting standards) or where statutory or other specific requirements prescribe the term, whether the financial statements “present fairly”.
Actually there are a number of accounting concepts and principles based on which we prepare our accounts
These generally accepted accounting principles lay down accepted assumptions and guidelines and are commonly referred to as accounting concepts
Basics of Accounting. Principles and concepts of Accounting
what is Double Entry System of Accounting?what Financial Statements?
Accounting is a process of identifying, recording, summarising and reporting economic information
to decision makers in the form of financial statements.
The presentation is part of a lecture series on Management Information Systems. It is an overview of the General Ledger and Financial Reporting System (GLFRS) as part of the Accounting Information system (AIS). It also covers an assessment of the role of accounting software and Extensible Business Reporting Language (XBRL).
DOI: http://dx.doi.org/10.13140/RG.2.2.22328.47369
Updated at: https://www.researchgate.net/publication/353851801_General_Ledger_and_Financial_Reporting_System_GLFRS
Financial and managerial accounting the basis for business decisions 18th edi...KrisWu123
Download at: https://goo.gl/e8g2hL
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financial and managerial accounting 17th edition solutions free
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financial and managerial accounting the basis for business decisions 17th edition solutions
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financial and managerial accounting the basis for business decisions 18th edition pdf
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Accounting for Managers - Brief Overview'Nipun Jain'
The presentation discusses about the basics of accounting required for commerce and management students.
Contents:
Introduction to Accounting
Basic Accounting Terminologies
Generally Accepted Principles (G.A.A.P.)
Approaches to Accounting
Primary Book – Journal
Secondary Book – Ledger
Trial Balance
Sample Question
The presentation includes animations and can be used for display in seminars or lectures as well.
For further details, write to TheNipunJain@gmail.com
Fundamentals of accounting showcased the basic approach to understanding and managing accounting systems in a simplified manner. Personnel in accounting and financial reporting roles would find the presentation a practice and refresher material for successful bookkeeping and financial reports.
Financial accounting Meaning . This is useful for, BCOM,MCOM,CA,CS,CMA STUDENTSBibek Prajapati
Financial accounting is a specialized branch of accounting that keeps track of a company's financial transactions. Using standardized guidelines, the transactions are recorded, summarized, and presented in a financial report or financial statement such as an income statement or a balance sheet.
This is useful for, BCOM,MCOM,CA,CS,CMA STUDENTS
Actually there are a number of accounting concepts and principles based on which we prepare our accounts
These generally accepted accounting principles lay down accepted assumptions and guidelines and are commonly referred to as accounting concepts
Basics of Accounting. Principles and concepts of Accounting
what is Double Entry System of Accounting?what Financial Statements?
Accounting is a process of identifying, recording, summarising and reporting economic information
to decision makers in the form of financial statements.
The presentation is part of a lecture series on Management Information Systems. It is an overview of the General Ledger and Financial Reporting System (GLFRS) as part of the Accounting Information system (AIS). It also covers an assessment of the role of accounting software and Extensible Business Reporting Language (XBRL).
DOI: http://dx.doi.org/10.13140/RG.2.2.22328.47369
Updated at: https://www.researchgate.net/publication/353851801_General_Ledger_and_Financial_Reporting_System_GLFRS
Financial and managerial accounting the basis for business decisions 18th edi...KrisWu123
Download at: https://goo.gl/e8g2hL
financial and managerial accounting 17th edition answer key
financial and managerial accounting 17th edition solutions free
financial and managerial accounting 18th edition pdf
financial and managerial accounting 18th edition answers
financial and managerial accounting the basis for business decisions 17th edition solutions
financial and managerial accounting solutions pdf
financial and managerial accounting the basis for business decisions 18th edition pdf
financial and managerial accounting 17th edition pdf free download
Accounting for Managers - Brief Overview'Nipun Jain'
The presentation discusses about the basics of accounting required for commerce and management students.
Contents:
Introduction to Accounting
Basic Accounting Terminologies
Generally Accepted Principles (G.A.A.P.)
Approaches to Accounting
Primary Book – Journal
Secondary Book – Ledger
Trial Balance
Sample Question
The presentation includes animations and can be used for display in seminars or lectures as well.
For further details, write to TheNipunJain@gmail.com
Fundamentals of accounting showcased the basic approach to understanding and managing accounting systems in a simplified manner. Personnel in accounting and financial reporting roles would find the presentation a practice and refresher material for successful bookkeeping and financial reports.
Financial accounting Meaning . This is useful for, BCOM,MCOM,CA,CS,CMA STUDENTSBibek Prajapati
Financial accounting is a specialized branch of accounting that keeps track of a company's financial transactions. Using standardized guidelines, the transactions are recorded, summarized, and presented in a financial report or financial statement such as an income statement or a balance sheet.
This is useful for, BCOM,MCOM,CA,CS,CMA STUDENTS
What are the basic components of the conceptual framework What are .pdfanaxeetech
What are the basic components of the conceptual framework? What are your opinion about the
success of the conceptual framework
Solution
Conceptual Framework Underlying Financial Accounting
The development of accounting standards or any other accounting guidelines need a foundation
of underlying principles. In July 1989, The International Accounting Standards Committee
(IASC) issued a \"Conceptual Framework\" to serve as a basis for accounting standards. The
Accounting Standards Board of the ICAI has issued a similar framework for same purpose in
July 2000. This framework serves as a constitution and provides the fundamental basis for
development of new accounting standards as also for review of existing standards. The principle
areas covered by the framework are as follows:
Components of financial statements
>Balance sheet
>Profit & Loss A/c
>Cash Flow Statement
>Notes & Schedules to Accounts
Objectives of Financial Statements:
Objectives require financial statements to show the results of business operations and
stewardship or accountability of the management in respect of resources entrusted to it, to the
diversified stakeholders of the business.
Assumptions Underlying Financial statements:
Three fundamental accounting assumptions are as follows:
>Going Concern
>Consistency
>Accrual
Qualitative Characteristics of Financial Statements:
>Understandability
>Relevance
>Reliability
>Comparability
>True & Fair View
Elements of Financial Statements:
The five financial elements are assets, Liabilities, Equity, Income/Gains, and Expenses/losses.
Principles of Measurement of Financial Statements:
Measurement is the process of determining money value at which an element can be recognised
in the balance Sheet or statement of profit or loss. The framework recognises four alternative
bases for the purpose. These bases relate explicitly to the valuation of assets and liabilities. In
preparation of financial statements, all or any of the below can be used in varying combinations
to assign money values to financial items:
(a) Historical Values
(b) Current Cost
(c) Realisable(Settlement) Value and
(d) Present Value
PURPOSE OF THE FRAMEWORK
The framework sets out the concepts underlying the preparation and presentation of general
purpose financial statements prepared by enterprises for external users.
The main purpose of the framework is:
(a). To assists enterprises in preparation of their financial statements in compliance with the
accounting standard and in dealing with the topics not yet covered by any accounting standard.
(b). To assists ASB in its task of development and review of accounting standards.
(c). To assists ASB in promoting harmonisation of regulations, accounting standards and
procedures relating to the preparation and presentation of financial statement by providing a
basis for reducing the number of alternative accounting treatments permitted by accounting
standards.
(d). To assists auditors in forming an opinion as to whether financial sta.
BCO114 ACCOUNTING I Task brief & rubrics Task Final Ass.docxjasoninnes20
BCO114 ACCOUNTING I Task brief & rubrics
Task: Final Assignment (40% of the Final grade)
You must answer all the questions in the proposed business case.
This task assesses the following learning outcomes:
• Critically understand the differences between the methods of valuation of the inventory
• Knowing how to properly elaborate an income statement and determine the ending inventory balance.
LAUNCH: WEEK 10 / DELIVERY: MAY 10th, 2020, 23:59HRS ON MOODLE
Submission file format: Excel document with all the answers, clearly identifying all steps, results, journals and including comments besides each answer.
BUSINESS CASE (100 points)
Jim has recently opened a dry fruits wholesale company dedicated to the sale of peanuts, almonds and pistachios.
During its first month of activity, the company has made the following transactions:
February 2: Purchase of Pistachios: [email protected]$/Kg $ 25.000
Purchase of Almonds: 4.000Kg @ 5$/Kg $ 20.000
Purchas of Peanuts: 6.000Kg @ 3$/ Kg $ 18.000
February 3: Purchase of Pistachios: [email protected]$/Kg $18.000
Purchase of Almonds: 2.000Kg @ 6$/Kg $ 12.000
Purchas of Peanuts: 2.000Kg @ 4$/ Kg $ 18.000
mailto:[email protected]$/Kg
mailto:[email protected]$/Kg
February 6: Sold to several clients:
Pistachios: [email protected] 20$/Kg $40.000
Almonds: 2.500Kg @ 11$/Kg $ 27.500
Peanuts: 3.000Kg @ 7$/ Kg $ 21.000
February 6: Sold to Fruits Lovers Inc.:
Pistachios: 500Kg @20$/Kg. $ 10.000
Almonds: 1.000Kg @ 11$/Kg $ 11.000
Peanuts: 1.500Kg @ 8$/ Kg $ 12.000
February 12 Purchase of Pistachios: [email protected]$/Kg $ 21.000
Purchase of almonds: 2.000Kg @ 8$/Kg $ 16.000
February 13: Sale of peanuts to Peanuts Lovers Inc.: 3.500Kg @8$/kg $ 28.000
February 14: Purchase of Peanuts 6.000 Kg @4$/Kg $24.000
February 19: Sold to several clients:
Pistachios: [email protected] 21$/Kg. $ 21.000
Almonds: 1.500Kg @ 13$/Kg $ 19.500
Peanuts: 3.000Kg @ 9$/ Kg $ 27.000
February 25: Purchased from various suppliers:
Pistachios: [email protected]$/Kg. $ 13.000
mailto:[email protected]$/Kg
mailto:[email protected]$/Kg
Almonds: 1.000Kg @ 9$/Kg $ 9.000
Peanuts: 1.000Kg @ 4$/ Kg $ 4.000
Besides these transactions, the company has had the following expenses:
Salaries: $3500
Electricity bill: $300
Renting of equipment: &800
Rent of warehouse and office: $1.500
Miscellaneous: $1.200
Jim’s accountant recommended that he should use the average cost method in order to determine the cost of the inventory sold but he is not sur e about the
consequences it nay have on his financial situation
Relying on your accounting knowledge, Jim asks you the following questions:
1: Why in your opinion did Jim’s accountant recommend the average cost method and what difference is there whit the three other methods? Explain the main
c ...
BCO114 ACCOUNTING I Task brief & rubrics Task Final Ass.docxgarnerangelika
BCO114 ACCOUNTING I Task brief & rubrics
Task: Final Assignment (40% of the Final grade)
You must answer all the questions in the proposed business case.
This task assesses the following learning outcomes:
• Critically understand the differences between the methods of valuation of the inventory
• Knowing how to properly elaborate an income statement and determine the ending inventory balance.
LAUNCH: WEEK 10 / DELIVERY: MAY 10th, 2020, 23:59HRS ON MOODLE
Submission file format: Excel document with all the answers, clearly identifying all steps, results, journals and including comments besides each answer.
BUSINESS CASE (100 points)
Jim has recently opened a dry fruits wholesale company dedicated to the sale of peanuts, almonds and pistachios.
During its first month of activity, the company has made the following transactions:
February 2: Purchase of Pistachios: [email protected]$/Kg $ 25.000
Purchase of Almonds: 4.000Kg @ 5$/Kg $ 20.000
Purchas of Peanuts: 6.000Kg @ 3$/ Kg $ 18.000
February 3: Purchase of Pistachios: [email protected]$/Kg $18.000
Purchase of Almonds: 2.000Kg @ 6$/Kg $ 12.000
Purchas of Peanuts: 2.000Kg @ 4$/ Kg $ 18.000
mailto:[email protected]$/Kg
mailto:[email protected]$/Kg
February 6: Sold to several clients:
Pistachios: [email protected] 20$/Kg $40.000
Almonds: 2.500Kg @ 11$/Kg $ 27.500
Peanuts: 3.000Kg @ 7$/ Kg $ 21.000
February 6: Sold to Fruits Lovers Inc.:
Pistachios: 500Kg @20$/Kg. $ 10.000
Almonds: 1.000Kg @ 11$/Kg $ 11.000
Peanuts: 1.500Kg @ 8$/ Kg $ 12.000
February 12 Purchase of Pistachios: [email protected]$/Kg $ 21.000
Purchase of almonds: 2.000Kg @ 8$/Kg $ 16.000
February 13: Sale of peanuts to Peanuts Lovers Inc.: 3.500Kg @8$/kg $ 28.000
February 14: Purchase of Peanuts 6.000 Kg @4$/Kg $24.000
February 19: Sold to several clients:
Pistachios: [email protected] 21$/Kg. $ 21.000
Almonds: 1.500Kg @ 13$/Kg $ 19.500
Peanuts: 3.000Kg @ 9$/ Kg $ 27.000
February 25: Purchased from various suppliers:
Pistachios: [email protected]$/Kg. $ 13.000
mailto:[email protected]$/Kg
mailto:[email protected]$/Kg
Almonds: 1.000Kg @ 9$/Kg $ 9.000
Peanuts: 1.000Kg @ 4$/ Kg $ 4.000
Besides these transactions, the company has had the following expenses:
Salaries: $3500
Electricity bill: $300
Renting of equipment: &800
Rent of warehouse and office: $1.500
Miscellaneous: $1.200
Jim’s accountant recommended that he should use the average cost method in order to determine the cost of the inventory sold but he is not sur e about the
consequences it nay have on his financial situation
Relying on your accounting knowledge, Jim asks you the following questions:
1: Why in your opinion did Jim’s accountant recommend the average cost method and what difference is there whit the three other methods? Explain the main
c.
Financial accounting 17th edition williams solutions manualKrisWu123
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Similar to Principles of Accounts Course Outline 2017 (20)
Principles of Business course outline based on the CSEC Principles of Business Syllabus effective from September 2017. The outline covers the course content for Grades 9 - 11.
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1. PRINCIPLES OF ACCOUNTS
CURRICULUMFORMS3 - 5
A division of the Caribbean Secondary Education
Certificate Syllabus
Effective September 2017
Based on the followingallocationof periods
Form 3 3 – 35 minutes periods per week
Form 4 & 5 5 – 35 minutes periods per week
BusinessEducationOfficer
2. 2
Preparedby Jacqueline Richardson
BusinessEducationOfficer
Introduction
This curriculum breaks down the content of the CSEC Syllabus over a three year period. It should be
used in conjunction with the CSEC Syllabus.
Purpose
The purpose is to standardize when the content of CSEC Syllabus is being taught in all secondary
schools.
Teaching Strategies
In order to cater for the different learning styles in the classroom, teachers are urged to use various
teaching strategies and styles to meet the individual needs of their students. Besides the usual “chalk
and talk” teachers should try to incorporate as many of the following strategies:
● Independent Activities
● Cooperative Learning
● Visuals
● Simulations
● Peer Tutoring
● Hands-on
● Technology Integration
● Projects
● Games
Along with the different teaching styles there should be a variety of class activities to evaluate your
lessons to include:
❖ Questions & Answers
❖ Puzzles
❖ Quiz
❖ Games
❖ Web Quest
❖ Test
❖ Book Quest
3. 3
Preparedby Jacqueline Richardson
BusinessEducationOfficer
FORM 3
SECTIO
N
TOPIC CONTENT
1
Term 1
ACCOUNTING
AS A
PROFESSION
a) concept of “Accounting” and “Principles of Accounting
b) accounting as a business practice – the purpose of
accounting
c) internal and external users of accounting information and
their needs
d) Careers in areas such as
i) banking
ii) management
iii) insurance
iv) entrepreneurship
e) Ethical principles of Accounting. For example, Code of
Ethics: objectivity, professional competence, integrity,
professional behaviour, and confidentiality:
(i) appropriate application of the ethical principles.
(ii) inappropriate application of the ethical principles.
f) Appropriate application of accounting principles.
G) Inappropriate application of accounting principles. For
example, fraud, tax-evasion.
h) Results of inappropriate application of accounting principles.
For example, law suits, loss of job, loss of integrity, imprisonment,
and fines.
3
Term 1
Books of Original
Entry
a)The uses of Books of Original Entry
-general journal -purchases day book
-sales day book -returns outwards day book
-returns inwards day book - cash book
-petty cash book
b) Cash and credit transaction
The use of;
-cash -cheques
- credit cards - debit cards
4. 4
Preparedby Jacqueline Richardson
BusinessEducationOfficer
c) Source documents and the books of original entry to which they
are related
d)Record transactions in the books of original entry using source
documents
e)Treatment of trade discounts and cash discounts
f) Cash discounts- discounts allowed and discount received
- Balancing of the cash book
- Balancing the petty cash book using the Imprest System
g) Posting totals of books of original entry to the general ledger.
2
Term 2
Accounting as a
System
a) Definition and purpose of a Balance Sheet
b) Financial Statements
- Income Statement( Trading and Profit and Loss
Account), Income and Expenditure Account, Balance
Sheets, Cash Flow Statements
c) Software currently being used in Accounting
d) Roles and impact of technology on the accounting process
e) Definition and examples of assets,liabilities, capital
f) Balance Sheet Equation A= C+L
g) Definition and examples of fixed assets,currents assets,
current liabilities, long term liabilities
h) arrangement of assets and liabilities in order of
- permanence - liquidity
i) Effect of transactions on Balance Sheet items – increase
and decrease in items while maintaining the balance sheet
equation
4
Term 2
Ledgers and Trial
Balance
a) Different types of ledgers for recording nominal, realand
personal accounts
- General ledger
- Sales/debtors’ ledger
- Purchases/creditors’ ledger
b) Classification of accounts
- Nominal – expenses and revenue
- Real – assets
- Personal– debtors and creditors
5. 5
Preparedby Jacqueline Richardson
BusinessEducationOfficer
c) Rules of entry for assets,liabilities, income, capital and
expenses
d) Recording transactions in accounts using double entry
e) Posting to general and subsidiary ledgers
f) Balancing accounts
g) Trial balances
h) Uses and limitations of the trial balance
5
Term 3
The Preparation
and Analysis of
Financial
Statements of the
Sole-Trader
a) The purpose of Financial Statements to satisfy the needs of the
users
b) Preparation of Trading and Profit and Loss account for sole-
traders including adjustment for return inwards and outwards;
carriage- inwards and outwards; closing stock
c) Preparation of Balance Sheets
d) Definition of working capital
6. 6
Preparedby Jacqueline Richardson
BusinessEducationOfficer
FORM 4
SECTIO
N
TOPIC CONTENT
5
Term 1
The Preparation
and Analysis of
Financial
Statements of the
sole-trader (cont’d)
a) preparation of classified Balance Sheet showing
working capital
b) working capital as a basic tool for solvency; working
capital formula
c) treatment of net profit or loss on the Balance Sheet
d) trading results: simple ratios such as stock turn, average
stock, gross profit percentage,net profit percentage
e) Analysis and interpretation of the financial position of a
business using ratios: current ratio; acid test ratio; return
on investment
f) Preparation of simple reports evaluating a business based
on ratios and making recommendations
6
Term 1
Accounting
adjustments
a) The reasons for adjustments; application of the
matching/accruals concept
b) Explain Prudence,accrualand consistency
c) Journal entries for prepaid expenses and advanced
revenues
d) Journal entries for accrued expenses and revenues
e) Journal entries and Ledger accounts for expenses and
revenues
f) The treatment for prepayments and accruals on the
Balance Sheet
g) The reasons for bad debts; aging debtors: creation of
7. 7
Preparedby Jacqueline Richardson
BusinessEducationOfficer
provision for doubtful debts
h) Accounting entries for bad and doubtful debts: the
treatment of bad and doubtful debts in the Profit and
Loss Account and Balance Sheet
i) Definition of depreciation: causes of depreciation:
factors to be considered when calculating depreciation
j) Straight line method (using formula) and reducing
balance method of depreciation
k) Journal entries for the provision for depreciation: the
maintenance of the provision for depreciation account:
the treatment of accumulated depreciation on the
Balance Sheet: the determination of Net Book Value
l) Capital expenditure; revenue expenditure
m) Journal entries and Ledger accounts for expenses and
revenue
n) The preparation of adjusted Financial Statements.
7
Term
1/2
Control System
a) The need for control systems
b) Uses of control system
c) Common control systems
- Suspense account
- Control accounts
- Bank reconciliation statements
d) Types of errors
e) Uses of the suspense account
f) Correction of errors via journal entries
g) Suspense accounts
h) The effect of errors on the Trading and Profit and Loss
account and the Balance Sheet
8. 8
Preparedby Jacqueline Richardson
BusinessEducationOfficer
i) Uses of control accounts
j) Sources of information for entries in control accounts
k) Sales ledger control accounts, purchases ledger control
account
l) Meaning (significance) of the balances on control
accounts
m) Identification of the items that cause the difference
between cash book and bank statement balances and
updating of the cash book
n) Uses and construction of the bank reconciliation
statement
8
Term 2
Accounting for
Partnership
a) Definition of partnership: comparison of a partnership
with sole-traders and corporations: types of partners
b) Features of partnership
c) Reasons for formation of partnership- voluntary
association, mutual agency, unlimited liability
d) Features of partnership agreement,including share of
profits, interest on capital and drawings, salaries
e) The capital account of partners- cash and non- cashing
capital resources; types of capital account- fixed and
fluctuating capital accounts and their implications
f) Methods of sharing profit/loss: capital ratio, fixed
percentage,equally
g) The preparation of the appropriation account
h) The current account prepared with items posted from the
appropriation account: columnar form and single
accounts
i) The significance of the debit and credit balances brought
down on the current accounts
9. 9
Preparedby Jacqueline Richardson
BusinessEducationOfficer
j) The treatment of current account balances on the balance
sheet
9
Term 2/3
Accounting for
Limited Liability
Companies, Co-
operatives and
Non- Profit
Organizations
a) Nature of limited liability companies, co-operatives,
non- profit, public and private organizations
b) Principles of limited liability companies, co-
operatives, non- profit, public and private
organizations
c) Advantages and disadvantages of limited liability
companies
d) Methods of raising capital-equity(preference and
ordinary shares),debt( debentures, bank loans)
e) Issue of shares and debentures
f) Types of shares: rights and privileges of owners of
each type of share
g) Elements of shareholders’ equity share capital,
reserves
h) Calculation of dividend payments
i) Appropriation of profits
j) Final accounts of limited liability companies
k) Calculation and interpretation of accounting ratios
10. 10
Preparedby Jacqueline Richardson
BusinessEducationOfficer
FORM 5
SECTIO
N
TOPIC CONTENT
10
Term 1
Manufacturing and
Inventory Control
a) Methods of inventory (stock) valuation: FIFO, LIFO
and AVCO
b) Calculation of closing inventory (stock) using FIFO,
LIFO, AVCO
c) The effect on profit of different methods of (inventory)
stock valuation
10
Term 1
Manufacturing and
Inventory Accounts
a) Elements of cost: direct materials, direct labour and factory
overheads
b) Preparation of manufacturing account showing
- Cost of raw material consumed
- Prime cost
- Factory overheads
- Work in progress
- Cost of production
c) Calculation of unit cost of items produced
d) Preparation of trading, profit and loss account and balance
sheet of a manufacturer
11
Term 1
Accounting for the
Entrepreneur
a) Use of time cards,time books, electronic clock-in cards,
employee earnings records
b) Methods of payment
- Employees
- Goods and services
- Suppliers
c) Calculation of gross earnings including overtime from
employee records
11. 11
Preparedby Jacqueline Richardson
BusinessEducationOfficer
d) Preparation of simple sales and production budgets
e) Preparation of a simple business plan for a small
project
f) Preparation of pay roll and wage documents from time
cards,computer records
g) Calculation of statutory deductions and non-statutory
deductions
h) Statutory and non-statutory deductions
Students should be tested using past paper question under exam conditions.
Students should be given clearguidelines on their SBA Projects as outlined in the
Syllabus. The SBA component should begin no later than Term 1 in Form 5.