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.
This unit explores the establishment of a business and the role of accounting in determining success or failure. It considers the importance of accounting information to stakeholders. Unit 1 focusses on the accounting needs of service businesses.
In this unit students:
describe the resources required to establish and operate a business
use accounting reports and other information to discuss the success or otherwise of a business
use both manual and ICT to record financial data and report accounting information
apply the Conceptual Framework (Accounting Assumptions, Qualitative Characteristics and Elements) when recording and reporting
use business reports and financial indicators to evaluate and analyse business performance
Unit 2 focuses specifically on the accounting needs of trading firms. In this unit:
investigate use of both the First-In, First-Out (FIFO) and Identified Cost inventory cost assignment methods to record and report inventory movements
discuss the effects of relevant financial and non-financial factors, including ethical considerations, on decisions made in relation to inventory
record and report transaction relating to accounts receivable and accounts payable
examine strategies for managing credit transactions and use financial indicators to analyse decision related to these areas
consider issues related the management of accounts receivable and payable, and the effects of these on business performance
consider the management of non-current assets, including recording and reporting deprecation
prepare and interpret budgeted reports
assingments
topic tests
case studies (including use of ICT)
semester examination
For more detailed information, please click on the link/s below:
Students will need to order the textbook and workbook from the booklist.
Cambridge VCE Accounting Units 1 & 2 - 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