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ACCOUNTINGFORM 3 – 5 SyllabusJoanne ZammitEO Accounting and Business StudiesDirectorate for Quality and Standards inEducationDepartment of Curriculum Management

Table of ContentsRationale for AccountingSyllabus AimsSyllabus ObjectivesStrandsLearning OutcomesAssessment ObjectivesScheme of AssessmentForm 3 SyllabusForm 4 SyllabusForm 5 SyllabusAppendix 1 – New TerminologyAppendix 2 – IAS1 Formats (Attached pdf)Recommended Textbooks

AccountingThe accounting syllabus introduces learners to the theory and concepts of accounting and theways in which accounting is used in a variety of modern economic and business contexts.Learners focus on the skills of recording, reporting, presenting and interpreting financialinformation and build an ideal foundation both for further study and for a future careerwithin the profession.Rationale for AccountingThe study of Accounting is invaluable and is relevant to the present and future life of everyperson in that it:-develops problem-solving and computational skills and an awareness and recognition ofthe consequences of errors.develops skills in the use of figures in business communication, in analysis and indecision-makingenhances mental discipline, encourage concentration and fosters critical thinking,logical organization and orderly presentation.facilitates the language of business which is communicated universally within thebusiness worldfosters the concept of accountability and transparencySyllabus aimsThe syllabus enables students to develop:-an understanding of the use of accounting as an aid to business decision makingan awareness of the business environment dimensionknowledge and understanding of business through the use of figures, computations andstatisticsknowledge and understanding of the principles and purposes of accounting of bothprofit making and non-profit making organisations. Students will understand thefunctions of accounting as a comprehensive and systematic method of recordingtransactions of both types of organisations.

---an understanding of accounting concepts, principles, techniques, procedures andterminologyimproved skills of numeracy, literacy, communication, enquiry, presentation andinterpretation of accounting information. Thus, students will be able to develop abilitiesto quantify, to judge relevance and to write clear and concise explanations.mental organization, clear and logical thinking, mental agility and critical thinking skillsimproved accuracy and orderlinessappreciation of professional ethicsan understanding of accounting as a means of assessing the financial position of anorganizationan appreciation to the importance of accounting in the appraisal of the financialposition and performance of the enterprise and in monitoring progress and excellent foundation for advanced studySyllabus objectivesTo achieve the aims, Accounting enables students to develop an ability to:-prepare, understand, interpret and analyse financial statements with confidence andself-relianceappreciate and use financial statements as a means of business communicationuse analytical techniques to arrive at conclusions from financial information for thepurpose of decision makingprepare relevant reports using financial informationprovide students with an appreciation of the ethical and regulatory framework whichinfluences and governs the preparation of financial statements.develop in students the following skills:a) decision makingb) problem solvingc) literacy and numeracy skillsd) evaluating and interpreting skillse) presentation and communication skills

- develop positive attitude towardsa) profit motiveb) ethical behaviourc) entrepreneurshipd) innovationStrandsAccounting is described in the following 4 strands:-recording of financial informationreporting of financial informationevaluation of financial informationcommunication of financial informationRecordingRecording is a process of maintaining a file of all transactions that have affected the businessand that have monetary value. In other words, it provides a history of the economic activities ofa particular businessReportingStudents learn to report financial data through the preparation of financial statementsin accordance with accounting standards and practices.EvaluationUsers interpret financial information for decision making. This information is in addition to thatalready available in reports such as Income Statement and Statement of Financial Position.Interpretation of financial information should be achieved through the use of such tools asyear-to-year comparison.CommunicationIn accounting, language is used in specific ways to communicate data and ideas. Students needto be aware of the development of written, oral and graphic communication that applies toaccounting situations in the business world.

Learning OutcomesAt the end of the Accounting syllabus, students will be able to:-describe the role of accounting in societyrecord and report financial data using appropriate terminology and in a methodicalmannerapply the principles and practices of recording and reporting financial informationdemonstrate an understanding of the role of accounting standardssummarise the information into a set of financial statements and to evaluate theperformance and position of the entity therefrom.apply the financial information into making of simple financial decisionAssessment on syllabus objectivesCandidates will be assessed on their ability to:-recall and demonstrate knowledge of the syllabus contentshow an understanding of the terminology central to the syllabusapply the international accounting standardsprepare and present the financial statents in an orderly wayinterpret, analyse and evaluate given data

Assessment ObjectivesThe following assessment objectives are tested in Accounting:Knowledge with understandingStudents should be able to:-show knowledge and understanding of facts, concepts and principles of accounting-demonstrate understanding of accounting knowledge through numeracy, literacy,presentation and comprehensionQuestions testing this skill will often ask questions starting with state, identify, mention,list, calculate, explainAnalysisStudents should be able to:-choose, analyse and order information in written, numerical and tabular formpresent appropriate information in an accepted accounting formatQuestions testing this skill will often ask questions with words like choose, select, prepare,draw up.EvaluationStudents should be able to:-interpret and evaluate accounting information and to draw reasoned conclusionsQuestions testing this skill will often ask questions with words like suggest, advise,explain, comment on, compareScheme of AssessmentThe Annual Examination paper for Accounting will consist of one common graded paper of 2hours duration. It will include a set of graded questions from each of the 4 strands and thelearning outcomes as indicated in the syllabus.Electronic calculators will be permitted. Candidates are strongly advised to show allworkings.

FORM 3CONTENTLEARNING OUTCOMESREFERENCE TO SECSYLLABUS(2015)RESOURCESModule 1: THE ACCOUNTING EQUATION AND THE STATEMENT OF FINANCIAL POSITION1.1 Book-keeping andAccounting An introduction toaccounting andbook-keepingAt the end of the topic, students should: define book-keepingdefine accountingexplain the main differencebetween book-keeping andaccountingexplain the main role of accountingRefer to Sec SyllabusThe Nature &Purpose ofAccountingGo For AccountingPage 1-2Business Accountingth1 12 ed Pg 1-91.2 Users of accountinginformation List of users ofaccountinginformation The need ofaccountinginformation fordifferentstakeholders1.3 identify the users/stakeholders ofaccounting information withparticular reference to the localsituation identify the reasons why users needaccounting informationRefer to Sec SyllabusThe Nature &Purpose ofAccounting Refer to Sec SyllabusThe Principles ofDouble-EntryGo for Accounting Pg1-2Business Accountingth1 12 ed Pg9-10Edexcel IGCSEAccounting Pg 10The accountingequation list examples ofassets andliabilities classification oflearn a simple Statement ofFinancial Position(horizontal/Tstyle) which explains the basicaccounting equation

items as assetsand liabilitiesthe accountingequation calculate the value of assets,liabilities and capital using theaccounting equation analyse and state the effects oftransactions on the accountingequationGo For Accounting Pg3-4Business Accountingth1 12 ed Pg 10Edexcel IGCSEAccounting Pg 6-7Module 2: THE DOUBLE ENTRY SYSTEM2.1 The Double EntrySystem for Assets,Liabilities andCapital processaccounting datausing the doubleentry systemdouble entry rulesrecording oftransactions ofassets, liabilitiesand capital state the double entry obeys therules of the accounting equation understand that for every debitthere must be a credit entry (everytransaction is recorded in 2/moreaccounts with equal debit andcredit) identify the accounts to be debitedand credited for varioustransactions record the double-entry using the Taccount/horizontal ledger accounts apply the double entry rules forrecording assets, liabilities andcapitalRefer to Sec SyllabusThe Principles ofDouble EntryRemark:Asset has a debitnatureLiability has a creditnatureCapital has a creditnatureGo For Accounting Pg11-18Business Accounting1th12 ed Pg21-32Edexcel IGCSE Pg 1121

2.2 The Double EntrySystem for Inventory recordinginventory:purchases, sales,purchasesreturns, salesreturns differentiate between purchasesand sales transactions differentiate between cash andcredit transactions learn that inventory increases eitherbecause stock has been bought orstock that was sold has beenreturned by the buyer learn that inventory decreaseseither because stock has been soldor stock that was bought by thecompany has been returned to thesupplier explain that sales account refers tosales of inventory explain that purchases accountrefers to purchases of inventory andnot to other assets such as vans,equipment and machinery apply the double entry rules forrecording inventory:Remark:Purchases has a debitnature (exceptionwith drawings)Sales has a creditnaturePurchases Returnshas a credit natureSales Returns has adebit natureGo For AccountingPg19-24Business Accountingth1 12 ed Pg21-32Edexcel IGCSE Pg 11201. purchases of stock on cashand on credit terms2. sales of stock on cash and oncredit terms3. returns of stock previouslypurchased on cash and/orcredit terms4. returns of stock previouslysold on cash and/or creditterms2.3 The Double EntrySystem for recordingdrawings transactionsrelating todrawings apply the double entry rules forrecording withdrawal of stockand cash/cheques for owners’Remark: Drawingshas a debit nature

personal uselearn that drawings are always areduction in capital and neveran expenseGo For Accounting Pg26Business Accountingth1 12 ed Pg 50-512.4 The Double EntrySystem for recordingExpenses and Revenues double entryof expensesand revenues understand expenses andrevenues apply the double entry rules forrecording expenses andrevenuesRemark: Expenseshave a debit natureRevenues have acredit natureGo For Accounting Pg25-28Business Accountingth1 12 ed Pg 45-50Module 3: BALANCING OFF ACCOUNTS3.1 Balancing offAccounts balancing off theaccounts (usingbalance c/d andbalance b/d) by now record transactions by thedouble-entry, using T form explain the significance of balancingoff accounts interpret an entry and an account balance an account and bring downthe balance balance off accounts which there isno balance outstanding understand that when the balanceof an account is on the debit, wesay that the account has a debitbalance – e.g: trade receivables understand that when the balanceof an account is on the credit, wesay the account has a credit balance– e.g: trade payables be able to balance the accountsRefer to Sec SyllabusThe Ledger letter d)Go for Accounting Pg31-40Business Accountingth1 12 ed Pg 56-64Edexcel IGCSE Pg 3242

using the running balance format(with a particular focus on personalaccounts)explain that the T accountsshow balancing off at the end ofthe period explain that the three-columnaccounts update and show thebalance on the account after everytransaction Module 4: THE TRIAL BALANCE4.1 The Trial Balance Purpose of a TrialBalance Errors revealed bya Trial Balance learn to extract a Trial Balancefrom account balancesoutline the use of a Trial Balance asa form of checking the accuracy ofthe double entrylearn that the Trial Balance is usedas the base to prepare the FinancialStatements.state the types of errors that arerevealed by a Trial Balance ie:- errors in calculation- errors in omitting either thedebit or the credit entry- posting of entries to the wrongside of the account- errors in debiting an accountwith one amount and creditingthe corresponding account withanother amount- prepare an adjusted trialbalance after correcting errors- calculate a missing figure byextracting a Trial Balance- prepare a Trial Balance from alist of balances and calculateCapitalRefer to Sec SyllabusThe Ledger letter f) iGo For Accounting Pg41-44Business Accountingth1 12 ed Pg 65-69Edexcel IGCSE Pg 3739

Module 5: FINANCIAL STATEMENTS5.1 The IncomeStatement preparation of theIncome Statementboth in horizontaland verticalformatupdating thebalancing offaccounts whichare transferred tothe IncomeStatement explain the difference betweengross profit and net profitclose down the appropriateaccounts and transfer the balancesto the Income Statementcalculate the gross profit and netprofit/loss for a specified periodstate what is meant by the terms‘net sales’ and ‘net purchases’differentiate between the twostock figures shown in the IncomeStatement (Trading a/c)show cost of salesdraw up an Income Statement firstin horizontal format (to understandthe double-entry) and then thevertical layout with all theappropriate income and expenseentries relating to the given periodRefer to Sec SyllabusThe Ledger letter e) iilearn that the Statement ofFinancial Position is not part of thedouble entrydraw up the Statement of FinancialPosition using the horizontal style(and emphasize on the accountingequation)draw up the Statement of FinancialPosition in a vertical form,marshaling the assets and liabilitiesin a specific order (permanenceand liquidity)differentiate between Non-CurrentRefer to Sec Syllabus- The Ledgerletter e) iii- DrawingsRemark – use the IAS1 Format (look atappendix)Go For Accounting Pg53-59Business Accounting 1th12 ed Pg79-90Edexcel IGCSE Pg 1421515.2 The Statement ofFinancial Position preparation of theStatement ofFinancial Positionboth in horizontaland verticalformat Remarks- FinancialStatements(IAS 1 Format– look- show TotalNon CurrentAssets

Assets and Current Assets and giveexampleslist the non-current assets indescending order starting withthose that will remain in use in thebusiness for the longest timelist current assets from top tobottom in increasing order ofliquiditydifferentiate between CurrentLiabilities and Non-CurrentLiabilities and give examplesshow changes in the proprietor’scapital as a result of a furtherinjection of capital, net profit/lossand drawings in cash/goodsexplain working capital/net currentassets and why this is veryimportantmake a note of the WorkingCapital at the end of theStatement of Financial Position Working Capital Current Assets –Current Liabilities --show TotalCurrentAssetsshow TotalAssetsshow TotalLiabilitiesshow TotalCapital LiabilitiesGo For Accounting Pg61-63Business Accounting 1th12 ed Pg91-99Edexcel IGCSE Pg 152157Module 6: ACCOUNTING CONCEPTS AND ASSUMPTIONS6.1 The accountingconcepts the importance ofthe mainaccountingconcepts and theprinciplesunderlying thepreparation offinal accounts agree about the need for generalagreement to the concepts thatgovern accounting and explain whyaccounting standards exist explain the basic accountingconcepts and principles- the AccrualConcept/Matching principle- the Business Entity Concept- the Prudence Concept- The Consistency ConceptRefer to Sec Syllabus- An elementaryknowledge ofthe followingaccountingconcepts andin particular,how theyaffect thepreparation ofthe finalaccounts

including theStatement ofFinancialPositionRemark- Studentsshould beremindedabout theseaccountingconcepts andprinciples atrelevantsections ofthe syllabus,whereappropriate.Go For Accounting Pg125-128Business Accountingth1 12 ed Pg112-128Module 7: BOOKS OF ORIGINAL ENTRY AND LEDGERS7.1 Books of originalentry and ledgers Explanation of thetheoretical part ofBooks or originalentry and ledgers explain the purpose of Day Booksand their relationship with theledger learn that transactions areclassified and details about themare entered in the appropriatebook of original entry understand that the books oforiginal entry are used as a basisfor posting the transactions insummary form to the double entryaccounts in the various ledgers learn about the following booksRefer to Sec SyllabusBooks of OriginalEntryGo For Accounting Pg121-124Business Accountingth1 12 ed Pg129-134Edexcel IGCSE Pg 62

of original entry/journals/day books- Sales Day Book- Purchases Day Book- Sales Returns Day Book- Purchases Returns DayBook- Cash Book- General Journal/Journal be able to explain the followingledgers- Sales Ledger- Purchases Ledger- General/Nominal Ledger- Private Ledger explain the types of accounts:- Personal accounts- Impersonal accounts (Realand Nominal accounts)Module 8: CASH BOOK8.1 The Cash Book Dual function as abook or originalentry and as aledger account forbank and cash Two-column andthree-columncash book explain the advantages of keepingcash in the bank explain the purpose of the cashbook record transactions in the cashcolumn and bank column of thecash book post the entries from the cash bookto the respective ledgers interpret transactions and details inthe cash book eg: discount, totalbanked or withdrawn (contraentry) explain that a folio column in thecash book helps trace entries madeinto accounts in the ledgers explain the meaning of cashdiscount explain that cash discounts appearRefer to Sec SyllabusThe Cash Book andthe Petty Cash BookGo For Accounting Pg77-88Business Accounting 1th12 ed Pg 148-165Edexcel IGCSE Pg 8697

in the Income Statementcalculate cash discount explain the difference betweencash discount and trade discount Module 9: PETTY CASH BOOK9.1 The Petty Cash Book the pettycashbook usingthe ImprestSystemadvantages of theimprest system explain the need for a petty cashbook compare the purpose of the pettycash book with the cash book learn that the petty cash booksaves both the cash book and theledger accounts from containing alot of trivial detail explain the imprest system andfloat outline the advantages of theimprest system of keeping pettycash understand that the petty cashbook helps the senior cashier todelegate this type of work to amore junior member of staff learn that the cashier check thework performed by the pettycashier calculate and record the amount ofreimbursement required to restorethe petty cash balance to theimprest amountRefer to Sec SyllabusThe Cash Book andthe Petty Cash BookGo For Accounting Pg89-98Business Accountingth1 12 ed Pg203-211Edexcel IGCSE Pg98-105

Module 10: SALES DAY BOOK AND SALES LEDGER10.1 Sales Day Book andSales Ledger sales journal andsales ledgertrade discounts explain the purpose of the salesday book/journal/book of primeentry interpret the items posted fromsales journal to the appropriateaccounts in the ledgers calculate trade discount given tocustomers distinguish between cash andcredit sales know that cash sales are notentered in the sales day book distinguish between trade and cashDiscounts prepare a sales invoice (includingtrade discount and VAT wherenecessary) prepare the Sales Journal and theledgers (including VAT wherenecessary) explain that with the big amount ofcredit transacti

Edexcel IGCSE Accounting Pg 10 1.3 The accounting equation learn a simple Statement oflist examples of Refer to Sec Syllabus assets and Financial Position(horizontal/T The Principles of liabilities style) which explains the basic Double-Entry accounting equationclassification of . items as assets calculate the value of assets, Go For Accounting Pg and liabilities liabilities and capital using .

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