Accounting

Objectives:

The purpose of this qualification is to ensure that students are well prepared to progress into a career in business, finance or professional accountancy, or into further education. Students will learn and master financial processes including accounting principles and concepts, advanced bookkeeping and final accounts. They will also understand business issues regarding value added tax (VAT), which may be known by another name in other countries) issues in business, management accounting costing techniques and ethical practices for accountants. This qualification further delivers software skills through spreadsheet training for accounting.


Year

Year 12

Term

Autumn

Spring

Summer

Unit

Level 2 – PBKT / CJBS

4 lessons a week - PBKT

2 lessons a week - CJBS

Level 3 – ACPR / CSTR

4 lessons a week - ACPR

2  lessons a week - CSTR 

Level 3 – FSTP / CSTR

4 lessons a week - FSTP

2 lessons a week - CSTR

Time

7 weeks

7 weeks

5 weeks

6 weeks

6 weeks

7 weeks

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Understand the double entry bookkeeping system and associated processes. Process financial documents into books of prime entry and ledger accounts and produce an initial trial balance.

1. Explain the purpose of source documents

2. Explain the books of prime entry

3. Explain the accounting equation

4. Revenue / capital income and expenditure

5. Settlement, trade, bulk discounts

6. Check accuracy of supplier invoices

7. Cash book / petty cash book

8. Transfer from books of prime entry to ledgers

9. Balancing accounts

10. Initial trial balance

Maintain the journal and control accounts, reconcile balances and make corrections, and redraft the trial balance. Understand the banking system.

1. Describe the purpose of specified control accounts

2. Explain the purpose of an aged receivables analysis

3. Explain / maintain the journal

4. Record journal entries and redraft the trial balance

5. Prepare bank reconciliation statements

6. Explain the clearing process for banked funds

7. Identify different forms of payment

8. Identify different documents that should be stored securely

Prepare ledger accounts to trial balance stage according to current financial standards, including making any necessary adjustments.

1. Identification of current accounting standards

2. Purpose of books of prime entry and ledgers

3. Depreciation

4. Non-current assets register

5. Purchase of non-current assets

6. Disposal of non-current assets

7. Irrecoverable / doubtful debts

8. Adjustments to trial balance (extended trial balance)

Identify why cost accounting is important to an organisation; be able to recognise and use different approaches; and make reasoned judgements to inform management on the most effective costing techniques to aid decision making.

1. Marginal / absorption costing. Profit / cost centres

2. Stock valuation, fixed / variable costs, costing systems

3. Overhead absorption rates

4. Apportion overhead costs to centres

5. Variance analysis

6. Break even analysis

7. Investment appraisal

8. Short & long-term decision making

Prepare final accounts for both sole traders and unlimited partnerships, including the appropriation of profits. Draft final accounts and make necessary adjustments according to current financial standards

1. Prepare final accounts from a trial balance

2. Identification of errors in a trial balance

3. Incomplete records

4. Mark ups / margins

5. Statement of profit or loss

6. Statement of financial position

7. Compile partnership accounts

8. Appropriation accounts

9. Capital and current accounts for partners

10. Closing balances for partners

Exam preparation and revision for FSTP and CSTR units


Objectives:

Achievement at Level 3 reflects the ability to identify and use relevant understanding, methods and skills to complete tasks and address problems that, while well defined, have a measure of complexity.

It includes taking responsibility for initiating and completing tasks and procedures as well as exercising autonomy and judgement within limited parameters. It also reflects awareness of different perspectives or approaches within an area of study or work.


Year

Year 13

Term

Autumn

Spring

 

Unit

Level 2 - ITAX / SDST

4 lessons a week - SDST

2 lessons a week - ITAX

Level 3 - PETH / Synoptic

4 lessons a week - PETH

2  lessons a week - Synoptic preparation

 

Time

7 weeks

7 weeks

1

5 weeks

6 weeks

3 weeks

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Gain practical skills in the use of spreadsheet software. Use a variety of functions to complete tasks in Excel.

1. Enter and edit numerical data

2. Combine and link numerical data from different sources

3. Summarise, analyse and interpret spreadsheet data

4. Use forecasting tools and techniques

5. Format spreadsheets effectively

6. Use graphs and charts to present information

7. Use a wide range of functions and formulas effectively

Calculate VAT and submit the VAT return. Calculating the amount of tax payable or reclaimable and resolving errors or omissions.

1. VAT registration requirements

2. Explain different VAT reporting schemes

3. Know changes in legislation

4. Calculate VAT using relevant classifications

5. Complete a statutory VAT return

6. Make adjustments

7. Advise on payment timescale

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This unit is about recognising the importance of the learner acting and working in an ethical manner. Learners will be able to work within the ethical code to ensure that the public has a level of confidence in accounting practices or

functions, to protect their own and their organisations professional reputation and integrity and ensure they uphold principles of sustainability

1. Fundamental principles of ethical behaviour

2. Legal / ethical requirements affecting the accounting sector

3. Role of professional bodies

4. Codes of conduct and practice

5. Working ethically with suppliers, colleagues etc.

6. Importance of objectivity in personal / professional duties

7. Take action upon breach of ethical rules

8. Strategies to prevent ethical conflict

9. Principles of sustainability 

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