You will learn how to prepare and present a range of accounting statements and analyse information to make decisions. You can then apply your skills in an assignment that communicates financial information to people who are interested in an organisation’s performance.
You will develop skills, knowledge and understanding to prepare, interpret and analyse financial accounting information by using the relevant accounting concepts and techniques. This information is used by stakeholders to assess their organisation’s current financial position.
You will learn:
What a sole trader is
The duties, scope and responsibilities of the financial accountant
How to prepare business documents, such as invoices, credit notes and statements of account, including VAT calculations
How to prepare ledger accounts, trial balances, and financial statements
Correction of errors, and calculating and interpreting ratios
Sources of finance for a sole trader
TBC
You will develop skills, knowledge and understanding of internal accounting information, and be able to prepare this using a range of basic accounting techniques. This information is used by management when making decisions about the future planning and control of their business.
You will learn:
The duties, scope and responsibilities of the management accountant
Costing theory: fixed, variable, direct and indirect costs
Calculating inventory values using first in, first out (FIFO), and last in first out (LIFO)
Labour costing: recording and calculating wages, and overtime and bonuses
How to produce overhead analysis statements
Break even: calculation and analysis
Budgeting, and decision making
How to use formulae when completing spreadsheets.
TBC
Worth 130 marks, consisting of two sections.
Section 1 worth 70 marks
Section 2 worth 60 mark
Worth 50 marks
For this component, you will be asked to complete a series of tasks to prepare accounting information and financial statement, making appropriate use of spreadsheets. You may be required to use this information to aid decision making, analyse the organisation's financial position or make recommendations for the future
The assignment will be a computer-based assessment which is set by and externally marked by the SQA
This is usually sat by pupils in March
Pupils who successfully pass the National 5 Accounting course could go on to study the following: