VCE Accounting Units 1 and 2 explores the financial recording, reporting, analysis and decision-making processes of a sole proprietor small business. Students study both theoretical and practical aspects of accounting. They collect, record, report and analyse financial data, and report, classify, verify and interpret accounting information, using both manual methods and information & communications technology (ICT). Students apply critical thinking skills to a range of business situations to model alternative outcomes and to provide accounting advice to business owners.
Whether large or small, Australian businesses need accountants. The success or failure of almost any business depends on accounting information, and the decisions made on the basis of that information. Whether you plan to become a professional accountant, establish a small business or just manage your own finances, it pays to understand the role accounting will play in your life.
In this unit, you will learn about:
different types of financial information
how to interpret and evaluate the performance of a business
the suitability of different businesses as investments
how to record financial data and prepare financial reports.
On completion of this unit the student should be able to describe the resources required to establish and operate a business, and select and use accounting reports and other information to discuss the success or otherwise of the business.
On completion of this unit the student should be able to identify and record financial data, report and explain accounting information for a service business, and suggest and apply appropriate financial and non-financial indicators to measure business performance.
Unit 1 mostly focuses on service businesses, which are generally easier to account for, because few transactions involve the buying and selling of physical items. Those transactions are the lifeblood of trading firms, and Unit 2 focuses specifically on the accounting needs of such businesses, which are significantly more complex.
In this unit, you will learn about:
recording and reporting on the purchase and sale of inventory
preparing historical and budgeted accounting reports
managing a trading business
strategies to improve business performance.
On completion of this unit the student should be able to record and report for inventory and discuss the effect of relevant financial and non-financial factors, and ethical considerations, on the outcome of business decisions.
On completion of this unit the student should be able to record and report for accounts receivable and accounts payable, and analyse and discuss the effect of relevant decisions on the performance of the business including the influence of ethical considerations.
On completion of this unit the student should be able to record and report for non-current assets and depreciation.
For more detailed information, please click on the link/s below:
Students will order the textbook from the booklist.
Cambridge VCE Accounting Units 1 & 2 (3rd edition, 2019)
Edrolo- VCE Accounting 1-2 is an on-line resource. This will be purchased and distributed to students by the school.
Pencil Mechanical Pacer/Papermate Grip
Scientific calculator