SHUN LEE CATHOLIC SECONDARY SCHOOL BUSINESS, ACCOUNTING AND FINANCIAL STUDIES S6 SCHEME OF WORK. departments are re-apportioned to
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1 SHUN LEE CATHOLIC SECONDARY SCHOOL BUSINESS, ACCOUNTING AND FINANCIAL STUDIES S6 SCHEME OF WORK Classes : S6 (E2 & E3) Teachers : Mr. LAU Tsz Kin, Ms. LEUNG Kwan Yee Carol Textbook : Frank Wood s Cost Accounting (1 st Edition) Longman (Chapters 21-24) Basics of Personal Financial Management (1 st Edition) Longman (Chapters 1 6) Cycle No. of Topics Learning objectives Concepts / Values Remarks No. Periods Job Costing Explain why multiple overhead absorption rates are preferred to a single rate Multiple overhead absorption rates Teaching hand-outs Explain how manufacturing overheads are Single/blanket/plant-wide apportioned among production departments overhead absorption rate Explain how the overheads of service Overhead absorption Past exam departments are re-apportioned to Overhead apportionment production departments under two different Overhead allocation situations: Direct method No inter-service work done Repeated distribution method Inter-service work done Algebraic method Explain the cost-plus pricing method Cost-plus pricing Mark-up Activity-based costing /S6 BAFS Scheme of Work 1
2 Marginal and Absorption Costing Explain how costs are accounted for under absorption costing Prepare a manufacturing account and an income statement under absorption costing Explain how the over- or under-absorbed fixed manufacturing overheads should be treated Explain how costs are accounted for under marginal costing Prepare a manufacturing account and an income statement under marginal costing Compare the two costing methods in the preparation of manufacturing accounts and income statements Reconcile the difference in net profit between the two costing methods Compare the advantages and disadvantages of adopting absorption and marginal costing Absorption costing Full costing Operating statements Manufacturing accounts Cost of raw materials consumed Work-in-progress Marginal costing Variable costing Product contribution margin Total contribution margin Past exam CVP Analysis Explain the break-even point, contribution margin and cost-volume-profit analysis Describe the relationship between the break-even point and cost-volume-profit analysis Calculate the break-even point using different methods Apply cost-volume-profit analysis in decision-making Break-even point CVP analysis Contribution margin Contribution income statement Equation method Contribution margin method CVP graph Contribution margin ratio Target profit analysis Margin of safety Margin of safety ratio Profit-volume graph CVP analysis for multiple products (equation & weighted average approaches) Limiting factors Past exam /S6 BAFS Scheme of Work 2
3 Cost Accounting for Decision Making Differentiate between sunk costs, incremental costs and opportunity costs Differentiate between relevant costs and irrelevant costs Differentiate between avoidable costs and unavoidable costs Decide whether to accept or reject an order at a special price Determine whether to hire, make or buy Decide whether to sell a product now or process it further Determine whether to retain or to replace equipment Decide whether to eliminate or retain an unprofitable business segment Sunk costs Opportunity costs Incremental costs Relevant costs Irrelevant costs Avoidable costs Unavoidable costs Outsourcing Joint products Joint costs Split-off point Incremental analysis Equivalent annual cost Past exam Structure and Role of the Financial Market Differentiate the roles of various financial sectors, including banking, insurance and securities in the financial market Distinguish between primary and secondary markets Distinguish between money and capital markets Distinguish between exchanges and the over-the-counter market Describe the roles of various participants, including listed companies, insurance companies, pension fund companies, banks, securities firms, regulators and investors in the financial market Financial market Financial institutions Banking sector Commercial, retail and corporate banking Private banks Investment banks Insurance and securities sectors Common stocks & preferred stocks Bonds and notes Exchange Fund Bills and Notes Mutual funds Futures / Options / Equity warrants Primary & secondary markets IPO Money market OAC /S6 BAFS Scheme of Work 3
4 Capital market Equity instruments Debt instruments Certificates of deposit Commercial paper Money market mutual funds Fixed-income securities Equity securities Stock exchanges Over-the-counter market Open-end funds Closed-end funds Listed companies Insurance companies Pension fund companies Banks Securities firms Regulators Investors Time Value of Money Explain the concept of opportunity cost and how it is used to make personal financial decisions Employ compounding and discounting techniques in evaluating time value problems Apply the concepts of future value and present value to real-life financial problems Apply the concepts of net present value to real-life financial problems Explain the difference between nominal and effective rates of return Defining opportunity cost and demonstrating how it relates to personal financial decisions Compounding Discounting Calculations of FV vs PV Calculate NPV Evaluating projects using the concept of NPV Nominal rate of return Effective rate of return Awaring the effect of the frequency of compounding Past exam /S6 BAFS Scheme of Work 4
5 Risks and Returns Explain what return is and calculate return on investment Explain what risk is and measure risk using different methods Explain the relationship between risk and return Describe the risk-return trade-offs of common financial products Identify the factors affecting the risk-return relationship of financial products Explain the importance of risk diversification Return on investment Holding period return Arithmetic return method Geometric return method Calculating returns using the different methods Potential problem in return calculation for multiple periods Risk Risk averse Firm specific risk Market risk Interest rate risk Exchange rate risk Potential maximum loss Risk tolerance level Risk-return trade-off Awaring how the risk-return trade-off and risk tolerance level affect investment choices Risk diversification Appreciating the importance of risk diversification /S6 BAFS Scheme of Work 5
6 Consumer Credit Describe different types of consumer credit Calculate interest for different types of consumer credit Evaluate different types of consumer credit and identify the factors to consider when choosing the right consumer credit Explain the importance of maintaining a good personal credit record Consumer credit Credit Revolving consumer credit Credit card Overdraft Non-revolving consumer credit Instalment credit / instalment loan Identifying different types of consumer credit and finance products Identifying the advantages and disadvantages of using credit cards and non-revolving credit Calculating interests using add-on method, discount method and simple interest method Credit record Credit score Credit rating Factors affecting an individual s credit score Personal credit database in Hong Kong /S6 BAFS Scheme of Work 6
7 Personal Financial Planning and Investments Explain the concept of personal financial planning Describe the personal financial planning process Explain how an investment portfolio is constructed Apply the concept of life cycle analysis to financial planning Explain the importance of a personal budget and how the budget is prepared Explain the purpose and features of the Mandatory Provident Fund system Personal financial planning Liquidity Consumption planning Taxation planning Insurance planning Investment planning Retirement planning Estate planning Adopting positive values and attitudes towards personal financial planning in a life-cycle context Awaring the issues to be considered in selecting appropriate financial products for a personal investment portfolio Financial needs at different life stages Applying budgeting principles and techniques to prepare personal budgets Demonstrating a basic understanding of the Mandatory Provident Fund system and its features Booklets of insurance policies / retirement schemes in the market /S6 BAFS Scheme of Work 7
8 Investor Protection in Hong Kong Explain the roles of various financial regulators in regulating financial products and service providers in Hong Kong Describe the investor compensation regime in Hong Kong Explain the rights and responsibilities of individual investors and consumers of financial services Describe how an informed investment decision can be made Final Examination Securities and Futures Commission Hong Kong Exchanges and Clearing Limited Mandatory Provident Fund Schemes Authority Office of the Commissioner of Insurance Hong Kong Monetary Authority Office of the Privacy Commissioner for Personal Data Identifying the roles of regulators in regulating financial products and financial service providers in Hong Kong Investor Compensation Fund Awaring the investor compensation regime in Hong Kong Awaring the rights and responsibilities of individual investors and consumers of financial services Demonstrating how to make an informed investment decision /S6 BAFS Scheme of Work 8
SHUN LEE CATHOLIC SECONDARY SCHOOL BUSINESS, ACCOUNTING AND FINANCIAL STUDIES SCHEME OF WORK
SHUN LEE CATHOLIC SECONDARY SCHOOL 2011-2012 BUSINESS, ACCOUNTING AND FINANCIAL STUDIES SCHEME OF WORK Classes Teachers Textbook : S4C & E2 : Mr. LAU Tsz Kin, Ms. LEUNG Kwan Yee Carol : Business Environment
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