Teacher Resource Bank

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1 Teacher Resource Bank GCE Accounting Scheme of Work (Revised August 2011) The Assessment and Qualifications Alliance (AQA) is a company limited by guarantee registered in England and Wales (company number ) and a registered charity (registered charity number ). Registered address: AQA, Devas Street, Manchester M15 6EX. Mr Andrew Hall, Chief Executive.

2 SCHEME OF WORK Introduction This scheme of work has been designed to offer support for teachers when planning delivery of the new AQA GCE Accounting specification. The sequence of topics and the approximate timings are suggestions only. The scheme of work has been based on the following assumptions. OVERVIEW Year 1 Autumn term all content 13 weeks Unit 1 Spring term : revision and sitting assessment first 2 weeks 2 weeks 15 weeks Unit 2 Spring and summer terms: content delivered between sitting January assessment and mid May Summer term: revision and sitting examination 13 weeks 2 weeks 15 weeks Summer term: some content covered before end of term 3 weeks Year 2 Unit 3 Autumn term: remaining content covered 13 weeks 18 weeks Spring term: revision and sitting assessment first 2 weeks 2 weeks Unit 4 Spring and summer terms: content delivered between January assessment and mid May Summer term: remaining content covered 13 weeks 2 weeks 15 weeks Teachers are, of course, free to adapt this scheme of work to suit the circumstances within their own centres and with their own groups of students. It is inevitable that the time available per week for timetabled delivery of the subject will vary from centre to centre. Some centres will have longer or shorter terms depending on the provision of half-term holidays, start of the academic year, etc, so the time available for teaching topics in the table above should be extended or compressed accordingly. Furthermore, at some centres all students may be given the opportunity to take an examination in January, while at other centres, examinations may only be available in the summer term. If examinations are only available in the summer term, the weeks available for content delivery will be slightly greater than shown above. Finally, the post summer term examination period may, or may not, be available as a time to start work on the first A2 unit. 2

3 ACCN1 (AS) INTRODUCTION TO FINANCIAL ACCOUNTING Purposes of Accounting Basic doubleentry skills Reasons for keeping accounting records. Stakeholders in a business and how they benefit from accounting records. Getting started with double-entry: simple balance sheets as a means of understanding terms: assets, liabilities and capital. Preparing simple ledger accounts. 1 Developing skills in making double-entry records, including how to balance accounts. 2 Trial balances Simple final accounts Balance sheets Using a trial balance to check arithmetical accuracy of accounts. Continued development of skills in double-entry record keeping. Preparing simple final accounts as part of the double-entry system. Continued development of skills in double-entry record keeping including trial balances and final accounts. Developing the presentation of balance sheets: fixed assets, current assets, current liabilities, long-term liabilities, capital, etc. Continued development of skills in double-entry record keeping including trial balances, final accounts and balance sheets Cash books Preparing two- and three-column cash books; recording cash discounts; source documents for money transactions. 6 Day books General journal Preparing day books to record purchases, sales and returns; source documents for credit transactions; posting day books to ledger records; use of sales ledgers, purchases ledgers and general ledgers. Preparing a general journal; posting to ledger accounts. 7 8 Adjustments in final accounts Adjustments to expenses for prepayments and accruals in expense accounts; effect of adjustments in final accounts and balance sheets. Recording bad debts. Calculating depreciation using the straight-line method. Entries for depreciation in the profit and loss account and balance sheet. 8 and 9 3

4 ACCN1 (AS) INTRODUCTION TO FINANCIAL ACCOUNTING Correcting errors Benefits and limitations of the trial balance: types of error not disclosed by a trial balance; correction of these errors. 10 Suspense account Bank reconciliation statements Control accounts Preparing suspense accounts and correcting errors which affect the suspense account. Assessing the effect of errors on profits and balance sheets. How bank statements are prepared; updating cash books to keep in step with bank statements; preparing bank reconciliation statements; benefits of preparing bank reconciliation statements. Preparing memorandum sales and purchases ledger control accounts. Benefits and limitations of control accounts Revision Focus on revision and examination practise prior to sitting midyear external assessment. 14 and 15 Notes: 1. There are many ways of teaching double-entry book-keeping and there is considerable variation in the way textbooks introduce this subject. For example, some teachers like to begin with simple balance sheets moving to the use of simple accounts for assets, liabilities and capital (ie the method shown in the scheme of work above). However, many others start with a simple ledger account (for example a cash account) and gradually build up an understanding of how different types of account are prepared. Some teachers like to introduce simple trial balances and final accounts at an early stage to emphasise their importance; others prefer to delay introducing verification techniques to later in the first term and teach final accounts and balance sheets somewhat separated from double-entry procedures. 2. A common approach is to build up the confidence of students in recording accounting information by a gradual development of the accounting system and much practise in preparing accounting records so that students become skilful in recording data accurately and quickly. 3. Verification techniques, particularly bank reconciliation, error correction and control accounts, can be taught in any sequence. Some teachers may prefer to spread out coverage of these topics throughout the term rather than placing them as the last topics to be taught. 4

5 ACCN2 (AS) FINANCIAL AND MANAGEMENT ACCOUNTING Types of business organisation Comparison of the advantages and disadvantages of: sole traders, partnerships and limited liability companies. Sole trader final accounts: further developments Capital and revenue expenditure Defining capital and revenue expenditure. Applying terms. Importance of correctly distinguishing capital and revenue expenditure. 1 Depreciation Reasons for providing for depreciation. Calculating depreciation using the reducing balance method. Recording provisions for depreciation in the ledger, financial statements. Calculating and recording the profit or loss on the disposal of non-current assets in ledger accounts and on the financial statements 2 Provisions for doubtful debts Reasons for making provisions for doubtful debts. Recording provisions for doubtful debts. 3 Adjustments to other income Recording bad debts recovered. Making adjustments for income due and income received in advance. 4 Accounting concepts Limited companies The purpose of accounting concepts. Understanding each concept: definition, significance and application. Calculating stock figures using cost or net realisable value. Introduction to the capital structure of limited companies. Understanding the characteristics of: ordinary shares, preference shares; debentures. Understanding the concept of nominal value and share premium and the payment of dividends. 4 and 5 6 5

6 ACCN2 (AS) FINANCIAL AND MANAGEMENT ACCOUNTING Limited Companies financial statements an introduction Limited companies statement of changes is equity - introduction Limited companies statement of changes in equity - advanced Ratio analysis Assessment of business performance Introduction to budgeting ICT and accounting Introduction to the financial statements of limited companies: Income statements including profit from operations Balance sheets focusing on the equity section Recording share issues on the balance sheet Calculating dividends Preparing statements of changes in equity: Accounting for retained earnings Basic share issues Calculation of dividends Revaluation of assets impact on statement of changes in equity and balance sheet Understanding rights and bonus issues Understanding capital reserves and revenue reserves Recording rights and bonus issues in statement of changes in equity. Trading account ratios: formulae; calculations; significance. Profit and loss account ratios: formulae, calculations; significance. Balance sheet ratios: formulae, calculations; significance. Using ratio analysis as the basis of assessing the performance of a sole trader or limited company focusing on liquidity and profitability. Use of comparative information to inform assessment. Preparing reports on business performance. Limitations of ratio analysis. Difference between cash and profits. Reasons for preparing budgets; benefits of budgetary control. Preparation of cash budgets. Limitations of budgetary control. How ICT is used in accounting. Advantages and disadvantages of implementing computerisation of accounting records

7 ACCN2 (AS) FINANCIAL AND MANAGEMENT ACCOUNTING Revision Focus on revision and examination practise prior to sitting end of year external assessment(s). 14 and 15 Notes: 1. There can be considerable flexibility in the sequencing of topics in Unit 2. For example, accounting concepts, budgeting, ICT and business ownership could be covered at any point. It probably makes more sense to concentrate on a sole trader s final accounts and balance sheets before introducing limited companies. 2. Some teachers may prefer to spread some topics out over a wider timescale rather than concentrate their delivery into one week. For example, as students find accounting concepts rather difficult to understand, some teachers may prefer to return to this topic at intervals throughout the course, introducing a new concept at each stage. Types of business organisation could also be treated in this way. 3. The first topic in the specification is Types of business organisation. Some teachers may prefer to cover this topic at the beginning of the course. In the scheme of work above this topic has been scheduled for week 9, so that candidates will already have covered accounting for limited companies before considering the benefits and drawbacks of this form of organisation. 7

8 ACCN3 (A2) FURTHER ASPECTS OF FINANCIAL ACCOUNTING Sources of finance Incomplete records Partnership accounts Published accounts of limited companies Assessing different types of finance: internal, shares, debentures, bank loans and overdrafts, mortgages. Calculating profit based on changes in capital over time. Determining missing information required for final accounts: sales, purchases, capital balances; using mark-up and margin to calculate missing trading account figures. Developing skill in preparing full final accounts and balance sheets from incomplete records. Drawbacks of maintaining incomplete records. Preparing final accounts, including appropriation accounts, and balance sheets for partnerships. Use of capital and current accounts. Nature of partnership agreements; how profits and losses are shared where there is no agreement; sharing profits and losses where agreements change during the year. Revaluation of assets including goodwill upon the retirement of a partner. Revaluation of assets including goodwill upon the admission of a new partner. Dissolution of partnership; application of the ruling in Garner v. Murray. Why companies publish their accounts. Main elements of published reports. How user groups would use published accounts; value of published accounts to these groups. Limitations of published accounts. Prepare schedules of non-current assets. Differences between duties of directors and auditors. Cash flow statements based on the indirect method following format given in IAS7: developing skills in comparing balance sheets, using information from final accounts, treating non-cash items, recording dividends, tax payments, etc. Assessing cash flow statements. Value of cash flow statements. 1 1 and and 5 5 and and 10 8

9 ACCN3 (A2) FURTHER ASPECTS OF FINANCIAL ACCOUNTING Accounting standards Stock valuation Synoptic topics review Introduction to accounting standards: reasons for, benefits of, etc. Key features of international accounting standards. Purpose and importance of IAS 1, 2, 7, 8, 10, 16, 18, 36, 37 and 38. Use of FIFO and AVCO methods of stock valuation; effect on profits in the short term. Reconciliation of stock values with actual stock. Review of topics from Units 1 and and Revision Focus on revision of topics within Unit and examination practise prior to sitting mid-year external assessment(s). 17 and 18 Notes: 1. It is assumed that students can begin the A2 course towards the end of the summer term of the first year of the course. Where this is not the case, there will therefore be less time to complete the Unit in time for the mid-year examination. 2. There can be almost complete flexibility in deciding in which order to teach the topics in this Unit. For example, sources of finance, incomplete records, partnership accounts, stock valuation could be taught in any sequence. It is highly likely, however, that cash flow statements and accounting standards would be best taught after covering published accounts of limited companies. 3. Time has been set aside to ensure that students have an opportunity to revisit topics covered in the first year of their course which could be the basis for synoptic assessment. This element of revision could be delivered in a block of time as shown or spread out over the weeks available to cover Unit 3. Synoptic questions will be set on issues relating to Units 1 and 2. 9

10 ACCN4 (A2) FURTHER ASPECTS OF MANAGEMENT ACCOUNTING Manufacturing accounts Marginal costing, absorption costing and activity based costing Standard costing and variance analysis Capital investment appraisal Preparing manufacturing accounts to show prime cost, total overheads, adjustment for work in progress, as part of the final accounts and balance sheets of manufacturing organisations. Profit on manufacture: how recorded; provisions for unrealised profit. Terminology: direct costs, indirect costs, variable costs, contribution, marginal cost, break-even, etc. Calculating break-even point by use of formulae. Limitations of break-even analysis by formula and graph. What absorption costing means; comparison with marginal costing. Uses of absorption and marginal costing; limitations of each method. Calculation of profit using absorption and marginal costing. Cost centre; the allocation and apportionment of costs. Calculation and application of overhead absorption rates using machine hour and labour methods. Activity based costing: meaning of terms, cost pools and cost drivers. Comparison of marginal, absorption and activity based costing: uses and limitations. Standard costing: meaning, purpose, advantages and disadvantages. Variance analysis: purpose and value of; calculation of variances for sales, materials and labour. Possible explanations of variances; interrelationship of variances. Reconciliation of actual and budget figures using variances. Purpose of capital investment appraisal. Use of payback and net present value methods including calculation of estimated cash flows. Comparison of methods including advantages and disadvantages of each method; limitations of methods. Report on capital investment appraisals; making recommendations based on appropriate financial analysis. 1 and 2 3 and 4 5 and 6 7 and 8 8 and 9 10

11 ACCN4 (A2) FURTHER ASPECTS OF MANAGEMENT ACCOUNTING Budgeting: further consideration Other factors affecting decision making: social accounting Synoptic topics review Revision Review of budgetary control: purpose, advantages and disadvantages. Preparation of purchases, sales, production, labour, debtor and creditor budgets. Comment on budgets including their relationship with master budget. Preparation of forecast operating statements and balance sheets. Explain why non-financial factors should be considered. Social accounting including ethical factors. Effect of business decisions from the viewpoint of stakeholders including employees, the local and national economy and the environment. Further opportunity to review topics from Unit 2. Focus on revision of topics within Unit and examination practise prior to sitting end of year external assessment(s). 10 and and 15 Notes: 1. Management topics can be placed anywhere within the scheme, particularly capital investment appraisal and budgetary control. 2. There are fewer opportunities to vary the sequence in which costing topics are placed. It is normal practice for students to study manufacturing accounts before covering marginal costing, absorption costing and then activity based costing. Standard costing is probably best covered when other costing topics have been assimilated by students. 3. Some time has been set aside to prepare for synoptic questions. For this Unit, synoptic questions will be set on issues arising from Unit 2. 11

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