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Business, Accounting and Financial Studies Curriculum and Assessment Guide (Secondary 4-6)

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Technology Education Key Learning Area

Business, Accounting and Financial Studies

Curriculum and Assessment Guide (Secondary 4-6)

(With effect from S4 in 2022/23 school year)

Jointly prepared by the Curriculum Development Council and the Hong Kong Examinations and Assessment Authority

Recommended for use in schools by the Education Bureau HKSARG

2007 (with updates in October 2020)

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Contents

Page

Preamble i

Acronym iii

Chapter 1 Introduction 1

1.1 Background 1

1.2 Rationale 2

1.3 Curriculum Aims 3

1.4 Interface with the Junior Secondary Curriculum and Post- secondary Pathways

3

1.5 Cross-curricular Links 4

Chapter 2 Curriculum Framework 5

2.1 Design Principles 5

2.2 Learning Targets 6

2.3 Learning Objectives 6

2.4 Learning Outcomes 7

2.5 Curriculum Structure and Organisation 8

Chapter 3 Curriculum Planning 31

3.1 Guiding Principles 31

3.2 Progression 32

3.3 Curriculum Planning Strategies 33

3.3.1 Catering for learner diversity 33

3.3.2 Promoting life-wide learning 34

3.3.3 Flexible use of learning time 34 3.3.4 Making student learning more meaningful 35 3.3.5 Integrating curriculum planning and learning with

assessment

35 3.3.6 Collaboration with other senior secondary subjects 35 3.3.7 Examples of curriculum planning 37

3.4 Curriculum Management 39

3.4.1 Understanding the curriculum and student needs 39

3.4.2 Roles of curriculum leaders 39

3.4.3 Managing change 39

3.4.4 Resources management 40

3.4.5 Planning for effective progression 40 3.4.6 Capability building and professional development 40

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Chapter 4 Learning and Teaching 42

4.1 Knowledge and Learning 42

4.1.1 Views of knowledge 42

4.1.2 Views of learning and teaching 42 4.1.3 Roles of teachers and students 44 4.1.4 Effective pedagogy and teaching for understanding 44

4.2 Guiding Principles 45

4.3 Approaches and Strategies 46

4.3.1 Engaging in the decision-making process 46 4.3.2 Selection of learning and teaching approaches 47 4.3.3 Choosing an appropriate instructional strategy 49

4.3.4 Meaningful assignments 51

4.4 Classroom Interaction 52

4.4.1 Types of classroom interaction 52 4.4.2 Direct instruction complemented with questioning 52

4.4.3 Group activities 53

4.5 Catering for Learner Diversity 53

4.5.1 Students with different learning styles and abilities 53

4.5.2 Gifted students 54

Chapter 5 Assessment 55

5.1 The Roles of Assessment 55

5.2 Formative and Summative Assessment 55

5.3 Assessment Objectives 56

5.4 Internal Assessment 57

5.4.1 Guiding principles 57

5.4.2 Internal assessment practices 59

5.5 Public Assessment 60

5.5.1 Guiding principles 60

5.5.2 Assessment design 61

5.5.3 Public examinations 62

5.5.4 Standards and reporting of results 62

Chapter 6 Learning and Teaching Resources 65

6.1 Purpose and Function of Learning and Teaching Resources 65

6.2 Guiding Principles 65

6.3 Types of Resources 65

6.3.1 Textbooks 66

6.3.2 Reference materials 67

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6.3.3 Secondary Education Curriculum Guide, curriculum and assessment guide and key learning area

websites

67

6.3.4 The Internet and other technologies 67

6.3.5 Community resources 68

6.4 Flexible Use of Learning and Teaching Resources 69

6.5 Resource Management 71

Appendix Examples of Learning Activities 73

Glossary 87

References 92

Membership of the CDC-HKEAA Committee on Business, Accounting and Financial Studies

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Preamble

The Education and Manpower Bureau (EMB, now renamed Education Bureau (EDB)) stated in its report1 in 2005 that the implementation of a three-year senior secondary academic structure would commence at Secondary 4 in September 2009. The senior secondary academic structure is supported by a flexible, coherent and diversified senior secondary curriculum aimed at catering for students’ varied interests, needs and abilities. This Curriculum and Assessment (C&A) Guide is one of the series of documents prepared for the senior secondary curriculum.

It is based on the goals of senior secondary education and on other official documents related to the curriculum and assessment reform since 2000, including the Secondary Education Curriculum Guide (2017). To gain a full understanding of the connection between education at the senior secondary level and other key stages, and how effective learning, teaching and assessment can be achieved, it is strongly recommended that reference should be made to all related documents.

This C&A Guide is designed to provide the rationale and aims of the subject curriculum, followed by chapters on the curriculum framework, curriculum planning, pedagogy, assessment and use of learning and teaching resources. One key concept underlying the senior secondary curriculum is that curriculum, pedagogy and assessment should be well aligned.

While learning and teaching strategies form an integral part of the curriculum and are conducive to promoting learning to learn and whole-person development, assessment should also be recognised not only as a means to gauge performance but also to improve learning. To understand the interplay between these three key components, all chapters in the C&A Guide should be read in a holistic manner.

The C&A Guide was jointly prepared by the Curriculum Development Council (CDC) and the Hong Kong Examinations and Assessment Authority (HKEAA) in 2007. The first updating was made in January 2014 to align with the short-term recommendations made on the senior secondary curriculum and assessment resulting from the New Academic Structure (NAS) review so that students and teachers could benefit at the earliest possible instance. This updating is made to align with the medium-term recommendations of the NAS review made on curriculum and assessment. The CDC is an advisory body that gives recommendations to the HKSAR Government on all matters relating to curriculum development for the school system from kindergarten to senior secondary level. Its membership includes heads of schools, practising teachers, parents, employers, academics from tertiary institutions, professionals from related fields/bodies, representatives from the HKEAA and the Vocational Training Council (VTC), as well as officers from the EDB. The HKEAA is an independent statutory body responsible for the conduct of public assessment, including the assessment for the Hong Kong Diploma of Secondary Education (HKDSE). Its governing council includes members drawn from the school sector, tertiary institutions and government bodies, as well as professionals and members of the business community.

The C&A Guide is recommended by the EDB for use in secondary schools. The subject curriculum forms the basis of the assessment designed and administered by the HKEAA. In this connection, the HKEAA will issue a handbook to provide information on the rules and regulations of the HKDSE Examination as well as the structure and format of public assessment

1 The report is The New Academic Structure for Senior Secondary Education and Higher Education – Action Plan for Investing in the Future of Hong Kong.

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for each subject.

The CDC and HKEAA will keep the subject curriculum under constant review and evaluation in the light of classroom experiences, students’ performance in the public assessment, and the changing needs of students and society. All comments and suggestions on this C&A Guide may be sent to:

Chief Curriculum Development Officer (Technology Education) Curriculum Development Institute

Education Bureau

Room W101, 1/F., West Block

Education Bureau Kowloon Tong Education Services Centre 19 Suffolk Road

Kowloon Tong, Hong Kong Fax: 2768 8664

E-mail: teched@edb.gov.hk

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Acronym

ApL Applied Learning

C&A Curriculum and Assessment CDC Curriculum Development Council

EDB Education Bureau

EMB Education and Manpower Bureau

HKALE Hong Kong Advanced Level Examination

HKCEE Hong Kong Certificate of Education Examination HKDSE Hong Kong Diploma of Secondary Education HKEAA Hong Kong Examinations and Assessment Authority HKEdCity Hong Kong Education City

HKSAR Hong Kong Special Administrative Region

IT Information Technology

KLA Key Learning Area

OLE Other Learning Experiences P1/2/3/4/5/6 Primary 1/2/3/4/5/6

S1/2/3/4/5/6 Secondary 1/2/3/4/5/6

SBA School-based Assessment

SLP Student Learning Profile

SECG Secondary Education Curriculum Guide VTC Vocational Training Council

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1

Chapter 1 Introduction

This chapter provides the background, rationale and aims of Business, Accounting and Financial Studies (BAFS) as an elective subject in the three-year senior secondary curriculum, and highlights how it articulates with the junior secondary curriculum, post-secondary education, and future career pathways.

1.1 Background

Technology Education (TE) in the Hong Kong school curriculum focuses on how human beings solve their daily problems and how the processes involved can be replicated and transferred to solve new problems. It is an essential area of study for all students in Hong Kong.

In the 21st century, technology has become an integral part of our life. Citizens of today require much more than a basic ability to read, write, and do simple mathematics. To live in the modern world, we must understand how technology affects us. In this regard, we must be equipped to use technology effectively and flexibly to solve daily problems with positive attitude at home, in the community, and around the world; and to create new solutions, products, and services for the well-being of humankind.

By studying the related subjects developed in TE Key Learning Area, our students will be better prepared to meet the uncertainties and challenges of the future with regard to social, economic, ecological, scientific and technological changes, both locally and globally. Their studies in this area will help them to lead a healthy lifestyle in adulthood and to contribute to building a caring and harmonious society.

Building on the strengths of the existing TE curriculum and catering for social, economic and technological development, Business, Accounting and Financial Studies is one of the five elective subjects developed under Technology Education Key Learning Area in the senior secondary curriculum.

The Senior Secondary Business, Accounting and Financial Studies Curriculum and Assessment Guide(with updates in Oct 2020)incorporates the key recommendations in the Curriculum Development Council’s Secondary Education Curriculum Guide (CDC, 2017) and Technology Education Key Learning Area Curriculum Guide (Primary 1 – Secondary 6) (CDC, 2017), as well as its final report on the Holistic Review of the School Curriculum: Learning to Learn – The Way Forward in Curriculum Development (CDC, 2001). These three documents outline the overall direction for both education and curriculum development in Hong Kong, and seek to promote lifelong learning and whole-person development.

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1.2 Rationale

Response to changing social and economic forces

The four pillar industries in the Hong Kong economy, namely trading and logistics, financial services, professional and producer services, tourism, have been the driving force of Hong Kong’s economic growth for years. To maintain both our competitive edge and economic sustainability as a service-oriented and knowledge-driven economy, Hong Kong needs a workforce which can transform ideas into high value-added services.

Business is the process of creating value through commerce and production. Business education aims to nurture students’ interest and talent in business by developing in them the necessary knowledge and skills, positive values and attitudes to create value through identifying needs, generating ideas and transforming them into business opportunities.

Capacity for lifelong learning

The school curriculum should equip students with the abilities and attitudes to become independent learners. At senior secondary level, business education develops in students the intellectual breadth and capacity for lifelong learning to cope with the demands of an increasingly complex world.

Qualities of citizenship

Business and financial activities constitute an integral part of our daily lives as we work, consume, save and invest. Besides providing students with knowledge and skills for dealing with business and financial activities in adult life, business education should also aim to promote qualities of citizenship. Students should be given opportunities to develop ethical and responsible behaviour so that they can fulfil their roles effectively as consumers, investors, employees and/or entrepreneurs in adult life. Students are expected to take social and ethical considerations into account in analysing and evaluating business issues. In a fast-changing and knowledge-based local and global economy, they need to possess a variety of intellectual and communication skills, as well as positive values and attitudes, so that they can act competently, confidently, and ethically in both familiar and novel situations. They also have to be conversant with the business environment, so as to make effective decisions, not only as members of the business world, but also as socially responsible citizens.

Accounting as an integral part of business education

In tackling business problems, one needs to draw upon knowledge and skills from different business areas, such as accounting, finance and management. Students need a solid foundation to understand and integrate knowledge and practice from the various areas that play a contributory role. In the business environment, accounting serves as a language of business for both internal and external communication. People use accounting information, together with other business knowledge such as finance, marketing, and human resources, in making business decisions. The business curriculum should, therefore, enable students to acquire a common body of business knowledge, including accounting and finance, to deal with the dynamic business environment.

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1.3 Curriculum Aims

The overall aims of the Business, Accounting and Financial Studies (BAFS) curriculum are:

• to provide students at senior secondary level with fundamental business knowledge and skills, and develop their positive values and attitudes, so that they can fulfil 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.

1.4 Interface with the Junior Secondary Curriculum and Post-Secondary Pathways

The importance of business and financial services in Hong Kong makes the study of business, accounting and finance important for developing students to become valuable human resources with an entrepreneurial spirit in the future. At junior secondary level, as suggested in the Technology Education Key Learning Area Curriculum Guide (Primary 1–Secondary 6) (CDC, 2017), basic business and management concepts under the knowledge context of

“Strategies and Management” can be delivered through selected themes embedded in other TE curricula or school curriculum. Students’ business learning experience can also be enriched through co-curricular activities which give them much exposure to business.

After completing junior secondary education, students are expected to have developed an interest in knowing more about the business world and be prepared to make informed decisions on their choice of subjects in their senior secondary studies. The study of BAFS at the senior secondary level will provide students with essential business knowledge and skills for higher education/tertiary studies in business and for various careers.

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The linkages between the curriculum at the senior secondary level and future studies/careers are shown in the figure below:

Figure 1.1 Post-secondary pathways

1.5 Cross-curricular Links

The trend towards globalization requires one to possess knowledge and skills across a wide range of disciplines, such as technology, science, languages and humanities, to solve business problems. Through the BAFS curriculum, students can build a solid foundation in business, and by studying the subject in combination with other electives in a complementary way, they can also gain exposure to a range of knowledge and skills. To this end, students may, for example, study BAFS together with Information and Communication Technology in Technology Education, and Tourism and Hospitality Studies in Personal, Social and Humanities Education. For details about how cross-curricular collaboration can be achieved through curriculum planning and development, please refer to Section 3.3.6.

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Chapter 2 Curriculum Framework

The curriculum framework for Business, Accounting and Financial Studies (BAFS) embodies the key knowledge, skills, values and attitudes that students are to develop at senior secondary level. It forms the basis on which schools and teachers can plan their school-based curriculum and design appropriate learning, teaching and assessment activities.

2.1 Design Principles

The design of the BAFS curriculum is based on the learning goals and overarching design principles of the senior secondary curriculum as explained in Booklets 1 & 2 of the Secondary Education Curriculum Guide (CDC, 2017):

Prior knowledge

To provide effective progression from the junior secondary to the senior secondary curriculum, BAFS is based upon the prior knowledge, skills, positive values and attitudes that students will have acquired in junior secondary education.

Balance between breadth and depth

In BAFS, the compulsory part serves as a broad-based foundation for students to gain a holistic picture of business and the elective part provides students with an in-depth study of the specialised modules.

Balance between theoretical and applied learning

The BAFS curriculum balances theoretical and applied learning to cater for students’ learning needs, interests and aptitudes. Students have the opportunity to apply the knowledge they have acquired to solve business problems.

Balance between essential learning and a flexible and diversified curriculum

In the BAFS curriculum, the compulsory part provides students with essential business knowledge and concepts, preparing them to further their studies through the elective part or Applied Learning (ApL) courses.

Learning how to learn and inquiry-based learning

To develop students’ capacity for self-directed, lifelong learning, the BAFS curriculum provides them with a solid foundation in business studies and develops their independent learning and generic skills to meet the rapidly changing business environment.

Progression

In BAFS, students are expected to study the compulsory part to build up a broad-based foundation and then progress to their chosen module in the elective part.

Smoother articulation to multiple progression pathways

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The BAFS curriculum prepares students to pursue further academic and vocational/professional education and training through articulation to a range of post-secondary and university level programmes, or to enter the workplace.

Greater coherence

Cross-curricular elements are incorporated into the BAFS curriculum to strengthen its connections with different subjects.

2.2 Learning Targets

BAFS equips students with the necessary knowledge and skills, positive values and attitudes to contribute to the business sector and society at large. The learning targets of the curriculum are to enable students to:

• understand and critically evaluate local and global business issues, not only as members of the business world but also as responsible and effective citizens;

• appreciate the pace of change in the business world, so that they become reflective, self- motivated and self-managed lifelong learners, who can act proactively and make informed decisions in an ever-changing environment;

• be equipped with an understanding and capability to search for, interpret, analyse and make use of information for business development; and

• develop an awareness of and interest in business for planning their academic and career development.

2.3 Learning Objectives

Through the study of the BAFS curriculum, students will be able to develop knowledge and understanding of:

• the intertwined relationships of different business areas;

• the dynamic environment in which businesses operate, where changes influence planning and decision-making;

• the importance of accounting in managing a business;

• the functions of management in formulating effective strategies for businesses; and

• the importance of managing personal finance.

Students are expected to develop generic skills, in particular, the ability to:

• use information technology to locate, select, and organise relevant business information for decision-making;

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• communicate business information and issues effectively; and

• work in a team situation and assume a leadership role.

Students are expected to develop positive values and attitudes so that they may:

• be informed, active and responsible participants in the business world;

• be critically aware of the importance of socially responsible and ethical business behaviour; and

• behave responsibly in controlling their personal finances.

2.4 Learning Outcomes

Upon completion of the course, students should be able to:

Knowledge and understanding

• apply concepts and knowledge in an integrated manner to attain specified goals for business ventures and solve problems encountered in the business context;

• identify opportunities, generate innovative ideas and manage resources for business development;

• analyse how management reacts to the dynamic business environment in formulating strategic plans;

• evaluate the management efficiency and financial performance of businesses to make personal and/or business financial decisions;

• apply the management concepts related to human resource, finance and marketing in business decision-making; and

• use accounting information effectively to monitor business performance and suggest means to add value to human and financial resources.

Skills

• collect, process and analyse business information necessary for strategic planning and business development;

• apply critical thinking and problem-solving skills in evaluating business issues and making ethical decisions;

• demonstrate effective communication, team-building and interpersonal skills in business projects; and

• use basic business application software and apply ICT skills in business projects.

Values and attitudes

• be socially responsible and caring, in particular when playing the roles of consumers / employees / entrepreneurs / investors in the business world, and in society at large;

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• appreciate themselves as valuable human capital and enhance their commitment to society; and

be reflective and self-motivated lifelong learners to meet the demands of the rapidly changing business world.

2.5 Curriculum Structure and Organisation

The BAFS curriculum is built upon a contemporary business curriculum structure planned in line with the fast-changing local and global social and economic circumstances. It draws on a range of business-related disciplines (such as accounting, business management and finance) to highlight their complex interrelationships. The learning elements are interrelated, to mirror the real business world.

It is considered that an integrated understanding of the essential business areas: business environment, accounting, management and personal finance will prepare students well for dealing with their both personal and business finance when they engage in business and financial activities such as consumption, work and investment in adulthood. The emphasis on different roles as consumer, employee, entrepreneur and investor will enhance their understanding of business knowledge as a whole, and enable them to view business-related decisions from different angles.

Figure 2.1 Major roles when engaging in business and financial activities

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The BAFS curriculum offers two strands of study for students to choose from, namely:

Strand (A) – Accounting Strand

Strand (B) – Business Management Strand

Each strand comprises a compulsory and an elective part to strike a balance between breadth and depth of four main business areas, which include two common topics in the compulsory part, i.e. ‘Business Environment’ and ‘Basics of Personal Financial Management’, as well as

‘Accounting’ and ‘Business Management’, with one area covered in the compulsory part for basic understanding and the other in the elective part for in-depth study.

The compulsory part provides a broad-based foundation of business for students to prepare for an in-depth study of concepts and knowledge in specific modules in the elective part. It is thus important that the concepts and learning elements in the compulsory part should be integrated, synthesised and re-examined in the related module in the elective part whenever appropriate.

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Figure 2.2 Curriculum structure

OR

Accounting Module

 Financial Accounting

 Cost Accounting OR

Business Management Module

Introduction to Management

Financial Management

Human Resources Management

Marketing Management Progression in knowledge and

understanding through:

 increasing knowledge of financial statements preparation and financial analysis related to different forms of business ownership, and other important aspects of accounting

 ability to apply cost accounting concepts and principles for management decision-making

 increasing ability to make use of accounting information together with knowledge acquired in the compulsory part for tackling business problems

Progression in knowledge and understanding through:

 increasing understanding of the key management areas

 increasing ability to integrate the knowledge and skills developed in the compulsory part and business

management module to analyse business situations from various perspectives

 increasing ability to make strategic decisions for enhancing management efficiency and optimising the financial performance of business

Decision-making

 Knowledge and Skills

 Values and Attitudes

 Multiple Perspectives Basics of Personal

Financial Management

Business Environment

Accounting Strand Business Management

Strand

Basics of Personal Financial Management

Business Environment

Basics of Management

Basics of Accounting

Elective Part – In-depth Study in a Focused Area Compulsory Part – Holistic View of Business

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Linkage between the compulsory and elective parts

The compulsory part of each strand has two common topics, i.e. ‘Business Environment’ and

‘Basics of Personal Financial Management’, plus a unique topic for each strand, which is

‘Basics of Accounting’ for the Business Management Strand, and ‘Basics of Management’

for the Accounting Strand. They provide a threshold, in terms of knowledge and skills, for students’ future studies or careers.

The elective part, which builds upon the knowledge and skills in the compulsory part, provides students with an opportunity to pursue an in-depth study in a focused area, either Accounting or Business Management. Students are advised to choose the strand to study according to their interests and inclinations.

An integrated and contextual approach to organise learning elements in the compulsory and elective parts is recommended. The purpose is to enhance students’ understanding of how to apply principles, concepts, models and skills from interrelated areas of business in authentic / simulated contexts. The individual learning elements can be introduced in a flexible manner by linking elaborating or re-examining them through case studies of different business entities wherever appropriate.

Reviewing and updating the curriculum

The New Academic Structure (NAS) review was conducted in 2012 after the completion of first cohort of the Hong Kong Diploma of Secondary Education Examination. The BAFS curriculum was reviewed and trimmed. Subsequently, the Medium-term Review was conducted in October 2013 to address issue that required a more holistic process of review on curriculum and assessment of several subjects, BAFS was one of those. After years of thorough deliberation and consultation, recommendations including application of two-strand arrangement for the curriculum (i.e. Accounting Strand and Business Management Strand) with a view to rationalising the arrangement of the curriculum content and development of the accounting/business management concepts in each strand and further streamlining and refinement of curriculum content were announced for bettering student learning. The learning elements, topics and explanatory notes presented in this section have been updated in line with the refined curriculum.

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Figure 2.3 Overview of the learning elements of the curriculum framework

Accounting Strand Business Management Strand

COMPULSORY PART 1(a) Business

Environment

1(b) Basics of Management

1(d) Basics of Personal Financial Management

1(a) Business Environment

1(c) Basics of Accounting

1(d) Basics of Personal Financial Management

• Hong Kong Business Environment

• Forms of Business Ownership

• Business Ethics and Social Responsibilities

• Management Functions

• Key Business Functions

• Small and Medium Enterprises (SMEs)

• Time Value of Money

• Consumer Credit

• Personal Financial Planning and Investment

• Stock Trading as an Investment

• Hong Kong Business Environment

• Forms of Business Ownership

• Business Ethics and Social Responsibilities

• Purposes and Role of Accounting

• The Accounting Cycle

• Uses of Financial Statements

• Accounting Assumptions, Principles and Conventions

• Time Value of Money

• Consumer Credit

• Personal Financial Planning and Investment

• Stock Trading as an Investment

ELECTIVE PART

Accounting Module Business Management Module

2(a) Financial Accounting

2(b) Cost Accounting

3(a) Introduction to Management

3(b) Financial Management

• Purposes and Role of Accounting

• Double entry system

• Books of Original Entry and Types of Ledgers

• Trial balance

• Period-end Adjustments Relating to the

Preparation of Financial Statements

• Financial Reporting for Different Forms of Business Ownership

• Control System

• Incomplete Records

• Accounting Assumptions, Principles and

Conventions

• Financial Analysis

• Cost Classifications, Concepts and Terminology

• Marginal and Absorption Costing

• Cost Accounting for Decision-making

• Management Functions

• Key Business Functions

• Small and Medium Enterprises (SMEs)

• Financial Analysis

• Budgeting

• Sources of Financing

• Capital Investment Appraisal

• Working Capital Management

• Risk Management

3(c) Human Resources Management

3(d) Marketing Management

• Functions of Human Resources Management

• Development of a Quality Workforce

• Role of Marketing

• Marketing Research

• Customer Behaviour

• Marketing Strategies for Goods and Services

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Accounting Strand - Compulsory Part

Topics Explanatory Notes

1(a) Business Environment

Hong Kong Business Environment

- Describe the role and importance of business in the Hong Kong economy.

- Analyse the recent developments and

characteristics of the Hong Kong economy.

- Evaluate how economic, technological, cultural, physical, social, political and legal factors affect business decisions.

Forms of Business Ownership - Distinguish between the major forms of business ownership: sole proprietorship, partnership and limited company.

- Evaluate the pros and cons of the different forms of business ownership.

- Describe the characteristics of multinational corporations in Hong Kong.

Business Ethics and Social Responsibilities

- Explain why and how a business should be ethically responsible to various stakeholders.

- Describe how business ethics and social responsibilities affect business decisions.

1(b) Basics of Management

Management Functions - Explain the importance of management.

- Demonstrate a basic understanding of the following management functions for organisations: planning, organising, leading and controlling.

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Accounting Strand - Compulsory Part

Topics Explanatory Notes

- Apply the following principles of effective

management: division of work, unity of command, unity of direction, as well as balancing authority and responsibility.

Key Business Functions - Describe the role and importance of the following key business functions: human resources

management, financial management, operations management, marketing management, information management and risk management.

Small and Medium Enterprises (SMEs)

- Describe the characteristics of SMEs.

- Explain the importance of SMEs to the Hong Kong economy.

- Explain the importance of entrepreneurship in business development.

1(d) Basics of Personal Financial Management

Time Value of Money - Explain the concepts of compounding, discounting, present value and future value.

- Apply the concepts of present value and future value to compute net present value.

- Distinguish between nominal and effective rate of return.

Consumer Credit - Compare different types of consumer credit.

- Explain the importance of maintaining a good personal credit record.

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Accounting Strand - Compulsory Part

Topics Explanatory Notes

Personal Financial Planning and Investment

- Identify the basic characteristics and the relationship between risk and return of the following investments: savings/term deposits, bonds/debentures and stocks.

- Explain the importance of personal financial planning at different life stages.

- Describe the rights and responsibilities of employees and self-employed persons under Mandatory Provident Fund (MPF) scheme.

- Describe the rights and responsibilities of individual investors and consumers of financial services.

Stock Trading as an Investment - Explain the factors affecting share prices.

- Describe the platforms of stock trading in Hong Kong: Main Board and GEM.

- Describe the importance of Hang Seng Index (HSI).

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Accounting Strand - Elective Part

Topics Explanatory Notes

2(a) Financial Accounting

Purposes and Role of Accounting

- Explain the importance of accounting and its relevance to decision-making.

- Describe the functions of accounting.

- Describe the flow of the accounting cycle.

Double entry system - Explain the accounting equation and demonstrate how transactions affect it.

- Apply the principles of double entry to the recording of business transactions in ledger.

Books of Original Entry and Types of Ledgers

- Explain the functions of books of original entry and ledgers.

- Record transactions in books of original entry and post to ledger accounts.

- Identify the major types of ledgers.

Trial balance - Explain the functions and limitations of a trial balance.

- Balance off the accounts and prepare a trial balance.

Period-end Adjustments Relating to the Preparation of Financial Statements

- Differentiate between cash accounting and accrual accounting.

- Distinguish between bad debts and allowance for doubtful accounts.

- State the meaning and objectives of providing depreciation in accounting.

- Distinguish between capital expenditures and revenue expenditures.

- Compare the commonly used methods of

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Accounting Strand - Elective Part

Topics Explanatory Notes

depreciation based on usage; and explain the effect of depreciation charge (including disposal) on profits.

- Apply the following to determine the value of inventory:

(i) lower of cost and net realisable value (ii) sale or return

(iii) weighted average cost

- Prepare adjusting entries at the close of accounting period and show their effect on income statement and statement of financial position.

Financial Reporting for Different Forms of Business Ownership

 Financial statements - Explain how information in financial statements can assist decision-making.

- Explain the uses and limitations of financial statements.

- Prepare income statement and statement of financial position for sole proprietorship, partnership and limited company.

 Accounting for partnership

- Prepare appropriation account and current accounts for partnership.

- Define goodwill and explain the factors affecting its valuation.

- Prepare the necessary adjustments to capital and/or net assets arising from changes in profit- sharing ratio, admission and retirement of partner(s) at the beginning or end of a financial period.

 Accounting for limited - Explain the nature of share capital (preference

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Accounting Strand - Elective Part

Topics Explanatory Notes

company shares and ordinary shares), loan capital (debentures), reserve and provision.

- Prepare journal and ledger entries relating to the issue of ordinary shares and debentures fully paid on application.

- Prepare appropriation account and calculate the balance of retained profits for limited company.

Control System

 Bank reconciliation statement

- Explain the functions of a bank reconciliation statement.

- Identify reasons for discrepancies between cash book and bank statement balances and prepare a bank reconciliation statement.

 Correction of errors - Identify the types of accounting errors and their effects on accounting records.

- Prepare correcting entries and, where appropriate, a suspense account.

Incomplete Records - Determine profits or losses from statement of affairs.

- Calculate the cash and inventory value from incomplete record.

- Prepare income statement and statement of financial position from incomplete records.

Accounting Assumptions, Principles and Conventions

- Explain the meaning, importance and shortcomings of the following principles and conventions: business entity, going concern, historical cost, consistency, accrual, matching, realisation, prudence, materiality and money measurement.

- Apply the relevant accounting principles and

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Accounting Strand - Elective Part

Topics Explanatory Notes

conventions in accounting situations.

Financial Analysis - Calculate ratios and comment on a company’s profitability, liquidity, solvency, management efficiency and return on investment: mark-up, gross profit ratio, net profit ratio, return on capital employed, working capital/current ratio, quick/liquid/acid test ratio, inventory turnover, average trade receivables collection period, average trade payables repayment period, trade receivables turnover, trade payables turnover, earnings per share, total assets turnover, gearing ratio, dividend cover and price-earnings ratio.

- Explain the functions and limitations of accounting ratios in financial analysis.

2(b) Cost Accounting

Cost Classification, Concepts and Terminology

- Explain the general nature of cost accounting and its importance for financial decision- making.

- Distinguish between direct and indirect costs, fixed and variable costs, and factory and administrative overheads.

Marginal and Absorption Costing

- Prepare income statement under marginal and absorption costing.

- Compare the advantages and disadvantages of adopting marginal and absorption costing.

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Accounting Strand - Elective Part

Topics Explanatory Notes

Cost Accounting for Decision- making

- Identify the nature of various cost items and their relevance to decision-making: sunk costs, incremental costs and opportunity costs.

- Apply costing concepts and techniques in business decisions e.g. ‘hire, make or buy’,

‘accept or reject an order at a special price’,

‘retain or replace equipment’, ‘sell or process further’, and ‘eliminate or retain an unprofitable segment’.

- Conduct cost-volume-profit analysis to assess the effects of changes in costs, selling price and units sold on the breakeven point and target profit.

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Business Management Strand - Compulsory Part

Topics Explanatory Notes

1(a) Business Environment

Hong Kong Business Environment

- Describe the role and importance of business in the Hong Kong economy.

- Analyse the recent developments and

characteristics of the Hong Kong economy.

- Evaluate how economic, technological, cultural, physical, social, political and legal factors affect business decisions.

Forms of Business Ownership - Distinguish between the major forms of business ownership: sole proprietorship, partnership and limited company.

- Evaluate the pros and cons of the different forms of business ownership.

- Describe the characteristics of multinational corporations in Hong Kong.

Business Ethics and Social Responsibilities

- Explain why and how a business should be ethically responsible to various stakeholders.

- Describe how business ethics and social responsibilities affect business decisions.

1(c) Basics of Accounting

Purposes and Role of Accounting - Explain the importance of accounting and its relevance to decision-making.

- Describe the functions of accounting.

- Describe the flow of the accounting cycle.

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Business Management Strand - Compulsory Part

Topics Explanatory Notes

The Accounting Cycle

• Double entry system - Explain the accounting equation as well as the principles of double entry, and demonstrate how business transactions affect the former.

• Trial balance - Explain the functions and limitations of a trial balance.

- Prepare a trial balance.

• Financial statements - Prepare income statement and statement of financial position for sole proprietorships.

Uses of Financial Statements - Explain how information in financial statements can assist decision-making.

- Explain the uses and limitations of financial statements.

Accounting Assumptions, Principles and Conventions

- Explain the meaning of the following: business entity, going concern, historical cost, consistency and accrual.

1(d) Basics of Personal Financial Management

Time Value of Money - Explain the concepts of compounding, discounting, present value and future value.

- Apply the concepts of present value and future value to compute net present value.

- Distinguish between nominal and effective rate of return.

Consumer Credit - Compare different types of consumer credit.

- Explain the importance of maintaining a good personal credit record.

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Business Management Strand - Compulsory Part

Topics Explanatory Notes

Personal Financial Planning and Investment

- Identify the basic characteristics and the relationship between risk and return of the following investments: savings/term deposits, bonds/debentures and stocks.

- Explain the importance of personal financial planning at different life stages.

- Describe the rights and responsibilities of employees and self-employed persons under Mandatory Provident Fund (MPF) scheme.

- Describe the rights and responsibilities of individual investors and consumers of financial services.

Stock Trading as an Investment - Explain the factors affecting share prices.

- Describe the platforms of stock trading in Hong Kong: Main Board and GEM.

- Describe the importance of Hang Seng Index (HSI).

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Business Management Strand – Elective Part

Topics Explanatory Notes

3(a) Introduction to Management

Management Functions - Explain the importance of management.

- Demonstrate a basic understanding of the following management functions for

organisations: planning, organising, leading and controlling.

- Apply the following principles of effective management: division of work, unity of

command, unity of direction, balancing authority and responsibility, and management by

objectives.

Key Business Functions - Describe the role and importance of the following key business functions: human resources management, financial management, operations management, marketing management, information management and risk management.

- Explain the interrelationship and integrated nature of different business functions in solving business problems.

Small and Medium Enterprises (SMEs)

- Describe the characteristics of SMEs.

- Explain the importance of SMEs to the Hong Kong economy.

- Explain the importance of entrepreneurship in business development.

3(b) Financial Management

Financial Analysis

- Explain the role of financial management in running an organisation.

- State the general functions of accounting ratios.

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Business Management Strand – Elective Part

Topics Explanatory Notes

- Assess business performance from a range of accounting ratios in terms of profitability, liquidity, solvency and management efficiency.

- Explain the limitations of accounting ratios in financial analysis

Budgeting - Explain the purposes of budgeting.

- Describe the usefulness and limitations of budgetary control.

- Identify the causes of budgeting variance and propose remedial action.

Sources of Financing - Compare different sources of financing: debt and equity financing, short-term and long-term financing, and internal and external financing.

- Apply the basic principles for selecting financing methods.

Capital Investment Appraisal - Evaluate financial and non-financial factors affecting capital investment decisions.

- Apply the basic capital investment appraisal methods to evaluate capital projects: payback period, net present value (NPV) , internal rate of return (IRR) and accounting rate of return (ARR).

- Compare the usefulness and limitations of different capital investment appraisal methods.

Working Capital Management

- Explain the importance of working capital management.

- Describe the basic principles of cash management and the relevance of cash budgeting.

- Analyse the factors affecting the formulation of

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Business Management Strand – Elective Part

Topics Explanatory Notes

accounts receivable and accounts payable policies.

- Explain the objectives of inventory management and apply simple inventory control techniques:

Economic Order Quantity (EOQ) and re-order level methods.

Risk Management - Identify different types of risk faced by business firms and analyse their impact on business activities.

- Demonstrate an understanding of various types of insurance protection available to business.

- Explain the following risk management

strategies: risk avoidance, risk assumption, risk reduction and risk transfer.

3(c) Human Resources Management

Functions of Human Resources Management

 Manpower planning - Explain the importance of manpower planning for an organisation.

- Describe the manpower planning process.

Staffing - Describe the recruitment process.

- Compare different methods of recruitment.

 Performance appraisal - Describe the objectives of performance appraisal.

- Describe the basic steps in performance appraisal.

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Business Management Strand – Elective Part

Topics Explanatory Notes

Reward management - Describe the characteristics and advantages of monetary and non-monetary rewards.

- Compare different forms of compensation.

- Explain the purposes of benefits.

 Training and development

- Explain the objectives of training and development.

- Evaluate the effectiveness of different modes of training.

Development of a Quality Workforce

- Apply the following motivation theories to enhance staff efficiency:

(i) Maslow’s Hierarchy of Needs Theory (ii) Herzberg’s Dual-factor Theory

(iii) McGregor’s Theory X and Theory Y - Suggest appropriate ways of internal

communication to enhance employee relations.

3(d) Marketing Management

Role of Marketing

Marketing Research

- Explain the marketing concept.

- Discuss the importance of marketing as a business function.

- Describe the planning, organising, implementing and controlling of marketing activities.

- Discuss the objectives, strategies and resources of the marketing process.

- Explain the importance and major objectives of marketing research.

- Apply basic principles for designing marketing research: data collection methods and sampling techniques.

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Business Management Strand – Elective Part

Topics Explanatory Notes

Customer Behaviour - Describe the customer decision-making process.

- Analyse the factors which affect customer decisions.

- Identify the major business customers:

producers, resellers, governments and institutions.

- Distinguish between business and consumer markets.

Marketing Strategies for Goods and Services

Target markets - Explain different types of market segmentation methods.

- Explain the factors affecting the determination of target market: market niche and positioning.

 Marketing mix - Explain the concept of marketing mix.

- Illustrate different pricing, promotion, product and place strategies for goods.

- Apply various marketing mix strategies to different stages of the product life cycle.

- Explain the characteristics of services and their effect on marketing mix design.

- Compare the differences between traditional marketing strategies and e-marketing strategies.

 Customer relationship management (CRM)

- Explain the importance of CRM to the marketing process.

- Evaluate the factors affecting customer loyalty and develop marketing strategies to enhance customer loyalty.

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Time Allocation

The suggested time allocation for the various topics is a rough indication intended for teachers’

reference only. The sequencing and percentage of time given to each topic do not imply a hierarchical order of relative importance. For effective learning and teaching, teachers are encouraged to employ cases or themes to integrate learning elements from related topics in the curriculum. The actual time allocated may be used flexibly according to students’ abilities and teachers’ approaches and strategies.

Topics

Students select ONE Strand ONLY Suggested percentage of lesson time (%)

(For 2025 HKDSE & onwards) Accounting Strand

Business Management Strand Compulsory Part

Business Environment

Basics of Management

Basics of Accounting

Basics of Personal Financial Management

8 9 8

8 9 8

Sub-total about 25% about 25%

Elective Part – Accounting Module

Financial Accounting

Cost Accounting

60 15 Sub-total about 75%

Elective Part – Business Management Module

Introduction to Management

Financial Management

Human Resources Management

Marketing Management

13 22 16 24

Sub-total about 75%

Total

(Assumption: Total lesson time = 250 hours)2 100% 100%

2 The lesson time for Liberal Studies and each elective subject is 250 hours (or 10% of the total allocation time) for planning purpose, and schools have the flexibility to allocate lesson time at their discretion in order to enhance learning and teaching effectiveness and cater for students’ needs.

“250 hours” is the planning parameter for each elective subject to meet local curriculum needs as well as requirements of international benchmarking. In view of the need to cater for schools with students of various abilities and interests, particularly the lower achievers, “270 hours” was recommended to facilitate schools’ planning at the initial stage and to provide more time for teachers to attempt various teaching methods for the NSS curriculum. Based on the calculation of each elective subject taking up 10% of the total allocation time, 2,500 hours is the basis for planning the 3-year senior secondary curriculum. This concurs with the reality check and feedback collected from schools in the short-term review, and a flexible range of 2400±200 hours is recommended to further cater for school and learner diversity.

As always, the amount of time spent in learning and teaching is governed by a variety of factors, including whole-school curriculum planning, learners’ abilities and needs, students’ prior knowledge, teaching and assessment strategies, teaching styles and the number of subjects offered. Schools should exercise professional judgment and flexibility over time allocation to achieve specific curriculum aims and objectives as well as to suit students' specific needs and the school context.

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Chapter 3 Curriculum Planning

This chapter provides guidelines to help schools and teachers to develop a flexible and balanced curriculum that suits the needs, interests and abilities of their students, and the context of their school, in accordance with the central framework provided in Chapter 2.

3.1 Guiding Principles

It is of the utmost importance that school management, BAFS panel chairpersons and the teachers concerned to discuss, plan, and collaborate in designing and implementing the BAFS curriculum to facilitate student learning, cultivates their generic skills, positive values and attitudes with reference to the following principles:

Alignment for a broad and balanced whole-school curriculum

The provision of a wide range of elective subjects in the senior secondary curriculum aims to widen the knowledge base for student selection and to provide opportunities for in-depth study of individual subjects in preparation for students’ further studies and careers. To achieve the overall goals of senior secondary education as stipulated in the Secondary Education Curriculum Guide (CDC, 2017), schools should design and develop a broad and balanced school-based curriculum by offering elective subjects from various Key Learning Areas, including the Technology Education Key Learning Area, to complement or supplement student learning as a whole. In other words, the traditional way of grouping subjects in a specific stream (e.g. science / arts / business only) can be replaced by a mixture of elective subjects from various KLAs together with BAFS to widen student choice and whole-person development. In addition, the offering of related Applied Learning (ApL) courses may be considered to cater for diverse student learning abilities and interests. Schools may also consider collaborating with other schools to form networked classes for effective implementation.

Meeting student needs and developing their full potential

For effective planning of the BAFS curriculum and to achieve the curriculum aims, learning targets, learning objectives and learning outcomes specified in Chapter 2, the following questions can be considered:

• How can the curriculum be organised to achieve the aims, learning targets, learning objectives and broad learning outcomes? (Refer to Sections 1.3, 2.2– 2.4.)

• How can the curriculum be organised to cater for the different learning needs of students?

(Refer to Sections 3.3 and 3.4.)

• How can the curriculum be organised to facilitate students’ decisions on progression in their studies? (Refer to Section 3.2.)

• How can ‘assessment for learning’ be promoted? (Refer to Chapter 5.)

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Maximising available human and other resources

The school management and BAFS panel chairpersons must be flexible in deploying appropriate teaching and administrative staff, time-tabling, and the use of school facilities and equipment, to provide the necessary professional and logistic support for carrying out various BAFS-related student learning activities outside the classroom. Alternatively, such activities can be incorporated in school or community events as enrichment for students’ other learning experiences.

3.2 Progression

The BAFS curriculum with two strands for selection expects students to study the compulsory part of the chosen strand before they proceed to an in-depth study of its corresponding elective module. Schools may employ different ways of organising the three-year BAFS curriculum to provide more room for student learning and use the learning time effectively.

As students are promoted from junior to senior secondary education, it is essential for them to make informed decisions about their studies, in line with their inclinations, learning styles, abilities and interests. Schools may utilise a flexible curriculum framework to enable students to explore their preferences among the various elective subjects in S4. This will help them to gather more information before progressing to S5–6. The compulsory part of the two strands provides students with a macro view of business. Students may either apply their acquired knowledge and skills, positive values and attitudes through further studies in the elective part of the chosen strand or transfer to other subjects, as illustrated in the following figure.

Figure 3.1 Progression for BAFS

S4 Exploring different inclinations

Elective Subject X (e.g. ICT, DAT) +

BAFS (Compulsory Part of the chosen strand )

+ Elective Subject Y (e.g. ICT, DAT)

making informed decisions about further

studies S5 and S6

Engaging in different areas of interest

Option 1 BAFS (Elective Part of the

chosen strand) +

other elective subject(s) or

Option 2 BAFS (Elective Part of the

chosen strand) +

Business related ApL course(s)

or

Option 3 Business related

ApL course(s) + other elective

subject(s)

 ApL stands for Applied Learning

Other options

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To help students make informed decisions about which strand of BAFS to study from S4 and for better interface of the business curriculum between junior and senior secondary, schools are advised to introduce basic business and management concepts in the junior secondary curriculum as suggested in the Technology Education Key Learning Area Curriculum Guide (Primary 1-Secondary 6) (CDC, 2017) Schools may also conduct an induction programme to explore students’ interests. For instance, an induction programme for the elective part of the two strands could include activities such as sample lessons, guest lectures or visits related to the “Accounting Strand” and “Business Management Strand”, as indicated below.

Figure 3.2 Examples of induction programme

Accounting Strand Business Management Strand Overview of the elective

part

Overview of the Accounting Module

Overview of the Business Management Module

Sample lessons Selected topics in

Financial Accounting and/or Cost Accounting

Selected topics in Financial Management, Marketing Management, and/or Human Resources Management

Guest lectures

A professional accountant from a business enterprise e.g. financial controller, chief

accountant

An entrepreneur or Chief Executive Officer from the business sector

Extra-curricular activities Visits to financial institutions or corporations

Focus: accounting profession, human resources, marketing, etc.

3.3 Curriculum Planning Strategies

Students vary in many respects, and so do teachers and schools. In planning the BAFS curriculum, implementation strategies may be based on students’ ability, teachers’ expertise, the availability of school facilities and resources, and the time-tabling patterns in schools. The following suggestions provide ideas as to how schools may plan the curriculum to cater for students with different abilities and interests, to integrate learning with life-wide learning experiences and assessment, and to make student learning more meaningful.

3.3.1 Catering for learner diversity

Students differ in their abilities, inclinations, interests, motivation and learning styles.

Guidance should be provided to help students explore their inclinations and develop their potential to the full. BAFS offering the “Accounting” and “Business Management” strands for students to choose from which can well address students’ diversity in different dimensions.

Schools are encouraged to offer both strands, from which students may choose one. In addition, schools may design a range of learning activities outside class hours to fulfil students’ different learning needs.

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