Accounting

Accounting Units 1-2 

Students who wish to learn about and have contact with the world of business and some local businesses should consider Business Management. 

Units 1 and 2 specifically deal with the establishment and management of small business. Business Management also provides an introduction to Units 3 and 4 assisting with developing skills and concepts associated with the course. 

UNIT 1 

In this unit student’s explore the establishment of a business and the role of accounting in the determination of business success or failure. It considers the importance of accounting information to stakeholders. Students analyse, interpret and evaluate the performance of the business using financial and non-financial information. They use these evaluations to make recommendations regarding the suitability of a business as an investment. Students also record financial data and prepare reports for service businesses owned by sole proprietors. 

LEARNING ACTIVITIES Worked examples, business simulations, worksheets, quizzes, online activities, ICT tasks. 

KEY SKILLS REQUIRED Data interpretation, creativity and imagination with developing their own business, report writing and case study investigations. 

ASSESSED TASKS Topic tests, reports, projects, development of a business plan and an end of semester written examination. 

UNIT 2 

In this unit, students develop their knowledge of the accounting process for sole proprietors operating a trading business, with a focus on inventory, accounts receivable, accounts payable and non-current assets. Students use manual processes and ICT, including spreadsheets, to prepare historical and budgeted accounting reports. Students analyse and evaluate the performance of the business relating to inventory, accounts receivable, accounts payable and non-current assets. They use relevant financial and other information to predict, budget and compare the potential effects of alternative strategies on the performance of the business. Using these evaluations, students develop and suggest to the owner strategies to improve business performance. 

LEARNING ACTIVITIES Worked examples, business simulations, worksheets, quizzes, online activities, ICT tasks 

KEY SKILLS REQUIRED Application of theoretical knowledge to simulations, financial analysis, ICT capabilities, critical thinking, ethical considerations. 

ASSESSED TASKS Topic tests, projects, end of semester examination. 

Accounting Units 3-4 

These units develop student understanding of accounting for trading businesses and the role of accounting as an information system. Students use the double entry system of recording financial data and the perpetual system of inventory recording 

UNIT 3 

Students develop their understanding of the accounting processes for recording and reporting and consider the effect of decisions made on the performance of the business. They interpret reports and information presented in a variety of formats and suggest strategies to the owner to improve the performance of the business. 

LEARNING ACTIVITIES Homework tasks, textbook questions, worksheets, online tasks, excel examples, worked examples. 

KEY SKILLS REQUIRED ICT capabilities, critical thinking, application of theoretical knowledge to simulated situations, analysis and evaluation of financial information, ethical considerations. 

ASSESSED TASKS Exam-style assessments, end of semester examination, other outcome tasks. 

UNIT 4 

Students extend their understanding of the recording and reporting process with the inclusion of balance day adjustments and alternative depreciation methods. They investigate both the role and importance of budgeting in decision-making for a business. They analyse and interpret accounting reports and graphical representations to evaluate the performance of a business. From this evaluation, students suggest strategies to business owners to improve business performance. 

LEARNING ACTIVITIES Homework tasks, textbook questions, worksheets, online tasks, excel examples, worked examples. 

KEY SKILLS REQUIRED ICT capabilities, critical thinking, application of theoretical knowledge to simulated situations, analysis and evaluation of financial information, ethical considerations. 

ASSESSED TASKS Exam-style assessments, end of semester examination, other outcome tasks.