KNES Secondary School Course Outline 2016-2017 ACCOUNTING: Term 1 Year 11 TERM 1 OVERVIEW: The focus for term 1 will be to brush up on basic accounting concepts learnt in year 10 and to apply them in the preparation of the Final accounts. Students will undertake the study of the trading account, Profit and Loss account and the Balance sheet: their preparation, various formats of preparing them and making adjustments for bad debts and depreciation etc. Students need to learn the differences in the final accounts of trading businesses, service businesses and manufacturing businesses. Students will also learn why these final accounts are important, the purpose they serve and who are the people who use these accounting information. Looking at Final accounts as an aid to decision making. Focus will mainly be on ensuring that students learn how to prepare different accounting records. Substantial part of the term will be spent on preparation of final accounts. Text: Students will use IGCSE Accounting by Catherine Coucom Teacher s expectation/discipline policy 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.. 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. If homework is left at home it 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. All class work is to be completed in class and should be up-to-date. 4. Students must be on time to lessons. Lateness and unauthorized absence is subject to punishment. 5. Students need to maintain an organized and neat exercise book. In case of absence it s the student s responsibility to complete any work that he/she has missed. 6. Food/drink is not allowed in class and students need to make sure to use the toilet during break. 7. All students must come to class in a presentable manner-shirt tucked in and tie pulled up
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 Review of year 10 curriculum: The Trial Balance, Ledgers, Cash Book. Page 31 to 36. Students do revision work to refresh key concepts that are needed to prepare the final accounts. 2 Chapter 8: Introduction to Final accounts Final accounts: The Trading Account of Trading businesses. Pages 97 to 100 3 Chapter 8: Final accounts The profit and Loss Account of Trading Businesses. Pages 101 to 105. Review questions pages 110 and 111 4 Chapter 9: Final Accounts The Balance sheet of trading businesses. The accounting equation in preparing the balance sheet. Pages: 114 to 118 Students learn the preparation of the trading account and how trading businesses differ from service businesses. The concept of revenue and Gross profit. Students calculate Gross and net profit. Preparing trading accounts in horizontal and vertical format. Students work on calculating the Gross and Net profit. The importance of making P/L accounts and Preparing the P/L account from a trial balance. Preparing both forms of P/L account ( Vertical and Horizontal) Students should be able to: recognize that they are statements of balances of assets and liabilities on a specified date. Recognize and define fixed assets, intangible assets, current assets, current liabilities, long-term liabilities, working capital, capital employed and capital owned. 5 Chapter 19: Types of Business organisations: Sole Traders and Partnerships. Pages 295 to 301.Example 19.1 on page 298. Partnerships Appropriation accounts Explain the advantages and disadvantages of forming a partnership and the partnership agreement. Explain the purpose of an appropriation account. Prepare income statements, appropriation accounts and balance sheets in either horizontal or vertical form Draw up partners capital and current accounts in ledger account form and as part of a balance sheet presentation 6 Types of Business Organisations: Students learn and understand the meaning of the term limited liability understand and distinguish between authorised, paid-
Limited Liability businesses Types of shares: preference and equities, debentures, retained profits, general reserves. up share capital understand and distinguish between share capital (preference shares and ordinary shares) and loan Understand preference share capital, ordinary share capital, general reserve and retained profits. 7 Chapter 18: Clubs and societies Receipts and payments account Income and expenditure account. Pages: 275 to 282 Students learn about the unique nature of a club or society and how they differ vastly from other forms of business organization. Also learn to distinguish between receipts and payments accounts and income and expenditure accounts prepare receipts and payments accounts prepare income and expenditure accounts and balance sheets 8 Subscription accounts &Trading account of clubs and societies. Pages281 to 288 9 Calculate Accumulated Fund Statement of affairs (balance sheet) Income and expenditure account 10 Other payables and Other receivables Capital and revenue expenditure and receipts. The effect of errors on net profit. Preparing the subscriptions accounts (T-format) Students will learn about calculating the accumulated fund and how it differs from capital of other businesses. Also learn to make adjustments as appropriate and calculate the accumulated fund. The Income and Expenditure account and the Statement of affairs. recognize the importance of matching costs and revenues distinguish between and account for capital expenditure and revenue expenditure and capital receipts and revenue receipts 11 REVISION & FIRST TERM EXAM Complete revision of term 1 and parts of work completed in year 10 will be reviewed. Exam will be modeled on IGCSE. Past papers. All curriculum covered in year 10 as well as term 1 of year 11 will be included in the examination.
TERM ASSESSMENT CRITERIA DESCRIPTION % OF TERM MARK Homework and class work on a regular basis (every week). Students will be graded for completion of all assignments on time. Delays and failure to finish tasks will result in loss of marks. In an effort to prepare students well for the IGCSE and improve the performance in Accounting all accounting students will attend after school club and activities once a week. Students will practice past papers and attendance, interest as well as completion of tasks set for these activities will be graded as part of internal assessment. 15% 5% Classroom participation, interaction, discussions and displaying positive interest in subject matter. 5% As part of work experience it is mandatory for all accounting students to attend the work experience and Job Shadow Programme. Students will write reports related to accounting topics as well as study the accounting procedures adopted by various businesses.(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 10% 15% 50% IGCSE past papers. All topics covered during term one as well as complete year 10 curriculum. Case study, short answers and essay type questions that assess students on their analytical skills, knowledge, understanding, evaluation, and interpretation. 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 Control accounts Sales and sales returns control journals Understand the nature and purpose of control accounts Identify and use the books of prime entry as sources of information for control accounts.
Pages 236 to 241 Prepare sales ledger control accounts 2 Control accounts Purchases and purchases returns control accounts. Pages 241 to 245 3 Bank reconciliation statements Pages 207 to 210 Exercises 1, 2, 3, and 4 on pages 217,218 and 219. 4 Journal Entries and Correction of errors. Prepare purchases ledger control accounts. How control accounts help in locating errors Control accounts as a proof of arithmetical accuracy. Understand the purpose of B.R statements. Understand why discrepancies may arise between the bank account and the bank statement. Understand the stages in the preparation of bank reconciliation statements and their preparation. Understand the journal as a book of prime entry. Prepare journal entries. Correct errors using journal entries and suspense accounts. Calculate the effect of correcting entries on the profit and loss as well as on the balance sheet. 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 The Manufacturing Account- 1 Direct expenses, direct labour and direct material. Pages 330 to 333 Example 21.1 8 The Manufacturing Account-2 Pages 334 to 338. Summary questions 1 to 5 page 339 to 343. What is a manufacturing business and how the accounts differ from other businesses. The purpose of preparing the manufacturing account The elements of cost Calculating the Prime cost. Calculating the cost of production What are royalties? Preparing the trading, profit and loss account of manufacturing businesses. Prepare a balance sheet of a manufacturing business.
9 Analysis and Interpretation of accounts. Profitability Ratios 10 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. Limitations of accounting ratios. 11 REVISION & SECOND TERM EXAM Complete revision of term 1 and 2. Exam will be modeled on IGCSE. Past papers. All curriculums covered in year 10 as well as term 1 and 2 of year 11 will be included in the examination. TERM ASSESSMENT CRITERIA: DESCRIPTION Homework and class work on a regular basis (every week). Students will be graded for completion of all assignments on time. Delays and failure to finish tasks will result in loss of marks. In an effort to prepare students well for the IGCSE and improve the performance in Accounting all accounting students will attend after school club and activities once a week. Students will practice past papers and attendance, interest as well as completion of tasks set for these activities will be graded as part of internal assessment. Classroom participation, interaction, discussions and displaying positive interest in subject matter. 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 TERM MARK 15% 5% 10% 20% 50% IGCSE past papers and all topics covered during term one as well as complete year 10 curriculum.
TERM 3 Week Topic / Chapter Learning outcome: Students will be able to 1 to 10 Revision tests and quizzes IGCSE past papers Mock exams (Term three exam) To prepare students for the external examination in May/June 2012. Test papers and assignments that test student for analytical skills will be assigned on a weekly basis. Students will attend after school club. Year 10 and 11 curriculum will be reviewed in its entirety and this offers students to brush up in areas that they have missed or not understood. Resources: Exercise books Text books Calculators IGCSE past papers ( should be with students for every lesson) TERM ASSESSMENT CRITERIA: Students of year 11 will not be graded for internal assessment. However, students need to keep in mind that attendance, punctuality, attitude, behavior and uniform will be constantly monitored. Students will undertake the mock exams in May. Marks will be 100% on the exam paper. Mock exam grade will be an indicator of student preparedness for the IGCSE exams.