Accounting: Introduction

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

2. A-level Accounting Year 12

3. The school day A-level Accounting Year 12

4. 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? End A-level Accounting Year 12

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

6. Format of the course

7. Icebreaker Time A-level Accounting Year 12

8. Form into Pairs now A-level Accounting Year 12

9. 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 End A-level Accounting Year 12

10. Time to Stand Up A-level Accounting Year 12

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

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

13. 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) A-level Accounting Year 12

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

15. 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 A-level Accounting Year 12

16. Starter activity • Individually, consider the following question: “Explain some possible responsibilities an accountant might have in a business” End A-level Accounting Year 12

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

18. Feedback time A-level Accounting Year 12

19. 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 A-level Accounting Year 12

20. Key terms Activity: Match the key term with the explanations below A-level Accounting Year 12

21. 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 A-level Accounting Year 12

22. 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 A-level Accounting Year 12

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