Accounting is a common language of business and underpins almost all business and organisational activities. Financial accountants process and communicate financial information for all stakeholders; management accountants prepare data for management decisions; tax accountants provide tax compliance advice; and auditors check the financial reporting of organisations.
In this subject students learn skills which will be useful to them in their personal lives, in the workplace or as background to higher studies in Accounting. The subject includes basic record keeping and financial Accounting, and is based on the EDEXCEL, IGCSE for O Levels and EDEXCEL International Advanced Level for A Level students.Topics of study include the Assets, Liabilities & Equity,Day Books,General Journal, the General Ledger,Sales Ledger and Purchases Ledger,Cash Book, Bank Reconciliation, Rectification of errors, creation of provisions and the preparation of Income Statements and Balance Sheets.
Aim of subject
- To develop the logical thought process and analytical ability of learners.
- To contribute to the broad general education of learners by cultivating an understanding of the importance of Accounting:
- as a life skill
- for personal use in their own households
- as a preparation for their places in an economic society
- as an incentive to further study.
The EDEXCEL O Level IGCSE curriculum concentrate on the Sole Trader, Partnerships, Non Profit Organisations and Company Accounts, covering sections on Debtors, Creditors, Bank Reconciliation, accruals &prepayments, incomplete records, VAT and Financial Statement adjustments and Ratios.
The EDEXCEL International Advanced Level curriculum takes learners on to advanced levels in the accounts of sole trader, Partnerships, Non Profit Organisations, Companies, Standard costing, Marginal costing Budgets, Manufacturing, Social accounting, Capital Investment Decisions and Financial Statement analysis(Ratios).
Apart from the more obvious career opportunities in the accounting field, the study of accounting at high school level will be of relevance to a host of careers a learner may eventually follow, e.g. banking, economist, market research, own business, (or even balancing the household accounts).
Accounting is not a boring desk job – it’s a dynamic career that opens doors to many other businesses and can also involve overseas travel.
- Government Departments
- Local Bodies
- Public Practice
- State owned enterprises
The reasoning approach to the subject will benefit prospective Chartered Accountants / Bookkeepers, as well as the student who pursues other career opportunities. After leaving school, learners will have gained a logical way of thinking and a solid financial background that will be invaluable to them in their chosen careers and in their personal lives.