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Educators' Guide for Pedagogy and Assessment

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Learning Area: Humanities

Accounting > LEVEL 9

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 role of financial accounting.
2] I can list the different areas of cost and management accounting.
3] I can outline the main functions and benefits of using computer technology and accounting software to record financial information.
4] I know that a business organisation must take precautions when using computer technology.

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 record transactions using a computerised accounting system.
2] I can access a bank statement using online banking.
3] I can interpret a bank statement and am capable of explaining it.
4] I can reconcile a bank statement with the cash book maintained in a particular business.
5] I can calculate a range of accounting ratios that can be used to analyse the performance of a sole trader.
6] I can distinguish between profitability and liquidity ratios.
7] I can calculate a sole trader’s profitability and liquidity through accounting ratios.
8] I can explain the results of particular ratios.
9] I can explain changes in liquidity and profitability over the years.

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 explain the importance of safeguarding inventory and properly reporting it in financial statements.
2] I can explain the FIFO perpetual method of inventory valuation.
3] I am able to prepare and interpret an inventory card using the FIFO method.
4] I can appreciate a computerised accounting system to record inventory movements.

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 what happens in a manufacturing business.
2] I can differentiate between the different types of inventories.
3] I can differentiate between the elements of cost within a manufacturing account.
4] I can prepare and explain a Manufacturing Account.
5] I can distinguish between profit making and not-for-profit organisations.
6] I appreciate the different aims and structure of not-for-profit making organisations.
7] I can explain how not-for-profit organisations raise their accumulated fund, and how they acquire their sources of income.
8] I can prepare and explain end of year financial statements, and the necessary supporting accounting documents for not-for-profit organisations.

Learning Area Outcome: I can ask questions about human experience in the past and present, and build and develop my knowledge and understanding through enquiry.

Subject Focus: Preparation of financial statements of a Sole Trader from Incomplete Records

1] I can describe why businesses feel the need to use trade receivables and trade payables control accounts.
2] I can identify the sources of information used for ledger control accounts.
3] I can prepare the control accounts.
4] I can identify the repercussions of maintaining accounts using single entry or incomplete records.
5] I can explain real life situations through which a sole trader can end up with incomplete records. 
6] I am able to prepare a full set of financial statements from incomplete records.

Learning Area Outcome: I understand how learning about the humanities can enrich my experience and understanding of the world, and how it can be of value throughout my life. I can think critically and creatively about moral and ethical issues in the past and the present, and about the diverse ways in which these issues can be understood. 

Subject Focus: Aspects of Financial Literacy

1] I am able to prepare a Sales Invoice for items carrying an 18% VAT charge.
2] I understand the civic and legal responsibility of issuing and requesting VAT receipts.
3] I can distinguish between the different methods of calculating labour remuneration, namely flat rate, piecework and time rate.
4] I can prepare simple payroll calculations that include the employer’s national insurance contribution.
5] I can calculate the net wages of workers by deducting items such as national insurance and income tax from a given set of figures.
6] I am able to follow the process involved in payroll transactions using computerised accounts.
7] I can explain the meaning of a minimum wage, its current value and that it is periodically adjusted.
8] I can prepare a simple monthly personal budget taking into consideration my income, projected expenditures, savings considerations and any debt repayments.
9] I can adjust my monthly personal budget in relation to projected changes in income or expenditure.
10] I can construct a personal budget, manually, through appropriate software. 
11] I can identify the importance of contributing towards social causes through my own income.

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