Accounting
Accounting is concerned with collecting, analysing, summarising and presenting financial data in order to comply with company legislation and assist decision making by management. Far from being dry and boring, accounting is at the very heart of every business activity and is a rewarding and challenging subject to study.
The course starts with basic bookkeeping techniques and develops to cover a wide range of topics. At the end of the course, the successful student will have acquired a very sound knowledge of accounting principles and will be able to solve some quite complex accounting problems.
It is not necessary for students to have studied Accounting before commencing work on this course. No prior knowledge of accounting is necessary but students should be comfortable with figures and data and be able to write logical, well-presented reports. This course lays an appropriate foundation for further study of Accounting or related subjects in higher education. In addition, it provides a worthwhile course for students of various ages and from diverse backgrounds in terms of general education and lifelong learning.
COMPLEMENTARY SUBJECTS
Accounting combines well with a number of other subjects. The related disciplines of Business Studies, Economics, Law and Mathematics are obvious. Students looking for a broader programme have often included Accounting with the study of a language, or with science subjects; this approach mirrors some of the developments at university where language, science and engineering courses often include aspects of Business Management (optional or compulsory).
AS
Unit 1 – ACCN01
Introduction to financial accounting
- Purposes of accounting
- Accounting records – subsidiary books and ledger accounts
- Limitations of the trial balance
- Control accounts
- Suspense accounts
- Trading and profit and loss accounts and balance sheets
- Prepayments and accruals
- Depreciation – straight-line method
- Bad debts
- Profit correction
Assessment
- Examination length: 1hr 30 mins
- Four compulsory questions each carrying a variable number of marks.
- Total for paper: 80 marks
- Percentage of total GCE marks: 25%
Availability
- January and June
Unit 2 – ACCN02
Financial and management accounting
- Types of business organisation
- Accounting concepts
- Bad debts recovered and provision for doubtful debts
- Income due and received in advance
- Depreciation – reducing balance method
- Disposal of fixed assets
- Capital and revenue expenditure and income
- Limited liability
- Shares, reserves and loan capital
- Dividends
- Revaluation of fixed assets
- Rights issues and bonus issues
- Ratio analysis
- Benefits and limitations of budgets
- Cash budgets
- Impact of ICT on accounting
Assessment
- Examination length: 1hr 30 mins
- Four compulsory questions each carrying a variable number of marks.
- Total for paper: 80 marks
- Percentage of total GCE marks: 25%
Availability
- January and June
A2
Unit 3 – ACCN3
Further aspects of financial accounting
- Sources of finance
- Incomplete records
- Partnership accounts
- Limited companies
- Accounting standards
- Stock valuation
Assessment
- Examination length: 2 hrs
- Four compulsory questions each carrying a variable number of marks.
- Total for paper: 90 marks
- Percentage of total GCE marks: 25%
Availability
- January and June
Unit 4 – ACCN4
Further aspects of management accounting
- Manufacturing accounts
- Marginal, absorption and activity based costing
- Standard costing and variance analysis
- Investment appraisal
- Budgeting – purchases, sales, production, labour, debtor and creditor budgets
- Social accounting
Assessment
- Examination length: 2 hrs
- Four compulsory questions each carrying a variable number of marks.
- Total for paper: 90 marks
- Percentage of total GCE marks: 25%
Availability
- January and June