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What is accounting?

Accounting is the basis of all business practices and GCSE provides an excellent introduction to the financial aspects of business. Covering all the key areas relating to finance and book-keeping, including ledgers, the principles of accounting and how it impacts upon business decisions Accounting provides a strong understanding of the numbers of business for anyone thinking about working in business

What will I study?

In the GCSE you will study: The purpose of accounting and sources and recording of data. You will look at double entry system of book-keeping; business documents, books of prime (original) entry and the ledger. You will also explore the verification of accounting records including the trial balance, correction of errors, bank reconciliation and control accounts. Alongside this you will study accounting procedures covering capital and revenue expenditure and receipts, accounting for depreciation and disposal of non-current assets and bad debts and provision for doubtful debts as well as the valuation of inventory. You will also explore principles of financial statements and their preparation. You will also learn about commonly used ratios, the interpretation of accounting ratios, inter-firm comparison and interested parties.

What will I gain from studying Accounting?

You will gain a detailed insight into the principles and practice of accounting and will learn the stages involved in creating, presenting and verifying accounts. This will show you a fundamental aspect of any modern business and will prepare you well for further studies in this area at A Level.

How is it assessed?

Unit Modules Weighting Format
1 Structured Question paper 50% External Exam: 1 hour 45 mins
2 Structured Question paper 50% External Exam: 1 hour 45 mins

 

Exam Board: CIE

What do I need?

You need to have an interest in business, a logical approach and string mathematical skills if you are to cope easily with accounts.