Accounting

Why study accounting? The world of finance and investment banking attracts many students. Household names such as J P Morgan, Merrill Lynch, CSFB and Morgan Stanley are synonymous with exciting assignments and glamorous lifestyles. Meanwhile, financial scandals such as Enron and Global Crossing have placed accounting at the top of the business agenda. Careers in accounting and finance are associated with very high salaries. A recent National Institute study identified accounting as the most lucrative of all degree courses in terms of graduates’ lifetime earning capacity (The Times 28th July 2005). Many accountants move into senior management positions in large firms. The Chief Executive Officers (CEOs) in many of the UK’s leading companies are qualified accountants. All Finance Directors (the step down from the CEO in the corporate hierarchy) are accountants.

Progression

University courses in a variety of subjects can be taken. Related subjects are; Business Studies, Economics, Administration, Management, Marketing.

In addition, if you wish to take up a management training course, many of the well known accountancy firms take A level students onto their management training course. These courses offer a well structured, and well rewarded career opportunity.

Year 12 Topics

Introduce the Purpose of Accounting
Verification of Accounting Records
Accounting Records: subsidiary Books and Ledger Accounts subsidiary books, (subsidiary books including general journal four day books, main cash book), and ledger accounts, (ledger accounts including the sales, purchases and general ledger).
Income Statement and Balance Sheets
Types of Business Ownership
Accounting Concepts
Further Aspects of the preparation of the financial statements and balance sheets of sole traders
Final Accounts and Balance Sheets, Capital and Revenue Income and Expenditure, Depreciation, Disposal of Fixed Assets.
Asset Disposal
Depreciation, Disposal of Fixed Assets. (Continued)
Provision for Bad Debts
Bad Debts Recovered
Inventory Valuation
Introduce final accounts of Limited Companies
Limited Liability, Capital Structure of Limited Companies
Ratio Analysis and the Assessment of Business Performance
Budgeting and Budgetary Control

Year 13 Topics

Sources of Finance
Incomplete Records
Partnership Accounts
Published accounts of limited companies
Marginal, Absorption and Activity Based Costing
Break Even Analysis
Overhead, Apportionment and Absorption
Standard costing and variance analysis
Capital Investment Appraisal
Budgeting: further considerations