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Educators' Guide for Pedagogy and Assessment

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Learning Area: Humanities

Accounting > LEVEL 8

Learning Area Outcome: I can evaluate my learning in the humanities, and I can improve and develop my knowledge and understanding.

Subject Focus: The Nature and Role of Accounting

1] I can explain the purpose of accounting.
2] I can explain the importance and the need of preparing accounting information for the primary users of accounting, such as owners, prospective investors, payables and other lenders.
3] I can identify the various categories of workers that are involved with accounting and finance, e.g. accountants, auditors, bankers, tax advisors and insurance agents.
4] I can relate my accounting knowledge to assist me in my personal financial life.

Learning Area Outcome: I can locate, select, interpret and evaluate information about human experience, in the past and the present, and think critically and creatively about humanities issues.

Subject Focus: Recording, understanding, evaluating and communicating financial transactions

1] I can reason out the effect of every transaction of a business organisation.
2] I can relate the double entry system to the accounting equation.
3] I can record transactions in T accounts by following the double entry principle using a manual system.
4] I can interpret transactions recorded in accounts.
5] I can indicate the type of accounts found in each ledger and explain why they are placed in such a ledger.
6] I can explain the use of the books of prime entry in the accounting system.
7] I can elicit information from business documents to prepare the books of prime entry.
8] I can explain the purpose of maintaining a cash book and can record data following the double entry system.
9] I can identify the difference between cash discounts and trade discounts, and their treatment.
10] I am able to balance off all accounts at the end of a period.
11] I can interpret the meaning of both opening and closing balances.
12] I can prepare a Trial Balance at the end of a financial period and outline the main purposes of such an exercise.
13] I can explain why in the Trial Balance some items are listed under the debit column, while others are listed under the credit column.
14] I am able to generate examples of business expenses and income.
15] I am able to differentiate between capital and revenue expenditure. 
16] I can explain the uses of the journal and can record examples of such transactions.
17] I am aware that human error can lead to incorrect entries being made within the books of account.
18] I can explain why some errors are eliminated once a computerised accounting system is used.
19] I can use the general journal and the suspense account to correct errors encountered in the books of account.

Learning Area Outcome: I can explain processes of change and development in the past and the present and reflect upon and evaluate possible future developments.

Subject Focus: Application of Accounting Concepts and other Regulatory Aspects

1] I can recognise the importance and need for accounting and sound financial control for every type of business organisation.
2] I understand that modern accounts are drawn up in a rules-based way, to conform to International Accounting Standards and International Financial Reporting Standards.
3] I am fluent in basic accounting and financial terms, and can explain them.
4] I can describe the accounting equation and parts thereof.
5] I can apply the following accounting principles:

  • Dual Aspect;

  • Business Entity;

  • Consistency;

  • Accruals;

  • Prudence; and

  • Historical Cost.

6] I can describe the circumstances in which a trade receivable can become irrecoverable.
7] I can compute double entry records for irrecoverable debts and recovered debts.
8] I can explain the importance of accounting for allowance against the risk of impairment of trade receivables.
9] I can prepare calculations and double entry records for allowances for impairment of trade receivables, using either a general or a specific allowance, and illustrate their effect on the financial statements.
10] I can recognise the fact that non-current assets experience a change in their values throughout their useful economic life.
11] I am able to distinguish between the cost, the net book value and the market value of non-current assets.
12] I can differentiate between the straight line method and the reducing balance method of calculating depreciation charges.
13] I can calculate depreciation charges using the straight line method and the reducing balance method applied to a full financial year coinciding with the calendar year.
14] I can record double entry records for depreciation allowance, and show their effects on the financial statements.
15] I can record entries relating to the disposal of non-current assets.
16] I know that not all expenses and revenues will be paid/ received when incurred/ earned.
17] I can account for accruals and prepayments of expenses and revenues, and show their effects on the financial statements.

Learning Area Outcome: I can explore and evaluate similarity and difference, and change and continuity in both the past and the present.

Subject Focus: Financial Statements of Profit Making and Not-For-Profit Organisations from Trial Balance Stage

1] I can describe the structure of a sole trader and can explain some advantages and disadvantages attributable to this form of business ownership.
2] I can easily distinguish between gross profit and net profit, and explain their relevance.
3] I can prepare the Income Statement of a sole trader through the closing off of relevant accounts using the double entry system.
4] I can explain how the capital of a sole trader is affected by profits/losses and drawings, and can reflect this in the firm’s financial statements.
5] I can explain the need for a Statement of Financial Position.
6] I can prepare a Statement of Financial Position.
7] I can explain the different elements within a Statement of Financial Position. 
8] I can prepare an Income Statement and a Statement of Financial Position of a sole trader from a Trial Balance, including end of year adjustments.
9] I can mention the reasons why a business that has various departments needs a separate profit calculation for each department.
10] I can present the Income Statement for departmental businesses using a columnar format.

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