Saint Vincent and the Grenadines Form 5 Subjects (CSEC) - Business > Principles of Accounts

This course introduces students to the fundamental principles and techniques of accounting, preparing them for further studies and entry-level employment in the field. It emphasizes the importance of accountability and control in both public and private organizations, and equips students with the skills to interpret financial data for effective decision-making. The course also explores the impact of technology on modern accounting practices.

Course Structure

The CSEC Principles of Accounts syllabus is divided into fourteen sections:

1. Introduction to Principles of Accounts: This section covers the concept and purpose of accounting, identifies users of accounting information, and distinguishes between various business organizations. It also introduces the accounting cycle and guiding concepts and conventions. 2. The Classified Balance Sheet: This section explains the concept and components of a balance sheet, including assets, liabilities, and capital. Students learn to construct balance sheets and classify items according to permanence and liquidity. 3. Books of Original Entry: This section covers the use of books of original entry, distinguishing between cash and credit transactions. Students learn to use source documents and make entries into various books, including the cash book and petty cash book. 4. Ledgers and the Trial Balance: This section focuses on different types of ledgers and classes of accounts. Students learn about debit and credit, capital and revenue expenditure, and the preparation of trial balances. 5. Preparation and Analysis of Financial Statements of the Sole-Trader: This section covers the purpose and components of financial statements, including methods of inventory valuation and the calculation of profit or loss. Students learn to analyze business performance using ratios. 6. End of Period Adjustments: This section explains the need for adjustments to financial statements, including prepayments, accruals, bad debts, and depreciation. Students learn to prepare journal entries and ledger accounts for these adjustments. 7. Control Systems: This section covers the need for and types of control systems, such as suspense accounts, control accounts, and bank reconciliation statements. Students learn to correct errors and prepare bank reconciliation statements. 8. Incomplete Records: This section introduces single-entry records and their limitations. Students learn to convert single-entry records to double-entry and prepare final accounts from incomplete records. 9. Accounting for Partnerships: This section defines partnerships, outlines their features, and explains the components of a partnership agreement. Students learn to record capital, share profit/loss, and prepare financial statements for partnerships. 10. Accounting for Corporations (Limited Liability Companies): This section covers the features, advantages, and disadvantages of limited liability companies. Students learn about raising capital, issuing shares and debentures, and preparing final accounts for corporations. 11. Accounting for Co-operative Societies: This section introduces the features and types of co-operatives. Students learn about raising capital and preparing financial statements for co-operatives. 12. Accounting for Non-Trading (Non-Profit) Organizations: This section covers the types and accounting procedures for non-trading organizations. Students learn to prepare receipts and payment accounts, income and expenditure accounts, and balance sheets. 13. Manufacturing Accounts: This section distinguishes between direct and indirect costs. Students learn to prepare manufacturing accounts and calculate unit costs. 14. Payroll Accounting: This section covers basic payroll source documents and calculations. Students learn to calculate gross earnings, net pay, and deductions.

Assessment

The CSEC Principles of Accounts examination consists of two papers and a School-Based Assessment (SBA) component. Paper 1 is a multiple-choice test, while Paper 2 is a problem-solving paper. The SBA involves an individual report on a group or individual project. Past papers and study resources are available to help students prepare for the exam.