You are on page 1of 5

TEACHING THE KEY SKILLS

Key Skills in Accounting


Identify Record Classify Apply Explain Discuss Interpret Distinguish Evaluate

Use correct accounting terminology Identify, classify and record financial data and report accounting information Explain and apply the qualitative characteristics and accounting principles Apply theoretical knowledge to simulated situations Explain and discuss the effect of financial transactions on the accounting equation and accounting reports Discuss the function of the various aspects of the accounting system for a single activity trading business. Distinguish between product and period costs Prepare, explain and interpret accounting reports

Key Skills
Explain Compare Usually worth 2-4 marks

Explain questions : The basics plus some extra detail:


First sentence provide the definition, or the most important information Subsequent sentences - Add extra detail and information, from most important down to least important.

Compare questions: Explain how two things are similar and how they are different. Two to four sentences, depending on the marks and the amount of detail.
First sentence: Identify the similarity or difference Second sentence: Explain how it is similar or different on one side Third sentence: Explain how it is similar or different on the other side this is different because

Key Skills
Discuss Justify Evaluate Essentially, these questions require you to use strengths and weaknesses, advantages and disadvantages Usually 4-8 marks

Discuss questions: Identify the major issues and form one or more arguments or opinions and show the strengths and weaknesses. Evaluate questions: Make a judgement, based on criteria, about an issue, determine the value of an argument and/or carefully look at different arguments/opinions and discuss the value of each

These types of questions require the most thought. You usually need to have an opinion and, while students can memorize strengths and weaknesses, they need to structure and write them so that they logically support the question being asked. These answers should not sound rote-learned, and should be structured.

How to Address:

Key Skills
Discuss Justify Evaluate Essentially, these questions require you to use strengths and weaknesses, advantages and disadvantages Usually 4-8 marks

Give an opinion on something and then support it with relevant arguments for and against. They do not need to be evenly weighted Include facts and examples to support your arguments

First sentence:
Clearly give your opinion and/respond to the question prompt if one is given. Eg. The owner is incorrect about the business performance Subsequent sentences: Strengths and weaknesses/arguments for and against that are relevant to the question and your opinion.