Accountancy

Studying Accounting will provide a student with one of the most sought-after skills in any business. An understanding of financial health is of the utmost importance to any business and all businesses employ the services of accountants to look after their financial affairs. Accounting knowledge can be very useful for you if you decide to be an entrepreneur in the future, become a thriving finance professional or just lend a hand in the running of your family business. A level Accounting is relevant for students who want to pursue a degree in Accounting or Business Studies at university. Almost all such degrees may have several Accounting modules in their programmes. A level Accounting is also a must for students.

Course Outline

The specification is divided into 18 main topics, focusing on technical competence in accounting, and evaluating information: 

• Financial Accounting (Recording and Reporting):
  • Double Entry Model: Books of prime entry, ledger accounts, and trial balances.
  • Verification: Control accounts, bank reconciliations, and correction of errors (suspense accounts).
  • Financial Statements: Preparation of income statements and statements of financial position for sole traders and limited companies.
  • Adjustments: Accruals, prepayments, depreciation (straight-line/reducing balance), and irrecoverable debts.
  • Specialised Accounts: Partnership accounts, incomplete records, and limited company accounts (share/bonus issues).
• Management Accounting (Decision Making):
  • Costing Methods: Marginal, absorption, and activity-based costing (ABC).
  • Budgeting: Cash, sales, and production budgets, including variance analysis.
  • Investment Appraisal: Payback and Net Present Value (NPV).
• Analysis, Evaluation, and Ethics:
  • Ratio Analysis: Profitability, liquidity, efficiency, and capital structure.
  • Accounting Concepts: Application of prudence, going concern, accruals, etc..
  • Ethical Considerations: Integrity, objectivity, confidentiality, and regulatory frameworks. 

Assessment Structure

The A-Level is 100% examined, with no coursework. It consists of two 3-hour papers taken at the end of the course. 

• Paper 1 (50% of A-Level): Focuses on financial accounting and analysis.
  • Sections: 10 Multiple Choice Questions (MCQs), 2 Structured Questions (20 marks each), 2 Extended Response Questions (25 marks each).
  • Content: Sections 1–8, 14–18.
• Paper 2 (50% of A-Level): Focuses on management accounting, budgeting, and costing.
  • Sections: 10 MCQs, 2 Structured Questions (20 marks each), 2 Extended Response Questions (25 marks each).
  • Content: Sections 1–3, 8–13, 17–18