Accounting: Introduction Please check out the business department website: http://lpsbusiness.weebly.com/accounting-new-spec-7127.html Mr. Barry A-level Accounting Year 12

A-level Accounting Year 12 Mr. Barry A-level Accounting Year 12

A-level Accounting Year 12 The school day Mr. Barry A-level Accounting Year 12

A-level Accounting Year 12 Starter Activity 1 On the postit given, can you answer the following questions (use both sides) Why did you choose accounting? What are you most looking forward to studying this year in the accounting course? This bar timer, will start when anywhere on the slide is clicked. The bar will move from left to right and the word ‘End’ will appear at the end, accompanied by a ‘Deep Gong’ sound. It is possible to change the duration of this timer to any time, by entering the animation settings, and changing the timing for ‘rectangle 3’. Note the time has to be entered as a number of seconds – so if you want 2mins & 30secs – this is entered as 150 (60X2 + 30 = 150). End Mr. Barry A-level Accounting Year 12

Specification at a glance Accessible on http://www.aqa.org.uk/subjects/accounting/as-and-a-level/accounting-7127/specification-at-a-glance Mr. Barry A-level Accounting Year 12

Format of the course AS (Year 12) A-level (Year 13) 1. An introduction to the role of the accountant in business 11. Standard costing and variance analysis 2. Types of business organisation 12. Absorption and activity based costing 3. The double entry model 13. Capital investment appraisal 4. Verification of accounting records 14. Accounting for incomplete records 5. Accounting concepts used in the preparation of accounting records 15. Partnership accounts 6. Preparation of financial statements of sole traders 16. Accounting for limited companies 7. Limited company accounts 17. Interpretation, analysis and communication of accounting information 8. Analysis and evaluation of financial information 18. Impact of ethical considerations 9. Budgeting 10. Marginal costing

A-level Accounting Year 12 Icebreaker Time Mr. Barry A-level Accounting Year 12

A-level Accounting Year 12 Form into Pairs now Mr. Barry A-level Accounting Year 12

A-level Accounting Year 12 Activity On the postit given, can you answer the following questions (use both sides) Find your partners Name and some basic information Favourite colour Favourite pastime Best moment from the summer holidays This bar timer, will start when anywhere on the slide is clicked. The bar will move from left to right and the word ‘End’ will appear at the end, accompanied by a ‘Deep Gong’ sound. It is possible to change the duration of this timer to any time, by entering the animation settings, and changing the timing for ‘rectangle 3’. Note the time has to be entered as a number of seconds – so if you want 2mins & 30secs – this is entered as 150 (60X2 + 30 = 150). End Mr. Barry A-level Accounting Year 12

A-level Accounting Year 12 Time to Stand Up Mr. Barry A-level Accounting Year 12

Topic 1 An introduction to the role of the accountant in business Lesson 1 Lesson 2 Lesson 3 Mr. Barry A-level Accounting Year 12

1.1 The responsibilities of the accountant within business Mr. Barry A-level Accounting Year 12

A-level Accounting Year 12 Learning Outcomes From exploring this topic students should be able to: Explain the basic responsibilities of the accountant in business (Must) Illustrate an understanding by providing detailed examples of the basic responsibilities of the accountant in business (Should) Evaluate the importance of these responsibilities to the overall operation of the business (Could) Mr. Barry A-level Accounting Year 12

Thinking time! What is Accounting and what does it involve? 2 minutes Mr. Barry A-level Accounting Year 12

A-level Accounting Year 12 What is Accounting? Drury (2009) explains how accounting is the process of identifying, measuring and communicating [financial] information to permit informed judgements and decisions by users [stakeholders] of the information An accountant is a practitioner of accounting who manages, corrects and reports the organisation’s accounts Mr. Barry A-level Accounting Year 12

A-level Accounting Year 12 Starter activity Individually, consider the following question: “Explain some possible responsibilities an accountant might have in a business” This bar timer, will start when anywhere on the slide is clicked. The bar will move from left to right and the word ‘End’ will appear at the end, accompanied by a ‘Deep Gong’ sound. It is possible to change the duration of this timer to any time, by entering the animation settings, and changing the timing for ‘rectangle 3’. Note the time has to be entered as a number of seconds – so if you want 2mins & 30secs – this is entered as 150 (60X2 + 30 = 150). End Mr. Barry A-level Accounting Year 12

A-level Accounting Year 12 In pairs, discuss your answers and try to consider evaluating your responses 3 minutes Evaluate Illustrate Explain End Mr. Barry A-level Accounting Year 12

A-level Accounting Year 12 Feedback time Mr. Barry A-level Accounting Year 12

Roles and responsibilities of an accountant Accountancy is one of the most detailed and diverse roles in the finance industry and as such accountants are required to be competent in a number of areas. Prepare financial statements Set up accounting practices and procedures Analyse budgets Costing potential products Evaluate financial information Mr. Barry A-level Accounting Year 12

A-level Accounting Year 12 Key terms Activity: Match the key term with the explanations below Explanation Refers to transactions represented by individual ledger pages, to which changes in value are chronologically recorded with debit and credit entries. A person with an interest or concern in the business Summary report that shows how a company has used the funds entrusted to it by its stockholders (shareholders) and lenders, and what is its current financial position. They include an income statement and balance sheet. An estimate of future income and expenditure for a set period of time. Term Financial Statement Budget Account Stakeholder Mr. Barry A-level Accounting Year 12

Responsibilities of an accountant Ethics and Approach It is the responsibility of an accountant to ensure they’re working within the law at all times. No window dressing! Impartiality Provide a true and fair view Window dressing- actions taken or not taken in order to improve the appearance of the financial statements True and fair view- financial statements are accurate to the best of the accountants knowledge Mr. Barry A-level Accounting Year 12

A-level Accounting Year 12 Further reading Accountant responsibility is the ethical responsibility an accountant has to those who rely on his/ her work. An accountant has a responsibility to his clients, managers, investors etc. Taken from: http://www.investopedia.com/terms/a/accountant-responsibility.asp Mr. Barry A-level Accounting Year 12

A-level Accounting Year 12 Plenary Why is it important for an accountant to be responsible? What are the consequences for unethical practices when preparing accounts? End Mr. Barry A-level Accounting Year 12