Accounting
Key Stage 5
Board: AQA (7127)
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To help students develop an understanding of the importance of effective accounting information systems and a critical awareness of current financial issues and modern business practices.
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To help students understand the purposes, principles, concepts and techniques of accounting.
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To develop the transferable skills of numeracy, communication, interpretation, analysis and evaluation in an accounting context.
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To help students develop an appreciation of the effects of economic, legal, ethical, social, environmental and technological influences on accounting decisions.
The study of Accounting gives students a sound understanding and insight into the world of business accounting.
Assessment
Both papers are taken in the summer at the end of Year 13. Each Paper is 3 hours in duration and will be a combination of multiple choice (25%), structured questions (33%), and extended answer questions (42%). Each paper is worth 50% of the total mark and both papers include computational and written answers.
There is no coursework option for this subject.
Course content
PAPER 1: Financial Accounting
This unit teaches the basics of manual double-entry bookkeeping through the preparation of the trial balance, to the final accounts. The significance of key basic concepts such as prudence, consistency, accruals and going-concern is emphasised through the preparation of day books and ledger entries. Year-end accounts with adjustments include income statements and balance sheets for sole traders, partnerships and limited companies. Students will develop skills in the identification and correction of double entry bookkeeping errors with the use of control and suspense accounts. Accounts will be interpreted using ratio analysis focusing on the profitability and liquidity of a business. Students will learn to prepare accounts from incomplete records and consider the wider social and ethical implications of business decisions and the role of the accountant.
PAPER 2: Accounting for Analysis and Decision-making
This unit covers a wide range of management accounting techniques used to aid business decision making. Students investigate the principles and application of budgeting; standard costing and variance analysis; and capital investment appraisal techniques. The behaviour of costs is examined using cost-volume-profit analysis and comparing absorption and marginal costing. There is an overlap in subject content with Paper 1, the double entry model, interpretation of accounting information and ethical considerations will be examined in both papers.
Extra-curricular events
We aim to invite guest speakers, to arrange relevant trips and also to take any opportunities that arise to participate in national competitions.
Who do I speak to?
Ms C Rickard, Sir John Lawes or Ms S Priestland at St George’s.
Entry requirements
- to have 5 full GCSEs or equivalent at grades 9-5/A*-C, which would include English (Language or Literature), with 3 of the passes at grade 6/B or above in Mathematics and in 2 further subjects.
- to have an APS of 4.5 or above
- to show a genuine interest in the financial aspects of business organisations.
- to exhibit competence in handling and applying numerical data.
Pre-course work
- Print and read the AQA specifications for the course (subject content only)
- Print and learn the formats for an Income Statement and Balance Sheet
- Create a glossary of all the key terms used within an Income Statement and Balance Sheet
Overview of Initial Topics
During the first half term we will be studying:
- The purpose of accounting
- The role of the accountant
- Double entry bookkeeping
- Types of business organisation
