National 5

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Nat 5 Accounting focuses on businesses owned by sole traders. 

The course covers the following topics:

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FINANCIAL ACCOUNTING

Invoices, credit notes VAT calculations, ledger accounts, trial balances, Income Statements, Statements of Financial Position, correction of errors and ratios

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MANAGEMENT ACCOUNTING

Costing theory, inventory record cards, labour costing, overhead analysis, job costing, break even calculations, budgeting, and decision making​​​

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Higher

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Higher Accounting focuses on businesses owned by partners and PLCs.

The course covers the following topics:

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FINANCIAL ACCOUNTING - Manufacturing accounts, Income Statements, Statements of Financial Position, and business analysis ratios

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MANAGEMENT ACCOUTNING - Inventory valuation, overhead analysis, process costing, budgeting, decision making and investment appraisals​​​​​​​​​​​​​​​​​​​​​​​