VCE+Accounting

Accounting is the process of recording, reporting, analysing and interpreting financial data and accounting information which is then communicated to internal and external users of this information. It plays an integral role in the successful operation and management of businesses. VCE Accounting focuses on small business. Unit 1 begins with a small service business, allowing students to develop knowledge and skills in accounting without the complexities of accounting for trading businesses or large organisations. Units 2, 3 and 4 then focus on a single activity trading business where students build on and extend their accounting skills. Many students who study VCE Accounting will go on to further studies and careers in business and finance.

This study enables students to: On completion of this unit the student should be able to: Assessment tasks for this unit include: On completion of this unit the student should be able to: Assessment tasks for this unit include:
 * AIMS**
 * acquire knowledge and skills to record financial data and report accounting information in a manner that is appropriate for the needs of the user
 * develop an understanding of the role of accounting in the management and operation of a small business
 * develop skills in the use of information and communications technology in an accounting system
 * develop the capacity to identify, analyse and interpret financial data and accounting information
 * use financial and non-financial information to improve the decision-making processes of a small business owner.
 * UNIT 1: Establishing and operating a service business**
 * Areas of study**
 * 1) Going into business
 * 2) Recording financial data and reporting financial information
 * Outcomes**
 * 1) describe the resources required, and explain and discuss the knowledge and skills necessary, to set up a small business
 * 2) identify and record the financial data, and report and explain accounting information, for a sole proprietor of a service business.
 * Assessment tasks**
 * tests
 * examination
 * coursework
 * UNIT 2: Accounting for a trading business**
 * Areas of study**
 * 1) Recording financial data and reporting accounting information
 * 2) ICT in accounting
 * 3) Evaluation of business performance
 * Outcomes**
 * 1) record financial data and report accounting information for a sole trader;
 * 2) record financial data and report accounting information for a single activity sole trader using a commercial accounting software package, and discuss the use of ICT in the accounting process;
 * 3) select and use financial and non-financial information to evaluate the performance of a business and discuss strategies that may improve business performance.
 * Assessment Tasks**
 * tests
 * examination
 * coursework

On completion of this unit the student should be able to: The student’s level of achievement will be determined by School Assessed Coursework and a mid-year examination (1.5 hours)
 * UNIT 3: Recording and reporting for a trading business**
 * Areas of Study**
 * 1) Recording financial data
 * 2) Balance day adjustments and reporting and interpreting accounting information
 * Outcomes**
 * 1) record financial data for a single activity sole trader using a double entry system, and discuss the function of various aspects of this accounting system;
 * 2) record balance day adjustments and prepare and interpret accounting reports
 * Assessment tasks**

On completion of this unit the student should be able to: The student’s level of achievement will be determined by School Assessed Coursework and an end-of-year examination (1.5 hours)
 * UNIT 4: Control and analysis of business performance**
 * Areas of Study**
 * 1) Extension of recording and reporting
 * 2) Financial planning and decision making
 * Outcomes**
 * 1) record financial data using double entry accounting and report accounting information using an accrual-based system for a single activity sole trader, and discuss the function of various aspects of this accounting system;
 * 2) prepare budgets and variance reports, evaluate the performance of a business using financial and non-financial information and discuss strategies to improve the profitability and liquidity of the business.
 * Assessment tasks**