Cambridge O Level Accounting
This course provides a comprehensive foundation in the principles and practices of accounting required for the modern business environment. You will begin by mastering the double-entry bookkeeping system to record financial transactions with precision and maintain accurate records using books of prime entry. The curriculum guides you through the process of verifying accounting data by preparing trial balances and performing bank reconciliations to ensure the integrity of financial information. You will develop the technical skills to prepare a full range of financial statements for different forms of business organizations including sole traders, partnerships, and limited companies. Furthermore, you will learn to interpret financial reports using accounting ratios to evaluate business performance. By applying these principles to diverse scenarios, you will be equipped to understand the financial health of an organization and make informed economic decisions.
Course Content: Seven Main Sections
The syllabus covers fundamental accounting principles, moving from basic concepts to preparing and analysing financial statements.
1. The Fundamentals of Accounting
Focuses on the purpose of accounting and the foundational accounting equation
(Assets = Liabilities + Equity).
2. Sources and Recording of Data
Covers the double-entry system, business documents, and the use of books of prime entry.
3. Verification of Accounting Records
Explores the Trial Balance, correction of errors, bank reconciliation, and control accounts.
4. Accounting Procedures
Focuses on capital vs. revenue items, depreciation, and the disposal of non-current assets.
5. Preparation of Financial Statements
Covers adjustments, and statements for sole traders, partnerships, limited companies, clubs, societies, and manufacturing accounts.
6. Analysis, Interpretation & Principles
The analysis and interpretation of financial statements, alongside the understanding of accounting principles and policies.
Assessment Structure
The qualification is assessed via two papers: a multiple-choice paper (30%) and a structured paper (70%).
- Weighting: 30% of total grade
- Duration: 1 hour and 15 minutes
- Format: 35 multiple-choice questions
- Weighting: 70% of total grade
- Duration: Typically 2 hours (varies by syllabus year)
- Format: Structured, compulsory questions testing problem-solving and application.