VCE Accounting 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 and 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.
It is not recommended that students attempt Accounting Unit 3 without first having completed Units 1 and 2. Unit 4 may not be attempted without first having successfully completed Unit 3.
This unit focuses on financial accounting for a trading business owned by a sole proprietor and highlights the role of accounting as an information system.
In this unit students:
Use the double entry system of recording financial data and prepare reports applying the accrual basis of accounting and the perpetual method of inventory recording
Consider the effects of decisions made on the performance of the business
Interpret reports and information presented in a variety of formats
Suggest strategies to improve the performance of the business
Apply the Conceptual Framework (Qualitative Characteristics, Accounting Assumptions and Elements) when recording and reporting
Use financial indicators to analyse and evaluate business performance
Apply ethical and financial considerations to business decision making
In this unit, students further develop their understanding of accounting for a trading business owned by a sole proprietor.
In this unit students:
Extend their understanding of the recording and reporting processes (including preparing Balance Day Adjustments and applying alternative depreciation methods)
Investigate both the role and importance of budgeting in decision making for a business
Analyse and interpret accounting reports and graphical representations
Suggest strategies to business owners to improve business performance
Apply the Conceptual Framework (Qualitative Characteristics, Accounting Assumptions and Elements) when recording and reporting
Apply ethical and financial considerations to business decision making
There are two types of assessment used for Accounting Units 3 and 4:
School-assessed coursework. In total, this contributes 50% of all the year’s final assessment. Here, teachers rate a student’s performance by using a series of internally assessed SACs (e.g. selected from a folio of exercises, a case study, tests) all of which may be conducted manually and/or with the use of ICT.
End-of-year examination. This contributes 50% of the final assessment. The examination will consist of a series of short and extended response questions. These may include a variety of item types including scenarios, questions with multiple parts, short answer questions and extended response questions.
For more detailed information, please click on the link/s below:
Students will need to order the textbook from the booklist.
Cambridge VCE Accounting Units 3 & 4 - Textbook and workbook
Edrolo- VCE Accounting 3-4 Resource- This will be purchased and distributed to students by the school.
Ruler 150mm Plastic Clear
Pencil Mechanical Pacer/Papermate Grip
Scientific calculator