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The specification emphasises both financial accounting and the recording of past events, and management accounting as a means of planning and decision making. Students should appreciate that these are not totally distinct areas of study and that there is an interrelationship between financial accounting and aspects of management accounting. Students will develop an understanding of the principles of ethical behaviour which inform the actions of all those working within an accounting environment.

Students must demonstrate a good understanding of the double entry model and accounting principles and concepts as these form the foundation of all financial accounting techniques. They will also need to demonstrate quantitative skills that are relevant to the subject. Students will be expected to demonstrate knowledge of the formulae used for computations, carrying out computations and use the results of computations to inform judgements, solve problems and make decisions. Students must focus on developing their ability to write effectively so that they can report to stakeholders, making logical arguments and providing sound judgements based on analysis of available evidence taking account of financial and non-financial factors. Students should be encouraged to keep up to date with financial news including announcements concerning the performance of leading UK businesses, and be given the opportunity to investigate their published accounts.

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