Accounting

If you want to run your own business – you will need to understand Accounting. If you wish to become a manager in a business – you will need to understand Accounting. If you want to invest in the financial markets – you will need to understand Accounting.

Accounting is all about business decision making. How much profit has a business made? Will this business survive in the future? How can this business improve its productivity?

Exam Board:  AQA
No coursework

Course structure

You will take two AS units at the end of the lower- sixth, and two A2 units at the end of the upper-sixth. There will also be an opportunity for you to take some of the units halfway through the second year of your course, subject to suitable progress. The exam questions will be primarily numerical, with some written aspects.

The AS-level

We start the course by looking at how to record all the money received and paid out by a business e.g. in the cash book and ledger accounts. This is developed into practical solutions such as bank reconciliation statements and producing basic financial statements showing how much profit a business has made, what assets it owns, and how much the business owes.

These foundation skills are then used to prepare financial statements for Sole Traders and Companies, which we also analyse to give a better understanding of how successful the business really is. We then also analyse profitability and liquidity and learn how to prepare budgets.

The A2-level

This course starts by developing the skills gained at AS-level to prepare financial statements
for Partnerships.

We then move into preparing and analysing financial statements for a Public Limited Company including cash flow statements. Included in this is the understanding of guidelines given to Accountants in preparing financial information, and the International Accounting Standards.

The final unit of this course looks at how we can use Accounting to make decisions about the management of a business, such as the cost of producing items and future investment opportunities.

The one-year course

The one-year course covers the same material as the two-year course but in a shorter time frame. This is an intensive course but also a highly rewarding experience.

Background needed

Accounting is the most numerically based commerce subject, therefore a basic understanding of mathematics is preferable. Although the level of mathematics used is not extremely advanced, you will also need to enjoy problem solving and analysing data.

Enthusiasm and commitment are needed for this subject which will be useful no matter what career you find yourself in.

Suitable combinations

You can combine Accounting successfully with almost any course, particularly Economics, Business Studies, Mathematics, English, Law and Politics.

After A-level

You can take degrees in Accounting on its own or in combination with other subjects. It provides an excellent foundation for related disciplines such as business management, finance and economics.

An understanding of accounting principles is highly useful in any profession which involves commercial activity.