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Business Fundamentals / BAFS


  • to provide students with fundamental business knowledge and skills, and develop their positive values and attitudes, so that they can fulfill their roles competently and confidently as consumers, investors, employees, and/or entrepreneurs;
  • to develop students’ generic skills in research, analysis, leadership, team-building, communication, critical thinking, creativity, and problem-solving and transfer them to different domains; and
  • to explore different aspects of business to prepare students for life, for learning, and for employment.


Junior Forms

S3Financial Accounting
1. Forms of business ownership
2. Stock trading as an Investment 3. Personal financial planning 4. Career in business sector 5. Business functions I 6. Introduction to accounting 7. Accounting equation
8. The double entry system
9. Income statement
10. Financial analysis – Profitability

Senior Forms

S4Financial Accounting
1. Introduction to accounting and Accounting equation
2. The double entry system: Debtors, creditors and drawing
3. The double entry system: The treatment of stock
4. The double entry system: Revenue and expenses
5. The double entry system: Trade discounts and cash discounts
6. The double entry system: Closing balances
7. The trial balance
8. Income statement
9. Balance sheet
10. Period-end Entries
11. Accruals and prepayments
12. Bad debts and allowance for doubtful accounts
13. Balancing day adjustment for financial statement #1
14. More about accruals and prepayments
15. Revenue expenditure and capital expenditure
16. Depreciation
17. Double entries of depreciation
18. Disposal of non-current assets
19. Valuation of stock
20. Balancing day adjustment for financial statement #2

S5Financial Accounting
21. Books of original entries and ledgers
22. Cash books
23. The banking services
24. Bank reconciliation statement
25. Day books
26. Journal
27. Correction of errors – Errors not affecting trial balance agreement
28. Correction of errors – Suspense accounts
29. Correction of errors – Adjustments of profits and working capital
30. Correction of errors – Adjustments in different period of accounting cycle 31. Limited companies – Issue of shares and debentures
32. The financial statement of limited companies
33. Financial analysis 34. Accounting concepts 35. Incomplete Records – Stock loss
36. Incomplete Records – Final accounts and cash loss
37. Partnership: final accounts
38. Partnership: Goodwill
39. Partnership: Revaluation
40. Partnership: Dissolution

Cost Accounting
1. Cost Classification, Concepts and Terminology
2. Manufacturing accounts
3. Absorption of overheads and absorption costing
4. Job costing
5. Marginal costing
6. Cost-volume-profit analysis
7. Cost accounting for decision-making
8. Reconciliation of profits under absorption and marginal costing system Business and Management
1. Hong Kong business environment
2. Forms of business ownership
3. Entrepreneurship and small and medium enterprises management
4. Management functions
5. Effective management
6. Key business functions
7. Business ethics and social responsibility Financial Studies
1. Time value of money
2. Consumer credit
3. Personal financial planning and investments
4. Stock trading as an investment


Junior Form S1 – S3
Internal Assessment

There will be no Organised Tests or written examinations for S1 – S3 students.
Examination results will be shown as Grade A to E and U, based on the assignments.

Senior Form S4 – S5

Interim Exam   Continuous AssessmentsMC questions (30%) Conventional questions (70%)75%   25%1 hours 30 minutes
Final Examination   Continuous AssessmentsConventional questions75%   25%1 hours 30 minutes
Interim Exam   Continuous AssessmentsConventional questions70%   30%2 hours 15 minutes
Final Examination   Continuous AssessmentsConventional questions75%   25%2 hours 15 minutes
S6Mock ExaminationPaper I Compulsory Part
MC question (33.3%)
Short questions (66.7%) Paper II Elective Part
(Accounting module)

1 hour 15 minutes  
2 hours 15 minutes


There is NO SBA for BAFS.

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