Accounting

Accounting focuses on the procedures of accounting and finance and the way in which these procedures may be used. The study examines the processes of recording and reporting financial information to provide users with appropriate information as a basis for planning, control and effective decision making. It introduces financial information in a range of forms: raw data, records and reports.

Unit 1. Going into Business

This unit focuses on the accounting and financial management of a small business. The unit introduces the fundamental processes of gathering, recording and reporting of financial information for use by the owner in a small business. There will also be an introduction to the use of information and communications technologies in undertaking these accounting procedures.

Unit 2. Operating a Business

This unit focuses on the accounting and financial operations of a sole proprietor trading business. The unit introduces an accounting system using the accrual approach for recording and reporting, which recognises the impact of credit transactions. Students look at tools of analysis and interpretation in order to assist in the evaluation of business performance.

Unit 3. Double Entry for Trading Businesses

This unit focuses on accounting and financial issues of a small trading business, operating as a sole proprietor. The unit introduces a double entry system using the accrual basis of accounting. It emphasis the role of accounting as an information system and the role of ICT in completing procedures. It also investigates alternative approaches in accounting and their impact on financial reports.

Unit 4. Planning, Control and Decision Making

The unit further develops the role of accounting in providing information, with the main focus on accounting information for management. It covers recording, reporting and budgeting for trading businesses, using perpetual inventory recording and reporting on the accrual basis.

Assessment

Satisfactory completion of Assessment Tasks is necessary. Further, assessment for Units 3 and 4 also include School Assessed Coursework (SAC) Tasks and external exams which measures the level of performance.