AS/A-level Accounting Introduction to the new specification

AS/A-level Accounting Introduction to the new specification Kevin Crosby

Copyright © AQA and its licensors. All rights reserved.

2017

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This specification has been accredited by Ofqual

Structure of the session

Overview of the new A-level specification • Underlying principles and key features • Summary of content and assessment objectives • Assessment structure A-level papers 1 and 2 • Core content • The question papers and question types Overview of new AS specification • Summary of content and assessment objectives • Assessment structure AS paper The question paper and question types Support and resources

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Context

• Developed by an experienced team of teachers and examiners with input from professional accounting bodies.

• Designed to engage young people in this subject and provide effective assessments across the ability range.

• The new A-level specification is for teaching from September 2017 with first assessment in summer 2019.

• The new AS specification is for teaching from September 2017 with first assessment in summer 2018.

Slide 3 Copyright © AQA and its licensors. All rights reserved.

Aims

• Understand the role and develop the skills of the accountant in developing and evaluating accounting information systems and in preparing financial and management accounting information.

• Apply the principles and techniques of accounting in the preparation of

financial and management accounting information using the double entry model to: • record transactions • prepare financial statements for different types of organisations • prepare management accounting information to enable management to

plan, control and make decisions. • Analyse and evaluate a range of financial and management information and

communicate the outcomes numerically and verbally.


Aims

• Evaluate the impact of ethical considerations on the accountant and the duty to be truthful and accurately represent the facts when preparing and presenting accounting information, undertaking financial decision making and addressing the concerns of stakeholders (A-level only).

• Develop the ability to solve problems logically, analyse data methodically, make reasoned and justified decisions and use different reporting methods to communicate these to stakeholders.


Why choose the AS and A-level specifications?

• A qualification in accounting will always be helpful – whether it’s used professionally or personally.

• This course helps students to understand the responsibilities of the

accountant and the impacts of their recommendations on the business and the wider environment.

• Students will build knowledge and understanding of key concepts, principles

and techniques that they can apply to real-life situations, developing the ability to: • solve problems logically • analyse data methodically • make reasoned choices • communicate effectively.


A-level subject content

Section Topic

1 An introduction to the role of the accountant in business 2 Types of business organisation 3 The double entry model 4 Verification of accounting records 5 Accounting concepts used in the preparation of accounting records 6 Preparation of financial statements of sole traders 7 Limited company accounts 8 Analysis and evaluation of financial information 9 Budgeting 10 Marginal costing


A-level subject content

Section Topic

11 Standard costing and variance analysis 12 Absorption and activity based costing 13 Capital investment appraisal 14 Accounting for organisations with incomplete records 15 Partnership accounts 16 Accounting for limited companies 17 Interpretation, analysis and communication of accounting information 18 The impact of ethical considerations


New content at A-level

Role of the accountant • The responsibilities of the accountant within business. • The difference between financial accounting and management accounting

and the purpose of each. • The role of the accountant in developing and overseeing accounting

information systems to provide reliable and relevant information for both financial and management purposes.

Activity based costing Use of ABC to calculate the total cost and selling price of a product.

Interpretation, analysis and communication of accounting information

Investor ratios.

Slide 9

New content at A-level

The impact of ethical considerations • The fundamental principles of ethical behaviour. • How the principles of ethical behaviour impact the behaviour of accounting

professionals and organisations. • The legal and regulatory frameworks which relate to the accounting sector, the

importance of working within regulatory guidelines and the consequences of failing to do so.

• The role of professional bodies in establishing and enforcing codes of conduct. • How to act ethically when working with clients, suppliers, colleagues and

stakeholders and the importance of adhering to organisational and professional value, codes of practice and regulations.

• Appropriate courses of action to take if there is a suspicion that an unethical or

illegal act has been, or may be, committed by an employer, colleague or client.

Slide 10

Content removed at A-level

Types of business organisation (sources of finance) Preference shares Budgeting Payables and receivables budgets Partnership accounting Dissolutions

Accounting for limited companies Detailed knowledge of International Accounting Standards (other than IAS 1 and 7)

Manufacturing accounts

Impact of ICT in accounting

Slide 11

The assessment objectives

A-level Paper 1

A-level Paper 2

AO1 Demonstrate knowledge and understanding of accounting principles, concepts and techniques

11.5-13.5% 11.5-13.5%

AO2 Apply knowledge and understanding of accounting principles, concepts and techniques

16-18% 16-18%

AO3 Analyse and evaluate accounting data to present information, make judgements and draw conclusions

19.5-21.5% 19.5-21.5%


A-level: specification at a glance


Paper 1: Financial Accounting Written Paper

50% • 3 hour exam • 120 marks available • Section A – 10 multiple choice questions and several

short answer questions (30 marks) • Section B – two structured questions each worth 20

marks (40 marks) • Section C – two extended answer questions each worth

25 marks (50 marks) Paper 2: Accounting for analysis and decision-making Written Paper

50% • 3 hour exam • 120 marks available • Section A – 10 multiple choice questions and several

short answer questions (30 marks) • Section B – two structured questions each worth 20

marks (40 marks) • Section C – two extended answer questions each worth

25 marks (50 marks)

A-level: content and skills for paper 1


Section Topic

1 An introduction to the role of the accountant in business 2 Types of business organisation 3 The double entry model 4 Verification of accounting records 5 Accounting concepts used in the preparation of accounting records 6 Preparation of financial statements of sole traders 7 Limited company accounts 8 Analysis and evaluation of financial information 14 Accounting for organisations with incomplete records 15 Partnership accounts 16 Accounting for limited companies 17 Interpretation, analysis and communication of accounting information 18 The impact of ethical considerations


A-level paper 1

A-level: content and skills for paper 2


Section Topic

1 An introduction to the role of the accountant in business 2 Types of business organisation 3 The double entry model 8 Analysis and evaluation of financial information 9 Budgeting 10 Marginal costing 11 Standard costing and variance analysis 12 Absorption and activity based costing 13 Capital investment appraisal 17 Interpretation, analysis and communication of accounting information 18 The impact of ethical considerations

A-level paper 2


AS subject content

Section Topic

1 An introduction to the role of the accountant in business 2 Types of business organisation 3 The double entry model 4 Verification of accounting records 5 Accounting concepts used in the preparation of accounting records 6 Preparation of financial statements of sole traders 7 Limited company accounts 8 Analysis and evaluation of financial information 9 Budgeting 10 Marginal costing


New content at AS

An introduction to the role of the accountant The purposes of accounting is subsumed within this topic.

Marginal costing • Categorisation of costs by behaviour and understanding of terms. • Calculation and interpretation of break-even point, interpreting break-even

charts and the uses and limitations of break-even analysis methods. • The use of marginal costing in decision-making situations.

Slide 20

Content changed or removed at AS

Copyright © AQA and its licensors. All rights reserved. Slide 21

Budgeting Forecast financial statements replaces cash budgets. Limited company accounts Rights and bonus issues now at A-level only. Impact of ICT in accounting

The assessment objectives

AS

AO1 Demonstrate knowledge and understanding of accounting principles, concepts and techniques

32-34%

AO2 Apply knowledge and understanding of accounting principles, concepts and techniques

41-43%

AO3 Analyse and evaluate accounting data to present information, make judgements and draw conclusions

25-27%


AS: assessment structure at a glance


Paper 1: Financial and Management Accounting Written Paper

100% • 3 hour exam • 120 marks available • Section A – 10 multiple choice questions and

short answer questions (25 marks) • Section B – four structured questions – 3

questions worth 15 marks and 1 worth 10 marks (55 marks)

• Section C – two extended answer questions each worth 20 marks (40 marks)

AS paper 1


Co-teaching

The AS and A-level specifications have been designed to be co-taught if you wish to do so. The AS content is a subset of the A-level content. A scheme of work will be provided in the Spring to show one possible route through the content.

Slide 25


Resources and support from AQA

360° SUPPORT

Choosing the right qualification • Draft specification • Draft question papers and mark schemes • Specification at a glance

Results: reviewing and planning for improvement • Enhanced Results Analysis • Examiner reports • Candidate exemplars with

examiner commentary

Planning your course • Teacher support launch

events • Teacher support preparing

to teach events • Scheme of work • Guidance on teaching AS

and A-level

Teaching your students

• Resources linked to topics in the specification and throughout the teaching year (plan, teach, assess, results)

• Command words used in exams

Assess: preparing for exams • Specimen question papers and

mark schemes • Candidate exemplars with

examiner commentary


AQA ongoing support and resources


• AQA website

• e-AQA

• Secure Key Materials

• ERA (Enhanced Results Analysis) • Preparing to teach events

e-AQA


Contact points for more information and guidance

• General Enquiries General email [email protected] Tel no 0800 197 7162.

• Teacher CPD Team General email [email protected] Tel no 0203 671 8014

• AQA Website www.aqa.org.uk


mailto:[email protected]

mailto:[email protected]

http://www.aqa.org.uk/

Copyright © AQA and its licensors. All rights reserved. Slide 30

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AS/A-level Accounting Introduction to the new specification

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