Winners of ACCA Sunway-TES Accounting Challenge Crowned
Battle in the ACCA Sunway-TES Accounting Challenge 2011 for scholarships worth more than RM125,000 culminated with the crowning of Chung Hua Middle School No. 1 from Kuching, Sarawak as the overall champion for 2011.
The title of runner-up went to Tsun Jin High School from Kuala Lumpur.
Winning teams for the semi-finals are as follows:
- First place: Tsun Jin High School from Kuala Lumpur
- Second place: Chong Hwa High School from Kluang, Johor
- Third place: Chong Hwa Independent High School from Kuala Lumpur
- First place: Chung Hua Middle School No. 1 from Kuching, Sarawak
- Second place: Tenom Tshung Tshin Secondary School from Tenom, Sabah
- Third place: Chung Hua Middle School No 4 from Kuching, Sarawak
In its third year, the Challenge is jointly organised by ACCA and Sunway-TES, a subsidiary of Sunway University, for all Chinese Independent Schools in Malaysia with the three-pronged aim of promoting interest in the field of accountancy; creating awareness on the accountancy profession; and highlighting the CAT High Flyers Scheme - a programme which allows students from Chinese Independent High Schools to pursue the ACCA Certified Accounting Technician CAT qualification alongside their UEC examinations. Through the Scheme, students from Chinese Independent schools receive an early exposure on the world of accountancy and finance. With the time required to complete their professional qualifications reduced, they also attain an invaluable head start in the future employment market.
In her welcoming remarks, Elizabeth Lee, Executive Director, Sunway University stated that, 'Educating our youths does not mean that the focus is on academic achievements only. We need to also accentuate on the all-round development and nurturing of these young men and women to be endowed with the right values, attitudes and skills. Not forgetting the formation of his or her character which is crucial for any developing Nation. This will enhance our human capital and make our Malaysian youths competitive and able to face the challenges of the 21st century in the world market'.
Devanesan Evanson, President, ACCA Malaysia Advisory Committee in his special address at the prize presentation ceremony concurred that, 'Taking heed of the Greek philosopher, Aristotles advise of What we have to learn to do, we learn by doing, the challenge was designed with the aim to enhance the students' interest by allowing them to unleash their aptitude on basic accounting in a fun and entertaining manner while promoting camaraderie and friendly competition among students from different schools. Because success in life depends not just on the knowledge you hold, but on your ability as critical thinkers, able collaborators and persuasive advisors on important issues'.
Open to all Senior Middle 2 and Senior Middle 3 accounting students of Chinese independent schools, the Challenge was based on ACCA's CAT syllabus for Paper 1 (Recording Financial Transaction) and Paper 3 (Maintaining Financial Records). Topics covered in the quiz competition include basic bookkeeping knowledge including double entry system, bank reconciliation, preparation of Balance Sheet and Profit and Loss Account for sole proprietor, nontrading organization, manufacturing accounts, partnerships and limited liability companies. Students were also tested on their ability to do adjustments i.e. correction of errors, bad debts, pre-payment and accruals as well as to use different methods of depreciation and stock valuation. After preparation of Balance Sheet and Profit and Loss Account, students were quizzed on their aptitude in calculating accounting ratios to determine the performance of a business.
A total of 31 schools and 2,778 students participated in the Challenge which saw the first round of the competition, commenced from 21 to 23 June 2011. For schools in East Malaysia, Round 2 as well as the final round was held in Kuching on 16 July 2011. The winning teams from East Malaysia competed against the winning teams from Peninsular Malaysia at the Grand Final Round held at Sunway Resort Hotel and Spa on Saturday, 30 July 2011.
The Champion received scholarships worth more than RM75,000 while the runner-up received scholarships worth RM37,500 to pursue the ACCA programme at either Sunway University or Sunway College Kuching. A specially crafted trophy was also presented to the respective schools as well as to the individual students. Consolation prizes and Certificates of Participation were awarded to teams eliminated at either the semi-final or Round 2 stages of the competition.