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Accounting

Year 11 - Elective

Length of Course: Full Year
Department: Business Studies
Head of Department: Ms Libby Paul
Year Available: 2025

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.

Curriculum focus

Unit 1 - Role of accounting in business

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.

Area of Study 1: The role of accounting

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.

Area of Study 2: Recording financial data and reporting accounting information for a service 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 2 - Accounting and decision-making for a trading business

Unit 2 focuses specifically on the accounting needs of trading firms. 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.

Area of Study 1: Accounting and managing for inventory

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.

Area of Study 2: Accounting for and managing accounts receivable and accounts payable

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.

Area of Study 3: Accounting for and managing non-current assets

On completion of this unit the student should be able to record and report for non-current assets.

Assessment

  • a folio of exercises/structured questions (manual and ICT-based)
  • topic tests
  • case studies (including use of ICT)
  • semester examination

Links

For more detailed information, please click on the link/s below:


Key Resource

Students will need to order the textbook and workbook from the booklist.

  • Cambridge VCE Accounting Units 1 & 2 (4th edition) - Textbook and Workbook

  • Edrolo- VCE Accounting 1-2 is an online resource. This will be purchased and distributed to students by the school.

  • Pencil Mechanical Pacer/Papermate Grip

  • Scientific calculator