Fast Track A Level Accounting

Fast Track A Level Accounting (2017) Course Content

Fast Track A Level Accounting (2017) Unit 1. An Introduction to the Role of the Accountant in Business

Topics covered in this unit are:

• The responsibilities of the accountant within business.
• The difference between financial accounting and management accounting and the purpose of each.
• The role of the accountant in developing and overseeing accounting information systems to provide reliable and relevant information for both financial and management purposes.

Fast Track A Level Accounting (2017) Unit 2. Types of Business Organisation

Topics covered in this unit are:

• Types of business organisations including different business ownership models.
• The associated benefits and risks and the impact on business reporting.
• Sources of finance for different forms of business organisation and the risks related to those.

Fast Track A Level Accounting (2017) Unit 3. The Double Entry Model

Topics covered in this unit are:

• The double entry system including the recording of transactions from source documents in books of prime entry and ledger accounts; transferring accounts to income statements, balancing accounts and the preparation of statements of financial position.
• The recording of adjustments in ledger accounts and financial statements.
• Prepare and understand accounting records based on source documents and use the main books of prime entry and ledger accounts.
• Apply the double entry model in the preparation of financial statements for a range of business organisations.
• Prepare income statements (trading and profit and loss accounts) and statements of financial position (balance sheets) working from trial balances and additional information.
• Prepare statements of financial position (balance sheets) with subheadings.
• Make entries for simple adjustments for expense prepayments and accruals in ledger accounts and in income statements and statements of financial position.
• Make entries for irrecoverable debts in the sales ledger and financial statements.
• Make entries for depreciation in the income statement and statement of financial position.

Fast Track A Level Accounting (2017) Unit 4. Verification of Accounting Records

Topics covered in this unit are:

• Verification of the double entry records.
• How to correct errors in double entry records.
• The effect of errors on profit calculations and statements of financial position.
• The benefits and limitations of verification techniques.

Fast Track A Level Accounting (2017) Unit 5. Accounting Concepts used in the Preparation of Accounting Records

Topics covered in this unit are:

• General accounting concepts.
• The use of accounting concepts in a variety of situations.

Fast Track A Level Accounting (2017) Unit 6. Preparation of Financial Statements of Sole Traders

Topics covered in this unit are:

• The use of concepts in the preparation of financial statements.
• How to prepare financial statements of sole traders from ledger accounts including adjustments from the application of accounting concepts.
• How to prepare income statements and statements of financial position from a trial balance including adjustments from the application of accounting concepts.

Fast Track A Level Accounting (2017) Unit 7. Limited Company Accounts

Within this unit, you will look at how to prepare the internal financial statements of limited liability companies.

Fast Track A Level Accounting (2017) Unit 8. Analysis and Evaluation of Financial Information

Topics covered in this unit are:

• Calculation and interpretation of financial measures and ratios.
• Appraising business performance by using financial statements and ratios.
• The difference between cash and profits and the effect of transactions on profitability and liquidity.
• The limitations of financial statements and ratio analysis when assessing business performance.

Fast Track A Level Accounting (2017) Unit 9. Budgeting

Topics covered in this unit are:

• The need for budgeting in business organisations.
• The benefits and limitations of budgeting and budgetary control.
• The use of accounting techniques in the preparation and analysis of budgets.
• How budgets are used in planning and control and the calculation and interpretation of variances.

Fast Track A Level Accounting (2017) Unit 10. Marginal Costing

Topics covered in this unit are:

• Categorisation of costs by behaviour and understanding of terms.
• Calculation and interpretation of break-even point, interpreting break-even charts and the uses and limitations of break-even analysis methods.
• The use of marginal costing in decision making situations.

Fast Track A Level Accounting (2017) Unit 11. Standard Costing and Variance Analysis

Topics covered in this unit are:

• The purpose, advantages and disadvantages of a standard costing system.
• Calculation and interpretation of variances.
• The interrelationship between variances.
• How to prepare statements and the use of accounting techniques to reconcile budgeted and actual figures.

Fast Track A Level Accounting (2017) Unit 12. Absorption and Activity Based Costing

Topics covered in this unit are:

• The use of absorption costing to calculate the total cost of a product.
• The use of activity based costing (ABC) to calculate the total cost of a product.
• Use of absorption and ABC to calculate the selling price of a product.
• The benefits and limitations of absorption, ABC and marginal costing.

Fast Track A Level Accounting (2017) Unit 13. Capital Investment Appraisal

Topics covered in this unit are:

• The calculation and use of cash flows in capital investment appraisal.
• Payback and net present value (discounted cash flow) of a capital project.
• The benefits and limitations of the payback and net present value methods of capital investment appraisal.
• The use of capital appraisal measures in the evaluation of projects.

Fast Track A Level Accounting (2017) Unit 14. Accounting for Organisations with Incomplete Records

Topics covered in this unit are:

• The calculation of profit of an organisation where there are insufficient records to prepare income statements.
• How accounting techniques are applied in the preparation and analysis of financial statements for a business with incomplete records.
• The benefits and limitations of maintaining accounting records using different systems including single and double entry records.

Fast Track A Level Accounting (2017) Unit 15. Partnership Accounts

Topics covered in this unit are:

• Prepare and comment on the financial statements of partnerships.
• Prepare capital and current accounts of partners.
• Account for changes in partnership.

Fast Track A Level Accounting (2017) Unit 16. Accounting for Limited Companies

Topics covered in this unit are:

• The use of accounting techniques and principles when drafting financial statements for limited companies (based on IAS1).
• Accounting for the revaluation of non-current assets.
• The difference between the issue of shares, a rights issue and a bonus issue, and recording the effect of such transactions in financial statements.
• The requirement to publish accounts and how these are used by a variety of stakeholders.
• The purpose and importance of the international accounting standards framework.

Fast Track A Level Accounting (2017) Unit 17. Interpretation, Analysis and Communication of Accounting Information

Topics covered in this unit are:

• How accounting techniques, measures and ratios are used to analyse and interpret accounting information (both financial and management) and the limitations of using financial statement and ratio analysis when assessing business performance.
• How performance is evaluated both internally and across accounting periods and externally in comparison to competitors.
• The difference between cash and profits and the effect of transactions on profitability and liquidity.
• The interests of stakeholders and importance of effective communication to both internal and external stakeholders.
• The impact, advantages and disadvantages of systems of recording data.
• The critical assessment of recommendations and their impact on stakeholders, the local and national economy and the environment.

Fast Track A Level Accounting (2017) Unit 18. The Impact of Ethical Considerations

Topics covered in this unit are:

• The fundamental principles of ethical behaviour.
• How the principles of ethical behaviour impact the behaviour of accounting professionals and organisations.
• The legal and regulatory frameworks which relate to the accounting sector, the importance of working within regulatory guidelines and the consequences of failing to do so.
• The role of professional bodies in establishing and enforcing codes of conduct.
• How to act ethically when working with clients, suppliers, colleagues and stakeholders and the importance of adhering to organisational and professional value, codes of practice and regulations.
• Appropriate courses of action to take if there is a suspicion that an unethical or illegal act has been, or may be, committed by an employer, colleague or client.

Textbooks

This course is self-contained so you will not need to use any extra textbooks.

You can also contact your tutor if you feel you need more practice in any of the areas covered in this course.

ASSESSMENT

Paper 1

What’s assessed

Sections 1–8, 14–18 of the subject content

How it’s assessed

• Written exam: 3 hours

• 120 marks

• 50% of A-level

• Questions

Three compulsory sections:

• Section A has 10 multiple choice questions and several short answer questions. The section is worth 30 marks.

• Section B has two structured questions each worth 20 marks. The section is worth 40 marks.

• Section C has two extended answer questions each worth 25 marks. The section is worth 50 marks.

Paper 2

What’s assessed

Sections 1–3, 8–13, 17–18 of the subject content

How it’s assessed

• Written exam: 3 hours

• 120 marks

• 50% of A-level

• Questions

A-level exams and certification for this specification are available for the first time in May/June 2019 and then every May/June for the life of the specification.

Three compulsory sections:

• Section A has 10 multiple choice questions and several short answer questions. The section is worth 30 marks.

• Section B has two structured questions each worth 20 marks. The section is worth 40 marks.

• Section C has two extended answer questions each worth 25 marks. The section is worth 50 marks.

Before the qualification can be awarded, students must undertake both the assessments.