Cameroon Baccalauréat STT (Sciences et Technologies du Tertiaire) cheat sheet

Integrated quantitative and business foundations

• Separate business activity and owner transactions while recording capital and drawings appropriately.

• Apply the supplied earning and expense-allocation model rather than cash timing alone.

• Prudence requires caution without deliberate bias.

• Identify the applicable framework and version before applying detailed recognition rules.

• Distinguish changes in estimates, policies and genuine errors.

• Debit assets and expenses; credit liabilities, income and capital

• Trade discount is deducted before recording; cash discount is recorded on payment

• Credit notes issued go to sales returns; credit notes received go to purchases returns

• A trial balance proves arithmetical equality, not accuracy

• Errors of principle, commission, omission and reversal do not affect trial balance agreement

• One-sided postings and addition errors do affect the difference

• Corrections are made by journal, not by changing source documents

• Cost of sales includes carriage inwards and excludes carriage outwards

• Closing inventory affects both the trading account and the balance sheet

• Drawings reduce capital and are never an expense

• An increase in the doubtful debts provision is charged to profit and loss

• Capital = opening capital + net profit − drawings

• Issued capital and actual cash received are different concepts.

• Share premium in the supplied par-value model is not sales revenue.

• Distinguish equity distributions from interest on liabilities.

• Prime cost includes direct materials consumed, direct labour and direct expenses

• Cost of production adds production overheads and adjusts for work in progress

• Selling and administration costs are not production costs

• Inventory is valued at the lower of cost and net realisable value