understand, calculate and explain the importance of the following accounting ratios: Gross margin, Profit margin, Return on capital employed (ROCE), Current ratio, Liquid (acid test) ratio, Rate of inventory turnover (times), Trade receivables turnover (days), Trade payables turnover (days)

make recommendations and suggestions for improving profitability and working capital

recognise and define the content of a statement of financial position: non-current assets, intangible assets, current assets, current liabilities, non-current liabilities and capital