Accounting

Accounting at Key Stage 5

Exam board: AQA

Why study Accounting?

Even the best business ideas get nowhere without sound financial management. So whether you want to work for big business, be the next Richard Branson or have your own small business, a knowledge of financial management is vital. This accounting course equips you with the necessary knowledge and skills to be able to assess the performance of all types of business organisations. It will enable you to effectively analyse and evaluate financial data so that you can make financial judgements, decisions and recommendations about how businesses can manage their financial affairs.

What will you study?

In the first year (AS) you’ll have two study modules:
‘Introduction to Financial Accounting’ and ‘Financial and Management Accounting’.

In the first module you’ll learn about key accounting records like ledgers, balance sheets and profit and loss accounts. Your second module includes accounting for sole traders and for limited companies, final accounts, budgetary controls and the impact of technology on accounting.

Year two (A2) builds on that firm foundation with two more study modules, which are a more in-depth study of Financial Accounting and then of Management Accounting. In Financial Accounting you’ll investigate sources of finance, partnership and limited company accounts, plus accounting standards. Then in Management Accounting you’l lmove on to manufacturing accounts, costing, capital investments,budgeting and social accounting.

Method of assessment

In the first year you’ll sit two papers: one for each study module during the year. Each paper lasts 90 minutes and carries 50% of your marks for the year.
The second year is similar. Again you’ll have two papers to sit: one for each study module during the year.
Each paper lasts two hours and carries 50% of your marks for the year.

Future prospects

Many students who take accounting go on to university and become qualified accountants,working for accountancy practices or within an organisation. With a few years experience, some accountants then decide to start their own practice. But your financial acumen can support awide number of other careers. For example, you could work in local government if you like politics or for a phone company if you like communications technology.
Perhaps you’d like to work in generalmanagement,banking, retail or leisure -money is the common denominator. With accounting skills you could end upworking in just about any area you choose.