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QS.1 Quantitative skills in accounting
Official AQA Accounting section QS.1.
5
Objectives
10
Flashcards
10
Questions
90 min
Study time
AqaA LevelAccountingQuantitative skills requirements
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Syllabus checklist
What you need to know
5 objective pages available
QS.1.1 Accounting quantitative techniques5 objectives
- Apply ratios, fractions, percentages and percentage changes in accounting contexts.
- Calculate costs, revenue, profit, contribution, break-even and target profit.
- Calculate payback, net present value and discounting measures.
- Calculate variances, total product cost, selling price and overhead absorption or activity-based costs.
- Interpret written, graphical and numerical information to support accounting decisions.
Key terms
Net ProfitCost of Goods Sold (COGS)Variable CostsProfitCash FlowInvestment AppraisalFixed CostsLiquidityProfitability
Exam tips
- Show Your Workings: Always show your calculations step-by-step in exams.
- Show Your Workings: Always show your calculations step-by-step in exams.
Common mistakes
- Miscalculating Ratios: Always double-check the formula and ensure you understand what each component represents.
- Miscalculating Break-even Point: Always use the formula: Break-even point = Fixed Costs / (Selling Price - Variable Costs).
Practice preview
- What is the current ratio if current assets are £50,000 and current liabilities are £25,000?
- If a company has a gross profit of £120,000 and sales of £400,000, what is the gross profit margin?
- What is the return on equity (ROE) if net income is £50,000 and shareholders' equity is £250,000?
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