Accounting

What is Accounting? 

Accounting is becoming an increasingly popular AS and A2 level subject. The course investigates how organisations  develop their accounting information systems and procedures, and the important role of accounting in business decision making. These organisations could be profit making or non-profit making, manufacturing or service, national or multi-national, even large or small. Ethical responsibilities are also considered within the accounting framework.   Throughout the course a variety of accounting problems are encountered, as is the interpretation of accounting statements, reports, tables, graphs and charts. 

 

Who does this subject?

 

  • Students with a strong interest in finance and business should be interested in taking Accounting A Level. It is largely a numerical subject, and you need to be reasonably competent at Maths. Almost all students who take Accounting love the subject, and it has been one of the best performing subjects at the college for many years.  
  • Students are not required to take Accounting A Level if they wish to study Accounting at University or work in Accounting. However, the study of Accounting A Level will give students a strong understanding of the subject and give them a headstart when it comes to further study or employment after leaving college. 
  • Accounting would also provide a good basis for any student who might ultimately own their own business.

 

Qualification: 
AS Accounting
Length: 
Level 3 one year course, 4 Periods a week
Unit 1: 

A foundation for the rest of the course and any further study of Accounting after A Levels. Accounting involves the Collecting, Recording, Classifying and Summarising of financial information for a variety of types of businesses. Students will learn about the concept of Duality, the Accounting Process, and Double Entry Bookkeeping. Students will then learn how to verify accounting records using a variety of techniques, such as Bank Reconciliation Statements, Control Accounts and Trial Balances. Students will learn how to identify and correct Errors in Accounting Records, and ultimately produce a full Profit & Loss Account and Balance Sheet, including making adjustments for Accruals and Prepayments, Bad Debts and Depreciation. 

The entire module is concerned with Financial Accounting for Sole Traders.

Unit 2: 

Unit 2 will further develop the student’s knowledge and understanding of Financial Accounting for Sole Traders, and also for Limited Companies, including more advanced adjustments to the accounts, such as creating Provisions for Doubtful Debts and Bad Debts Recovered, distinguishing between Capital and Revenue Expenditure, applying generally accepted Accounting Concepts and more advanced Depreciation calculations. Students will also learn how the financial structure of Limited Companies differs from Sole Traders and Partnerships and study the different types of Shares, including Rights Issues and Bonus Issues, Dividends and how to evaluate other Sources of Finance. 

Unit 2 will also introduce Managements Accounting and students will learn to evaluate and assess the financial strengths and weaknesses of business performance using a variety of techniques including Mathematical Ratio Analysis, and Budgeting. Students will be able to recommend courses of action which will be of benefit to a business, and explain the consequences of a business failing to take remedial action. 

What the department specifically offers that is noteworthy...: 

It has recently been awarded Grade 1 using the ALPS value added score. This means that Accounting at Loreto adds more value to student’s grades than any other school or college in the country which is part of this scheme. This means that students at Loreto are achieving massively above their expected grades, and are outperforming all other institutions nationally.

Exam Board: 
AQA
GCSE Requirements: 
General College entry requirements.