KNES Secondary School Course Outline

Transcription

1 KNES Secondary School Course Outline TERM 1: OVERVIEW ACCOUNTING: Year 10 [Term 1, 2, 3] The focus for term 1 will be to understand the nature and purpose of accounting in business and non-profitmaking organizations, and the principles on which accounting is based and how these principles are used in preparation of final accounts. Students will be introduced to accounting terms and policies and understand the use of accounting as an aid to business decision making, understand the use of accounting as a means of assessing the financial position of an organization develop the abilities to quantify, to judge relevance, and to write clear and concise explanations. Focus will mainly be on ensuring that students learn how to prepare fundamental accounting records like journals and ledgers. Substantial part of the term will be spent on Ledger preparation including double entry system and Cash books. Students work on solving accounting problems. Text: Students will use IGCSE Accounting by Catherine Coucom. Teacher s expectation/discipline policy (Throughout academic year) 1. Homework should be submitted on time. Excuses are unacceptable unless they are medical in nature and have sufficient evidence in the form of medical certificates which shows you were unable to attend. The same rule applies to a situation where a pupil misses a test or a deadline on an assignment. Missing a test or assignment deadline means 0% 2. Being absent from a lesson is in no way an excuse for not doing homework, as you are expected to get the homework assignment from a classmate. Homework left at home will be considered as not being done. 3. All necessary resources needed for the lesson should be with pupils at all times, especially for a test. 4. All class work is to be completed in class and should be up-to-date. 5. Students must be on time to lessons. 6. Students need to maintain an organized and neat exercise book. All work should be up to date and in case of absence it s the student s responsibility to complete any work that he/she has missed. 7. Students need to maintain a separate file for all project work and assignments. 8. Food/drink is not allowed in class and students need to make sure to use the toilet during break. 9. All students must come to class in a presentable manner-shirt tucked in and tie pulled up.

2 TERM 1 Focus on refreshing key Economic terms and reviewing topics that have already been covered. Getting students ready for term curriculum. This may take the first 2 lessons of week 1 and based on that the course outline will be adjusted by a day or two here and there. Weekly schedules will be adjusted to accommodate any changes. Week Topic / Chapter Learning outcome: Students will be able to 1 Chapter 1 The need for Accounting Page: 1, 2, 3. The role of accounting. Its main functions. Exercise: review questions page 2/3 The functions of accounting. What purpose does accounting serve? How accounting helps in business and the process of accounting. Definition and concepts. Accounting role and how the accounting equation is applied. The accounting equation. Difference between accounting and book-keeping. 2 Chapter 1 Accounting Terms and Principles: The rules of debit and credit Types of accounts (real, personal and nominal). Pg. 11,12,13,14 Example 2.1. Test your understanding activities on page 12. Students learn about the important terms that will be used throughput their accounting lessons. Various accounting terms include : Debtors/creditors, Assets/liabilities Capital: fixed and working capital Sales/sales returns/purchases/purchase returns/stock, Gross profit, net profit, revenue/cost of sales Principles of accounting entity, dual entity, going concern, matching, Prudence, consistency and revenue recognition The importance of following these principles and how they are applied to accounting. 3 Chapter 2: Double Entry Bookkeeping. Journals. 4 Chapter 2: Double Entry Bookkeeping. Ledgers Pages 14 to23. Activities: 2.3, 2.4. Students will be introduced to the double entry method of accounting. What are journals and why are they prepared. Format and method of making entries in Journals. Narratives and why they need to be included while making journal entries. Students will be introduced to processing accounting data using the double entry system. Studying journal entries and then learning how to post these entries into appropriate Ledgers. The General Ledger (Nominal Ledger).

3 Summary questions on page 17 and 18. Chapter 3: Business documents Pages 70 to 78 Trade discounts: cash and credit discounts and when they are used. Exercises: Question 1, 2 and 3 on pages 79 to 81 Recognise the division of the ledger into the sales ledger, the purchases ledger and the nominal (general ledger). Students will learn about the different types of business documents and the need for preparing them, and what information and details are shown in them. Students recognize the following documents Invoices Credit notes Debit notes Statement of accounts 5 Chapter 4: The Cash Book 2 column and 3 column cash books. Pages 43 to 54 Students will understand What cash books are and prepare a 2 column cash book. Contra entries and how they are recorded in the cash book. Understand cash discounts and trade discounts. The purpose of a 3 column cash book. Its preparation and balancing it. Dishonoured cheques and bank overdraft 6 Chapter 4: Cash book Continued Students will continue with more activities and exercises based on three column cash books. Page 56 to 60 Completing all the questions ( 1 to 7) Review of progress in cash book. 7 Chapter 5: The Petty Cash Book Students learn about the Petty cash book. Pages 61 to 67. Activity 5.1/5.2. Why businesses maintain a Petty cash book The imprest system of Petty cash book keeping 8 Chapter 6: Subsidiary Journals. ( books of original entry) Sales and Sales returns Journal Pages 86 to 90. Review questions pg. 94 to 98. Preparing Petty cash books and bringing down balances. The division of the general journal into subsidiary journals or books of prime entry. Students learn why such journals are maintained and how they help in the accounting process. Understand how to prepare these journals like: Sale and sales return journals, Students need to know how the balances in the journals are transferred into the respective ledger accounts. Purchases and purchase return journals. Students will learn the preparation of these journals and how the balances are transferred to the Ledgers at the end of each month. Preparation of journals.

4 9 Chapter 7: Bank Reconciliation Statements. Pages 207 to Chapter 8: Capital and Revenue expenditure/receipts. Students will understand the Need for bank reconciliation statements. How to prepare BRS by updating cash book and the advantages of bank reconciliation statements. Students will learn to define capital and revenue expenditure and the difference between them. What are capital and revenue receipts and how these are recorded. Effect of capital and revenue expenditure/receipts on net assets and net profits. 11 Revision & First Term Exams: Comprehensive revision of term 1 curriculum. Students complete revision sheets and attempt revision quizzes. Exam papers will be modeled on IGCSE style questions. Questions selected from all the topics covered in term one. Multiple choice questions, definitions and problems to solve. TERM ASSESSMENT CRITERIA: Year 10 DESCRIPTION Homework will be given twice a week and class work on a regular basis. Accounting Problems from revision questions to be completed after each lesson and submitted on time. Completing all work and being up-to-date in all work. Classroom participation, interaction, attending lessons on time, discussions and displaying positive interest in subject matter. As part of work experience it is mandatory for all accounting students to attend the work experience and Job Shadow Programme. Students solve accounting problems related to the case. Students prepare accounting models used by businesses that they visit during field trips.(marks will be deducted wholly if students fail to participate) Tests, Quizzes and Pop Quizzes. (Tests will be given after completion of every unit). Ideally students will attempt 4 tests in the first term. Marks will be deducted if students miss a test. Test averages will be taken and percentages awarded based on the number of tests given in the term. End of term exam IGCSE past papers.all topics covered during term three as well as portions specifically chosen from term 1.Case study, short answers and essay type questions that assess students on their analytical skills, knowledge, understanding, evaluation, and interpretation. TERM MARK 15% 10% 5% 20% 50%

5 TERM 2 Focus on refreshing key Economic terms and reviewing topics that have already been covered. Getting students ready for term curriculum. This may take the first 2 lessons of week 1 and based on that the course outline will be adjusted by a day or two here and there. Weekly schedules will be adjusted to accommodate any changes. Week Topic / Chapter Learning outcome: Students will be able to 1 Capital and revenue expenditure and receipts. Other payables and other receivables(accruals and Prepayments) Pages 138 to 152 Review questions on page 157 Students will learn to: Distinguish between and account for capital expenditure and revenue expenditure distinguish between and account for capital receipts and revenue receipts calculate and comment on the effect on profit of incorrect treatment Students recognize the importance of matching costs and revenues prepare ledger accounts and journal entries to record accrued and prepaid expenses Prepaid expenses and incomes. Accrued expenses and incomes. 2 Stock valuation The Trial Balance and first step to preparing the Financial statements. Students understand the basis on which stock (inventory) is valued. Net realizable value.prepare stock valuation statements. What is trial balance? Why is it prepared? Students prepare the Trial balance and make suspense accounts. 3 The Final Accounts (Financial Statements). The trading account and the Profit and Loss account.(income Statement) Pages 100 to 107. All activities and exercises on these pages. Students will learn the importance of preparing final accounts What final accounts say about the position of the business? Users of final accounts The three types of final accounts Introduction to trading and profit and loss accounts. How to prepare the trading account. 4 Final Accounts: The Profit and Loss Account. Pages 100 to 107. Review questions Students learn, The income statement formula. How to prepare the Income statement clearly showing the gross profit and Net profit. Horizontal and vertical formats of Income statements.

6 5 The Final Accounts: The Balance Sheet. Pages 116 to The Final accounts: Making adjustments to final accounts. 7 Bad debts and bad debts recovered. Page 189 to 192 Activities on these pages. 8 Provision for doubtful debts Pages 193 to 199 Activity questions 1 to 6 on pages 199 to Depreciation and disposal of Noncurrent assets. Pages 166 to 181. All activities on these pages. Students learn the balance sheet equation. Assets = capital + liabilities. Students learn the vertical format of balance sheet preparation. Showing the working capital in the balance sheet. Net assets and capital employed. What are adjustments? Students will learn why a business will have to make adjustments to the final accounts once they are prepared. Students will learn how to apply adjustments with regard to accruals, prepayments bad debts, bad debts recovered and Provision for bad debts. Bad debts and bad debts recovered. Page 189 to 192 Activities on these pages. Provision for doubtful debts Pages 193 to 199 Activity questions 1 to 6 on pages 199 to 206. Students will be introduced to depreciation and why it is important to record depreciation. Understand the nature and causes of depreciation. Understand the main methods of calculating depreciation. Make entries to record depreciation in the ledger. Make entries to record disposal of non-current assets. 10 Second Term Exams Exam paper will focus on entire year 10 curriculum as students will soon be entering IGCSE year. Exam paper will be modeled on IGCSE system.

7 TERM ASSESSMENT CRITERIA DESCRIPTION % OF TERM MARK Homework and class work on a regular basis 10% Classroom participation, interaction, attending lessons on time, discussions and displaying positive interest in subject matter, maintaining proper books and record of work done. As part of work experience it is mandatory for all accounting students to attend the work experience and Job Shadow Programme.(marks will be deducted wholly if students fail to participate) Tests, Quizzes and Pop Quizzes. (Tests will be given after completion of every unit). Marks will be deducted if students miss a test. Test averages will be taken and percentages awarded based on the number of tests given in the term. End of term exam 15% 5% 20% 50% IGCSE past papers All topics covered in year 10 from September 2011 to end of May Case study, short answers and essay type questions that assess students on their analytical skills, knowledge, understanding, evaluation, and interpretation. ACCOUNTING: Term 3 Year 10 TERM OVERVIEW: The focus for term 2 will be to understand the nature and purpose of accounting in business and non-profit-making organisations, and the principles on which accounting is based and how these principles are used in preparation of final accounts of different types of businesses. The major topic covered in this term will be the control accounts and their importance, types of business organizations and how the financial accounts of each business differs. ( Partnerships and Limited Companies) Focus will mainly be on ensuring that students learn how to prepare fundamental accounting records. Text: Students will use IGCSE Accounting by Catherine Coucom TERM 3: Focus on refreshing key Economic terms and reviewing topics that have already been covered. Getting students ready for term curriculum. This may take the first 2 lessons of week 1 and based on that the course outline will be adjusted by a day or two here and there. Weekly schedules will be adjusted to accommodate any changes.

8 Week Topic / Chapter Learning outcome: Students will be able to 1 Control Accounts Students will understand the nature and purpose of control accounts Identify and use the books of Prime entry as sources of information. Prepare sales/purchases ledger control accounts. 2. Sole traders and Partnership Businesses 3 Partnership Accounts Page 308. Students will learn about types of businesses and how the final accounts of businesses differ based on their structure. The features of partnerships Partnership agreements Appropriation accounts and their preparation. What are partnerships and their advantages and disadvantages. Understand the entries necessary in connection with a loan/drawings/capital of partnerships. Students will prepare a profit and loss appropriation account. Prepare the capital and current accounts. 4 Partnership Accounts Continued Page 308. What are partnerships and their advantages and disadvantages. Understand the entries necessary in connection with a loan/drawings/capital of partnerships. Students will prepare a profit and loss appropriation account. Prepare the capital and current accounts. 5 Limited Company Accounts Students will understand the nature of as limited company. Understand the terms issued share capital, and paid up share capital. Understand the difference between ordinary shares and preference shares 6 Limited Company Accounts Prepare the financial accounts of limited companies. Prepare a profit and loss appropriation account of a limited company. Understand the capital structure of a limited company. 7. Incomplete records Page 260. Activities 17.1 and 17.2 Prepare the opening and closing statements of affairs. Calculate net profit and net loss from changes in capital, Calculate sales purchases, bank balance and gross profit from incomplete records. 8. General review of Partnership and Limited company Accounts Students will undertake a variety of activity sheets to strengthen and consolidate their understanding of Financial statements.

9 8 Analysis and Interpretation of accounts. Profitability Ratios 9 Analysis and Interpretation of accounts Liquidity Ratios Analyze and understand the ratios that measure profitability ROCE, Gross and Net profit margins Comment on the ratios and what they say about the business. Analyze and understand the ratios that measure Liquidity. Current ratios and Acid test ratios. Comment on the ratios and what they say about the business. 10& 11 Revision & Second Term Exams: Limitations of accounting ratios. Comprehensive revision of term 2 curriculum. Students complete revision sheets and attempt revision quizzes. Term 1 curriculum will also be reviewed. Exam papers will be modeled on IGCSE style questions. Questions selected from all the topics covered in term one and two. Multiple choice questions, definitions and problems to solve TERM ASSESSMENT CRITERIA: Year 10 DESCRIPTION Homework will be given twice a week and class work on a regular basis. Accounting Problems from revision questions to be completed after each lesson and submitted on time. Completing all work and being up-to-date in all work. Classroom participation, interaction, attending lessons on time, discussions and displaying positive interest in subject matter. Tests, Quizzes and Pop Quizzes. (Tests will be given after completion of every unit). Ideally students will attempt 4 tests in the term. Marks will be deducted if students miss a test. Test averages will be taken and percentages awarded based on the number of tests given in the term. End of term exam IGCSE past papers. All topics covered during term three as well as portions specifically chosen from term 1 and 2. % OF TERM MARK 20% 10% 20% 50%