Sri Lanka G.C.E. Ordinary Level (O/L) Business and Accounting Studies
This course offers a practical introduction to the commercial world and the financial disciplines required to manage it. You will begin by exploring the business environment including the role of stakeholders and the fundamentals of entrepreneurship. The curriculum guides you through the core functions of management such as marketing and human resources to understand how organizations operate. You will then transition into accounting where you will master the accounting equation and the double entry system to record transactions with accuracy. You will learn to maintain books of prime entry and ledgers before progressing to the preparation of financial statements for sole proprietorships. By combining these skills, you will be equipped to analyze business performance and prepare reliable financial records for decision making.
Part I: Business Studies
This section covers the fundamental nature, environment, and functions of a business.
1. Background and Business Organizations
Explores the nature and **evolution of business**, its objectives, functions, and the influence of the **external environment**. Covers types of **business ownership** and the role of **stakeholders**.
2. Trade, Management, and ICT
Focuses on **functions of trade** and **aids to trade** (transport, insurance, banking). Introduces **management functions**, **marketing principles**, and the impact of **e-commerce** on modern business.
Part II: Accounting
This section introduces the principles of accounting, recording transactions, and preparing financial statements.
3. Introduction and Recording Transactions
Covers the aims and importance of accounting, basic concepts, the **double-entry system**, the **accounting equation** (Assets=Liabilities+Equity), and the dual impact of transactions.
4. Books, Ledgers, and Verification
Focuses on **Prime Entry Books** (cash book, petty cash, journals), posting to **ledgers**, preparing a **Trial Balance**, and **Bank Reconciliation**.
5. Financial Statement Preparation
Preparing **final financial statements**, including **adjustments**, for various business types and **non-profit organizations**.
Skill Development Focus
The course develops practical, analytical, and socially responsible skills applicable to business and finance.
Analytical Skills
Evaluating business results and understanding the impact of transactions.
Recording and Reporting
Accurately recording business transactions and preparing financial reports.
Entrepreneurial & Social Mindset
Fostering the initial foundation for becoming an **entrepreneur** and developing a sense of **social responsibility**.
Assessment Structure
The assessment consists of two compulsory written papers (Papers I and II), totaling 100 marks.
- **Duration:** 2 hours
- **Weighting:** 40 marks
- **Format:** Structured and short-answer questions covering core concepts from both Business Studies and Accounting.
- **Duration:** 2.5 hours
- **Weighting:** 60 marks
- **Format:** Compulsory question plus a selection of longer, more complex questions, divided into Business Studies and Accounting sections.