A Level Accounting Distance Learning Course

Now available as a 12 month FAST TRACK course at no extra cost!! Just select the option at the bottom of this page.

Guaranteed exam place: venues in Bristol, Harrogate, Birmingham & London.

Specification:
AQA (Full A Level) 2120, AQA (AS) 1121 and AQA (A2) 2121

Course Overview
The process of accounting supports businesses in the measuring, monitoring and planning of their operations.

People skilled in accounting should be able to tell whether or not the business is performing well financially, the strengths and weaknesses of the business and to communicate their results to the owners of the business.  The process of Accounting is the practical ability to record, classify and summarise data and business related information.

Testing Centres
http://www.aqa.org.uk/admin/p_private.php

Course Content
AS Accounting
This course is divided into two units, each of which is divided into modules to support the learning process. At the end of each module there is a tutor-marked assessment which, when completed, should be sent to the tutor.

Each unit of the course corresponds to the examination module. The lessons are of different length and difficulty. Some of them have references to carefully selected texts, articles and websites to provide the student with extra practice, summaries and examples of topics covered in the lesson.

The student will learn the fundamentals of record-keeping and the purposes, techniques and consequences of effective financial accounting.

3.1 AS Unit 1 ACCN1 Introduction to Financial Accounting

Module 1 Introduction to financial accounting
A business / organization and what its purpose is

Presentation of a business / organization’s financial information

The fundamental accounting concepts which govern financial reporting

Identification of a series of stakeholders to a company

Module 2 Recording financial data
Business transactions and the duel effect of these transactions

Recording entries in the Books of Prime Entry and the Memorandum ledgers

Using this information to monitor trade receivables and trade payables

Double Entry accounting and the "T-Account"

Introduction to the accounting equation

Module 3 Checking accounting records
Preparing a trial balance and ensuring it balances

Reasons why a trial balance would not balance (summary of the various errors)

The impact errors make on the profit/ (loss) and how these can be corrected

Suspense account (neither balance sheet nor profit & loss)

Module 4 Balance Sheet and Profit & loss
Familiarization with profit and loss and balance sheet proformas

Adjustments to trial balance (depreciation, bad debts, accruals and prepayments)

Case study to prepare financial statements

3.2 AS Unit 2 ACCN2 Financial and Management Accounting

Module 1 Business entity concept
The 3 types of business entities

Advantages and disadvantages of these organizational structures      

Module 2 Accounting concepts
Background to accounting concepts and the IASB’s framework

Qualitative characteristics of financial information

Cover the concepts relating to the qualitative characteristics (historic cost, going concern, accruals, consistency, prudence, materiality, realisation, business entity and objectivity)

Module 3 Further aspects of preparing primary accounts
Advance look at balance sheet and profit & loss statements and adjustments. Specifically for bad debts and allowances for doubtful debts, income due and received in advance

Depreciation of fixed assets; Reasons why a business needs to depreciate

Introduction to new depreciation method – reducing balance – and comparison of the two methods

Accounting for the disposal of fixed assets, incorporating accumulated depreciation account entries

Capital vs. Revenue expenditure

Module 4 Limited Company accounts
Revise "limited liability" and introduce students to new terms used in the capital of a limited company (authorised capital, issued capital, ordinary and preference shares, capital and revenue reserves, shareholders’ funds, loan capital)

Assess Loan capital vs. Share capital as a source of finance - advantages and disadvantages

Updating p&l and balance sheet with interim and final dividends; corporation tax liability; share premium; revaluation of fixed assets

Understand what bonus issues / rights issues are and clearly identify the differences between them

Make the necessary entries to the accounts for bonus and rights issues

Module 5 Ratio analysis and business performance
Interpreting financial statements of sole traders and limited companies

Comparing ratio analysis across competitors, across accounting periods and with other businesses

Consider how various transactions effect ratios consider also the limitations of these ratios

Understand that cash does not equal profits

Module 6 Ratio Introduction to budgeting
Budgeting within business

Importance of budgeting within an organisation

Assumptions made in budgets and their weakness

Preparing cash budgets

Module 7 ICT within accounting
Learn how ICT helps with regard to double entry book keeping; maintaining and managing stock levels; monitoring debtors; preparing budgets

Advantages / Disadvantages with ICT tools

The course is examined in two components:

Examination Paper 1 – Unit 1 Introduction to Financial Accounting

This paper is one hour and thirty minutes in length and the marks provide 50% of the overall marks of the course, AS, and 25% of A Level. There are four compulsory questions.

Examination Paper 2 – Unit 2 Financial and Management Accounting

This paper is one hour and thirty minutes in length and the marks provide 50% of the overall marks of the course, AS, and 25% of A Level. There are four compulsory questions.

A2 Accounting
This course is divided into two units, each of which is divided into modules to support the learning process. At the end of each module there is a tutor-marked assessment which, when completed, should be sent to the tutor.

Each unit of the course corresponds to the examination module. The lessons are of different length and difficulty. Some of them have references to carefully selected texts, articles and websites to provide the student with extra practice, summaries and examples of topics covered in the lesson.

The student will learn the fundamentals of record-keeping and the purposes, techniques and consequences of effective financial accounting, businesses profitability, performance, costing and budgeting.

3.3 A2 Unit 3 ACCN3 Further Aspects of Financial Accounting

Module 1 Sources of Finance
Reasons why a business would want to take out debt

The different finance options available to businesses:

Internal finance, shares, debentures, bank loans and overdrafts, and mortgages

but excluding hire purchase or leasing as forms of finance

Module 2 Incomplete records
Introduction to and preparation of a statement of affairs using all available information

The business equation and how this can be used to calculate profit

Use control accounts to identify missing sales / purchases figures

Sales, cost of sales and gross profit relationship to calculate the missing figures (Mark up and Margins)

Use information gathered to prepare the financial statements

Understand the drawbacks of preparing accounts using incomplete records

Comment on the accounts prepared

Module 3 Partnership Accounts
Prepare year end partnership accounts

Understand and comment on partnership accounts

Understand and be able to prepare partner capital and current accounts

Deal with retirement of partners / acceptance of new partners

Account for new profit sharing ratios

The process for admitting a partner, retirement of a partner and dissolution of a partnership

Revaluing goodwill when the partnership changes

Knowledge of the Partnership Act 1890 is essential

Module 4 Published accounts of Limited companies
Published accounts: Why limited companies have to publish accounts, the stakeholder’s interest in these published accounts and its corporate report and the limitations of the published accounts

Prepare non-current asset schedules which agrees to the non-current assets on the face of the balance sheet

Prepare a cash flow statement in line with IAS 7 (indirect method). Comment on the value of cash flow statements to stakeholders.

Discover auditors and their responsibilities and role within an organization

The difference between auditors and directors duties with regard to the accounts

Module 5 Accounting standards
Introduce students to the accounting standards applicable to this course

Discuss the nature of the standards and how they relate to the qualitative characteristics of financial statements

IAS 1, 2, 7, 8, 10, 16, 18, 36, 37, 38

Module 6 Stock valuation
The concept of valuing stock

The AVCO and FIFO method for valuing stock

Explain how the different methods produce different profit figures

3.4 A2 Unit 4 ACCN4 Further Aspects of Management Accounting

Module 1 Manufacturing accounts
Understand the manufacturing industry and prepare and interpret a set of manufacturing accounts

Calculate prime costs, overhead costs, factory cost of finished goods, and profit on manufacture and make provisions for unrealized profit.

Module 2 Marginal, absorption and activity based costing
Understand the terms used to track costs and perform basic calculations to produce this information. Terms include direct costs, indirect costs, variable costs, semi-variable costs, fixed costs, marginal cost, contribution and break-even;

Calculate break-even points and understand the limitations of use with break-even analysis

Introduction to absorption costing, marginal costing and activity based costing. Interpretation and comparison of the three. Noting what a cost centre is and how this is used in the costing process

Calculate profit based on absorption and marginal costing

What is a service centre and how to absorb these costs into a product (using elimination method only)

Explanation of what cost pools and cost drivers are

Understand and calculate overhead absorption rates applying them over machine hours and labour hours

Introduction to cost cards and how this can be used in pricing policy

Decision making tools (make/buy, price setting, optimum use of resources, accept / decline additional work)

Module 3 Standard cost and variance analysis
Interpret and comment on the system of standard costing

Calculate sales volume and sales price; material usage and material price; labour efficiency and labour rate

Understand the correlation between variances

Prepare a budget vs. actual report      

Module 4 Capital Investment Appraisal
Investment decisions are inherently based on assumptions and these must be appreciated as a limitation to the investment appraisal tool

Introduction to payback periods and net present values

Students will be introduced to discounted cash flows at this stage

Make recommendations to management as to which project to use, this should be based on calculations and financial analysis already performed

Module 5 Budgeting: Further considerations
Reasons why we budget and how we use this information within the business

Understand and interpret purchases, sales, production, labour, debtor and creditor budgets and how these relate to the main budget summary

Prepare and comment on forecast operating statements and balance sheets

Module 6 Social accounting
Discussion on corporate social responsibility, other factors beyond mere numbers which affect a business decision making

The Examination
The course is examined in two components:

Examination Paper 3 – Unit 3 Further Aspects of Financial Accounting

This paper is two hours in length and the marks provide 25% of A Level. There are four compulsory questions.

Examination Paper 4 – Unit 4 Further Aspects of Management Accounting

This paper is two hours in length and the marks provide 25% of A Level. There are four compulsory questions.

Study Time
To complete a full A level it will take in the region of 200 study hours.

Pre-requisites
To take an A Level you should have a GCSE grade C or above, or the equivalent and preferably in your chosen subject.

Support
You will have access to tutor via email who will mark your work and guide you through the course to ensure you are ready for your examinations.

Examination Centres
The examination board can provide you with a list of examination centres but it is entirely your responsibility to find a centre which will accept you as an external candidate.

Recommended Textbooks
Business Accounting 1 - Frank Wood & Alan Sangster, FT Prentice Hall. ISBN 0273655523

Business Accounting 2 - Frank Wood & Alan Sangster, FT Prentice Hall. ISBN 0273655574

Business Accounts - David Cox, Osborne books

Frequently Asked Questions
Q. Do your courses meet the latest syllabus changes?
A. Yes, all our course materials meet any changes and will be updated free of charge if further changes are made.

Q. Why do I have to find a centre myself?
A. We have students all over the UK and Europe and it is impossible for us to arrange dates and times for individual students.

Q. What if I cannot find an examination centre in my home town?
A. If you wish to gain the qualification then be prepared to travel it is worth it!

Q. How much are exam fees?
A. These vary from centre to centre so please check with your local centre.

Q. Are the courses paper based or on-line?
A. All our courses are paper based and come in attractive sturdy folders.

Q. How do I contact my tutor?
A. Tutors are all working Teachers or Lecturers so contact is by email only.

Q. Why can I not take my exams when I have completed the course and why do I have to wait?
A. Exams are taken at the same times as schools and colleges and are not flexible.

Q. I want to take my exams but there are only a few months to study, is this possible?
A. Depending on the time of year, it is sometimes impossible to complete your studies in a short space of time as your work has to be marked and checked. More importantly the examination boards have cut off times which are not flexible. See our web site for further information.

Q. Will I receive UCAS points on completion of this course?
A. Yes all of our A Levels carry UCAS points. The number of points awarded will depend on the grade you achieve.