Course Outline


The IGCSE Accounting Syllabus at GEMS Wesgreen International Secondary School aims to provide a thorough knowledge and understanding of the subject and help to develop the skills students need for their next steps in education or employment.

Learning Outcomes

The aims are to enable students to develop:

  • knowledge and understanding of the principles and purposes of accounting for individuals, businesses, non-trading organizations and society as a whole
  • an understanding of accounting concepts, principles, policies, techniques, procedures, and terminology
  • improved skills of numeracy, literacy, communication, enquiry, presentation, and interpretation
  • improved accuracy, orderliness, and the ability to think logically

Unit Overviews

Term 1

Unit 5 Preparation of financial statements                        

Approximate length: 13 weeks

The focus of this section is the preparation of financial statements, including year-end adjustments, for different types of businesses (sole traders, partnerships and limited companies). Consideration is also given to the financial statements of clubs and societies and manufacturing businesses. The procedures employed when only incomplete records are available are also covered.

Cambridge International Curriculum Standards

  • explain the advantages and disadvantages of operating as a sole trader
  • explain the importance of preparing income statements and statements of financial position
  • explain the difference between a trading business and a service business
  • prepare income statements for trading businesses and for service businesses
  • recognize and define the content or a statement of financial position:non-current assets, intangible assets, current assets, current liabilities, non-current liabilities, and capital
  • understand the inter-relationship of items in a statement of financial position
  • prepare statement of financial position for trading businesses and service businesses
  • make adjustments for provision for depreciation using the straight-line, reducing balance and revaluation methods
  • make adjustments for accrued and prepaid expenses and accrued and prepaid income
  • make adjustments for irrecoverable debts and provisions for doubtful debts
  • make adjustments for goods taken by the owner for own use
  • explain the advantages and disadvantages of forming a partnership
  • ·outline the importance and contents of a partnership agreement
  • explain the purpose of an appropriation account
  • prepare income statements, appropriation accounts and statements of financial position
  • record interest on partners’ loans, interest on capital, interest on drawings, partners’ salaries, and the division of the balance of profit or loss
  • make adjustments to financial statements
  • explain the uses of and difference between capital and current accounts
  • draw up partners’ capital and current accounts in ledger account form and as part of a statement of financial position
  • explain the advantages and disadvantages of operating as a limited company
  • understand the meaning of the term limited liability and equity
  • understand the capital structure of a limited company comprising preference share capital, ordinary share capital, general reserve and retained earnings
  • understand and distinguish between issued, called-up and paid-up share capital
  • understand and distinguish between share capital (preference shares and ordinary shares) and loan capital (debentures)
  • prepare income statements, statements of changes in equity and statements of financial position
  • distinguish between receipts and payments accounts and income and expenditure accounts
  • prepare receipts and payments accounts
  • prepare accounts for revenue-generating activities, e.g. refreshments, subscriptions
  • prepare income and expenditure accounts and statements of financial position
  • define and calculate the accumulated fund  distinguish between direct and indirect costs
  • understand direct material, direct labor, prime cost and factory overheads
  • understands and make adjustments for work in progress
  • calculate factory cost of production
  • prepare manufacturing accounts, income statements and statement of financial position
  • explain the disadvantages of not maintaining a full set of accounting records
  • prepare opening and closing statements of affairs
  • calculate profit or loss for the year from changes in capital over time
  • calculate sales, purchases, gross profit, trade receivables and trade payables and other figures from incomplete information
  • prepare income statements and statements of financial position form incomplete records
  • apply the techniques of mark-up, margin and inventory turnover to arrive at missing figures

General teaching methodologies will include Online and Face to Face (Blended) learning, Face to face students will be in class while online learners will log in remotely and follow the instructor, who will have the laptop camera facing the smartboard. Teaching will be done using a combination of writing and illustrating on the smartboard and PowerPoint presentations.  This should include a combination of oral and visual methods to differentiate instruction modes to cater to student preferences effectively.

Use of Phoenix to allocate differentiated activities catering to varying learning abilities of the students – these online activities will include quizzes, assignments, research-based projects, digital group activities and formative tests. Feedback to students will be given through the Gems Phoenix platform. Feedback will include rubrics, teacher, and peer marking. Questions from students – time allocated to allow students the opportunity to ask questions and give written and oral feedback through digital platforms.

Term 2

Programme of Study

Term 3

Programme of Study

Next Steps

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