United Kingdom · National Curriculum Attainment Targets
Year 12 Accounting.
This Year 12 Accounting curriculum introduces students to the fundamental principles of financial and management accounting. It equips learners with the analytical skills required to prepare, interpret, and evaluate financial statements for various business entities. Students will develop a critical understanding of how accounting data informs strategic decision-making in a dynamic economic environment.
01Introduction to Financial Accounting
Students explore the purpose of accounting, fundamental concepts, and the mechanics of double-entry bookkeeping. The unit also covers the essential methods used to verify the accuracy of accounting records.
Explores the purpose of accounting, the role of the accountant in society, and fundamental accounting concepts such as going concern and accruals.
Introduces the principles of double-entry bookkeeping, including the recording of transactions in ledger accounts and the preparation of a trial balance.
Covers the methods used to verify the accuracy of accounting records, focusing on bank reconciliation statements and the correction of errors.
02Financial Statements of Sole Traders
Focuses on the preparation of final accounts for sole traders, including the application of year-end adjustments and dealing with incomplete records.
Focuses on the preparation of the statement of profit or loss and the statement of financial position for sole traders.
Examines the necessary year-end adjustments, including accruals, prepayments, depreciation, and irrecoverable debts.
Teaches techniques for calculating profit or loss and preparing financial statements when a business does not keep a full set of accounting records.
03Financial Statements of Limited Companies
Introduces the financial structure of limited companies, the preparation of their internal financial statements, and the use of ratio analysis to interpret performance.
Introduces the financial structure of limited companies, including the issuance of shares, debentures, and the treatment of dividends.
Covers the preparation of internal financial statements for limited companies, including the statement of changes in equity.
Develops skills in calculating and interpreting profitability, liquidity, and efficiency ratios to assess business performance.
04Introduction to Management Accounting
Explores internal accounting techniques used by management for planning, decision-making, and control, including costing and budgeting.
Explores the classification of costs and the principles of absorption costing, including the allocation and apportionment of overheads.
Introduces marginal costing techniques and their application in short-term decision-making, such as make or buy decisions.
Examines the purpose of budgeting, the preparation of cash budgets, and the use of budgets for planning and control.