I'm going to top POA tomorrow and no one is going to stop me.
Okay, I know I've never been the top before.
But hey, I've always been top few in class.
I wonder how I would feel after I found out that I've topped.
Actually, I don't really have confidence.
Haiz.

If you don't study POA, don't bother reading the rest of the paragraph, because you most probably won't understand.
I just did the last year 'O' level POA paper 2.
It was quite okay la.
The 1st question was trial balance.
I balanced, but I had the error of original entry, which wouldn't be revealed by the trial balance.
Pissed, it was this stupid calculation error.
SO CARELESS, ZZZ.
And the accounting concept associated with the trial balance is the accounting period concept.
2nd question, all correct.
3rd one as well.
4th one, the hardest one, final accounts.
There was this additional information, which writes, goods lost in fire, insurance company agreed to pay, but not yet paid. This amount had not been calculated in the closing stock.
I was like zzz, how to do?
I did deducted it from the trading account, to find COGS.
Okay, that was what I did correctly.
The rest, ALL WRONG.
In the profit and loss A/c, I wrote loss of goods in fire, which I wasn't supposed to.
And I thought that was supposed to be included in debtors, because they owe you money?
But it was wrong, its accrued income.
So, my provision for doubtful debts became, debtors - insurance x 4%.
WRONG WRONG.
My net profit wrong already.
Then my debtors amount still remained the same, inclusive of insurance.
My net profit was $5411.80.
Its usually in whole numbers, now I got cents .______.
However, I still balanced o___o"
Last question, Interpretation and Analysis.
All went well till the theory part, my theory is weak.
What caused the decrease in rate of stockturn?
I wrote, lazy to buy goods, buy too much at 1 time.
Read it, you know its already wrong. LAZY?!
The correct answer is. COGS decreased, Average stock increased.
I didn't expect it to be so straight forward .____.
What are the things to consider when determining goodwill?
I thought it was something hard again.
Didn't know the answer could be found on the 1st page of Goodwill.
Special branding of products/services, Excellent management, Good customer relations, Talent and morale of employees, High quality products and services, Favourable location and Excellent networking with suppliers.
Okay, I know this is boring, lets stop.
Till here.

Why do I want to top POA?
Because I want to come back next year.
Because I want to prove to the people who think I'm useless, that I can do something right.
Because I love this subject.
Aiya, whatever, who cares anyway?

Back to mugging POA.