Curriculum information of Carey Baptist Grammar School

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PATHWAYS

2019

 
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VCE Business Studies

Accounting Unit 2: Accounting for a Trading Business

Prerequisites

Students are strongly advised to complete Unit 1 before undertaking Unit 2.

Course Description

This unit extends the accounting process from a service business and focusses on accounting for a sole proprietor of a single activity trading business. Students use a single entry recording system for cash and credit transactions and the accrual method for determining profit. They analyse and evaluate the performance of the business using financial and non-financial information. Using these evaluations, students suggest strategies to the owner on how to improve the performance of the business.

The student develops their understanding of the importance of ICT in the accounting process by using a commercial accounting software package to establish a set of accounts, record financial transactions and generate accounting reports.

Areas of Study

Recording Financial Data and Reporting Accounting Information

A small business operator needs to input and process financial data to provide information for decision making on the management and performance of the business. Students record financial data and report accounting information for a single activity sole trader using the single entry accounting system. Both manual and ICT methods of recording and reporting are used.

ICT in Accounting

Information and communications technology is an essential tool in the operation of a small business. Students develop an understanding of the role of ICT in the accounting process. Students use a commercial accounting software package to record financial data and report accounting information for a single activity sole trader and demonstrate their understanding of the importance of ICT in the accounting process.

Evaluation of Business Performance

The performance of a business should be measured and evaluated regularly. Using financial and non-financial information assists the owner in planning and decision making. This area of study focusses on an evaluation of the performance of a business using particular criteria such as stock and debtors. Based on this information, students discuss strategies that may improve business performance.

Assessment

Outcomes
Assessment Tasks
(school-assessed coursework)
Record financial data and report accounting information for a sole trader. Selected from tests, exercises and case studies (manual and/or ICT based).
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. Selected from tests, exercises and case studies (manual and/or ICT based).
Select and use financial and non-financial information to evaluate the performance of a business and discuss strategies that may improve business performance. Selected from tests, exercises and case studies (manual and/or ICT based).
Select and use financial and non-financial information to evaluate the performance of a business and discuss strategies that may improve business performance.  

Overall Final Assessment

End of Semester Examination – 1.5 hours.

Information can be obtained from the Victorian Curriculum and Assessment Authority, Victoria, Australia: www.vcaa.vic.edu.au