Drouin Secondary College - Course Selection
11 VCE Accounting (11HAC1)
Unit 1 focuses on the establishment of a small service business and the accounting and financial management of the business. Students learn how to gather and record financial data, then report and explain accounting information for a business. They then measure business performance by analysing accounting information and making suggestions for improvement to the owner.
In Unit 2 students look at trading businesses. Students look at recording cash and credit transactions and the accrual method for determining profit.
Students are taught how to record and report a firms inventory. They learn at how to record, report and manage accounts recievable and payable, including ethical considerations such as how to collect bad debts. Students look at how to manage a businesses Non-Current assets such as vehicles, equipment and premises.
In the new study design both Unit 1 and 2 will consider ethical considerations on all outcomes, relating to decision making and recording and reporting information.
Unit 1 Topics
The role of accounting
- Investigate a range of factors before committing to or continuing in a business venture.
- Look at why people establish a business and possible alternatives to operating a business.
- Going into business (the resources, knowledge and skills required to start a small business)
- Factors that lead to the success if failure of a business and sources of finance (capital, loans etc)
- Consider how accounting is used to provide information for making operational and investment decisions
Recording financial data and reporting accounting information for a service business
- Investigate the role of accounting in generating financial data and reporting accounting information
- Determine profit for a service business, with cash and credit transactions
- Use business documents (receipts, bank statements, invoices) to record transactions
- Indicators measure business performance. Students look at these and non-financial information to emasure the sucess of a business, and identify good and bad trends.
Unit 2 Topics
Accounting for inventory
- Students learn 2 different cost assignment methods for recording and reporting on inventory
- They will use inventory cards to record transactions, including the effect of physical stocktakes
- Look at strategies for effective inventory management, such as internal controls, inventory rotation and the right inventory mix
- They will look at how to measure inventory turnover and strategies to improve this
Accounting for and managing accounts receivable and accounts payable
- The importance of managing accounts recievable and payable for a firms liquidity (cash flow)
- The effect on the acounting reports of all transactions involving accounts recievable and payable
- Looking at indcators such as Account recievable turnover, and comparing them to benchmarks such as last years performance to analyse if the performance is satisfactory, and come up with strategies to improve the performance
- Ethical considerations are looked at when managing these accounts, and the effect of these of business performance, such as debt collectors
Accounting for and managing Non-current rersources
- Look at issues when determining the value of a non-current asset (such as a vehicle)
- Calculate and apply depreciation using the straight line method
- Record and report depreciation in the accounting reports
- indicators used to measure business performance in relation to non-current assets
Learning and Assessment Activities
Assessment can be any of the following, at the discretion and choice of the teacher.
Apart from classroom presentation, ALL options may include ICT
- Structured questions
- A folio of exercises
- A case study
- A report (written, oral or multimedia)
- A classroom presentation, roleplay, debate (oral or multimedia)
- An assignment
These units lead to
Any Business University course, including marketing, management, accounting, banking, finance or commerce. After successful completion of University and the completion of a CPA or CA degree (completed while working within an accounting firm), students can work in any industry either in Australia or overseas. http://www.cpaaustralia.com.au/ Many companies are large enough and complex enough to require the ongoing expertise of an in-house accountant. As an accountant, you may find yourself working for a manufacturing firm, a hospital, a bank, an insurance company, or a brokerage firm.
Accountants are also employed by federal government agencies such as the Securities and Exchange Commission (SEC) and federal police. State government agencies and large not-for-profit organizations also hire accountants.
You must undertake Unit 3 prior to undertaking Unit 4.
There is an assumption that you have to be good at maths to do accounting. This is not the case!
There are no excursions for this subject. Textbooks are approximately $80
Textbook, workbook and non-graphic calculator.
For further information see...
Study design link
VCAA VCE Accounting Index Page