Teacher in Charge: Mr A. Munro
This course enables students to develop the knowledge and skills to manage the financial affairs of individuals, communities and businesses. It teaches the personal skills of budgeting and bank reconciliation, as well as the basic accounting cycle of source documents through to analysis of financial reports for a small business. The course is a useful introduction to the skills needed for personal financial management and an understanding of the financial side of business.
In term 1 we start with some basic personal financial literacy concepts, exploring decision-making (AS90981 - 3 credits), and how households manage their cash (AS90982 - 4 credits) using various everyday documents.
Using their understanding of source documents from Term 1, learners begin to explore how businesses process and record transactions and balance their accounts. This links to AS90977 - 5 credits.
Learners will explore how to understand and create financial statements for a small business using their knowledge of recording financial transactions (AS90978 - 5 credits). Then follow up this learning with a deeper, in-depth analysis and interpretation of the finances of a small business (AS90980 - 4 credits). Both of these are external achievement standards.
Exam revision and preparation.