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Importance of Principles of Accounts in Our Business-Orientated Society

Principles of Accounts, as an academic subject, acts as a foundation for our youth to be more prepared for a business environment in the future. From teaching financial accounting methods to business transactions, students are more informed and prepared with the skills needed in jobs with those fields in mind. Analytical, interpretation and evaluation skills of data along with the study of accounting procedures are not only crucial in the scoring of the subject as a student but also prove to be necessary knowledge for jobs such as a data analyst or an economist in the person’s future.


Recognising its importance, the Ministry of Education (MOE) offers the Principles of Accounts as a subject to take during GCE O-Levels. Furthermore, giving students the opportunity to explore higher levels of the subject, Principles of Accounting is offered in Junior College during the GCE A-Levels.


Difficulties Students Face when Studying Principles of Accounts

  1. Understanding and interpreting content

Business jargon may be foreign to students particularly those taking Principles of Accounts GCE O-Levels and those with no prior subject experience in Principles of Accounts in GCE A-Levels, resulting in a lack of full understanding of the content taught. From accounting theories to the use of financial information, the real life aspect of the subject may be daunting and difficult for students to grasp, leading one to be confused with the content.


  1. Application of skills

Keeping the real life relevance of the subject matter in mind, the scoring of grades depends a lot on the abilities of students to apply, analyse, synthesise and evaluate according to the demands and specificities of the questions. These skills may be difficult to inculcate as each case in the questions differ from other examples, thus resulting in the poor grades of students who may know theories but fail to apply them to the questions.


  1. Challenging calculations

Data present in questions may demand for mathematical calculations to be done in order to attain points. Students who are not mathematically inclined or are easily confused by numbers may face difficulties in these questions and thereafter fail to decipher crucial data information required for the question.


Benefits of Principles of Accounts Tuition

  1. Detailed, personalised revision

From difficult financial and business jargon to complex theories, a Principles of Accounts home tutor can go through these common difficulties faced by students in a step by step method. This not only allows for students to have stronger academic foundations but also allows them to revise more thoroughly for examinations, shaping them to be more content prepared and confident during the papers.


  1. Building up skills through close teaching

The closer interaction between between the student and private tutor allows for students to develop skills at their on pace rather than the fast paced school system that follows a tight schedule based on the general consensus of the class which leaves weaker students behind. Application, analysis, synthesis and evaluation skills can then be strengthened with direct assistance and firsthand experience when the student is able to do extra work with the guidance of a private tutor.


  1. Combating calculation problems

With the nature of the subject, a Principles of Accounts tutor is able to simplify the complicated mathematical questions one step at a time. With more practice, hard-work and professional guidance, the student’s fear of mathematics can be nullified, improving one’s mathematical abilities to take examinations without concern when making calculations.


Secondary School Principles of Accounts


Source: GCE O-Level Principles of Accounts Aims (page 2)


Execution and implementation reasons for the subject, as according to Singapore Examinations and Assessment Board (SEAB) mentioned in the above image, appears to ultimately be geared towards the applicability and usefulness of the subject in modern work scenarios. Recognising its worth as a subject, Principles of Accounts is offered in Secondary 3 in both the Express Course and Normal (Academic) Course.


GCE O-Level Principles of Accounts


Source: GCE O-Level Principles of Accounts Syllabus (page 4)


Separated into 2 papers, the roles of accounting, the accounting information system, elements of the financial systems, the financial statements, business entities and financial statements analysis (non-examinable topic in 2020 GCE O-Level) are topics that will be tested during the examinations. Furthermore, the full syllabus explicitly mentions the testing of knowledge, comprehension, application, analysis, synthesis and evaluation abilities of the candidate. Therefore, the support from a Principles of Accounts tutor can help with both the extensively tested content and skills required in order to score well for the examination.


Junior College Principles of Accounting

Giving students the opportunity to further their knowledge, the Principles of Accounting is offered in Junior College only at the H2 Level.


GCE A-Level Principles of Accounting

Source: GCE A-Level Principles of Accounting Syllabus (page 4)


Comprising of 2 papers that are separated into testing financial accounting and managerial accounting topics respectively, the examinations are rigorous and heavily dependent on the student’s ability to completely understand content and have the skills to apply what is learn onto the questions’ context. The importance of these skills to apply, analyse, synthesise and evaluate scenarios are made evident in the contextualising of structured questions through text or data, the scenario-based questions and in the mini-case study. Thus, it is necessary for students to have both the knowledge of the content and the ability to make a judgement of what context or data is considered relevant in the questions.


To facilitate a comprehensive understanding of the content (according to SEAB, key understanding 1. accounting information is used to support and facilitate decision-making, key understanding 2. accounting is a language used to represent business economic activities and key understanding 3. accounting is a measurement system of business economic activities) along with the skills needed for the examination, a Principles of Accounting tutor can help guide the student to success.


Nanyang Academics to the Rescue!

To summarise, in order to do well in the subject, not only is the complex subject content of Principles of Accounts important but so are the skills of application through analysis, synthesis and evaluation. With our professional and qualified tutors, we can help with any troubles students face with this subject. So whether you are taking GCE O-Levels or GCE A-levels, Nanyang Academics is here to the rescue!