What is Accounting?
General introduction to the subject:
Accounting is a very popular subject nowadays. It opens up many job opportunities, such as those for accounts clerks, accountants, auditors, bankers, insurance agents, and stockbrokers. These are all in great demand. Accounting is the language of a business. Through accounting, we communicate with stakeholders about the profit of a business and what it owns and owes. Accounting includes financial literacy and entrepreneurship competencies.
Topics studied:
• Double entry
• Final Accounts
• Day Books, Cash Book, Petty Cash Book
• Accounting Concepts
• Bank Reconciliation Statements
• Depreciation
• Irrecoverable Debts and Allowance for Doubtful Debts
• Correction of Errors
• Suspense
• Single Entry and Incomplete Records
• Manufacturing Accounts
• Accounting Ratios
• Digital Accounting
• Breakeven
• Payroll
Class activities involved:
• Direct questioning
• Quizzes
• Monopoly game
• Projects
• Groupwork activities
• Use of Interactive Whiteboard tools
• Written classwork exercises
• Debates
• Visits to financial institutions and business organisations
• Individual presentations – oral, written, digital
• Group presentations – oral, written, digital
• Practicing on an accounting software
• Evaluating exercises and case studies
• Self/peer reviews
• Discussions
• Role plays
• Exhibitions
Homework assigned:
• Written exercises to re-inforce work done in class
• Research at home through internet, books
• Research by asking professional advice at the industry
• Practise and revision of topics done at school
• Project task as a group
• Project task as an individual
• Written, oral and digital presentations both at individual and group level
• Practicing on an accounting software
Assessment given:
• Formative and summative assessment
• Ongoing assessed tasks such as written exercises, research tasks, presentations: at home
• Ongoing assessed tasks such as written exercises, research tasks, presentations: in class
• Annual exam
• Peer assessment on a presentation task
• Write up of project tasks – written and/digital
• Oral presentation
Skills acquired while studying the subject:
• Book-keeping
• Accounting
• Analysis
• evaluation
• Interpretation
• Decision-making
• Problem solving
• Critical thinking
• Presentation
• Communication
• Groupwork
• Collaboration
• Resilience
• Time management
• Organisational skills
• Planning
• Negotiation
• Attention to detail, accuracy
• Listening skills
• Self-motivation skills
• Management
• Ethical, dignity and compliance
• Financial literacy
• Entrepreneurship
Skills required to study the subject:
• Basic English level
• Basic numerical level
• Basic IT skills
• Organisational skills
• Self-motivation skills
• Time management skills
• Teamwork skills
• Resilience
This subject can lead you to the following Career Paths:
Accounts Clerk
Accountant/Auditor
Tax Advisor
Stockbroker
Accounts Teacher
Audit Assistant
Financial Controller
Banker