Accounting Units 1 and 2
Ever wanted to start your own business and make money?
Well, before this can happen, you need to have a sound understanding of accounting. Accounting Units 1 and 2 at DECV has you covered.
These Units focus on the establishment of a small business and the accounting and financial management of a business, as well as extending the accounting process from a service business to that of a sole proprietor of a single activity trading business.
In Unit 1 students will be introduced to the processes of gathering and recording financial data and the reporting and analysing of accounting information by internal and external users. The cash basis of recording and reporting is used throughout this Unit.
In Unit 2 students use a single entry recording system for cash and credit transactions and the accrual (accumulation) method for determining profit. You will also analyse and evaluate the performance of a business using financial and non-financial information. You will also learn about accounting strategies that will assist owners on how to improve the performance of their business.
Who is it for?
If you see yourself as someone who is organised and likes systematic processes then accounting is for you.
You will enjoy the challenges that accounting has to offer of organising receipts and making sure balance sheets balance and income statements are accurate.
You will also learn how to effectively manage money and the strategies needed to maximise profit and curtail debt.
If you are successful in fulfilling the requirements of Accounting you can go on and study Accounting Units 3 and 4 in Year 12 or further your accounting and business studies at university, and maybe one day becoming an accountant, executive, manager, owner or even a banker.
When it comes to accounting the world is your oyster.
What do you do?
You will complete a series of activities ranging from practice activities (which you get to self-correct) and designated tasks that will test your skills regarding the content you have just learnt.
The course also includes four graded tasks:
- task 1: relates to the recording and management of stock
- task 2: relates to the recording of credit transactions
- task 3: relates to balance day adjustments
- task 4: is a test.
What skills do you need?
By the end of the year you should have developed:
- numerical competency
- communication skills
- problem-solving skills
- reporting skills
- business awareness
- a reasonable ability to effectively use Microsoft Word and Excel in order to present your work.
What skills do you develop?
Students develop interpersonal, teamwork and problem-solving skills. Students learn to analyse facts and figures and be able to interpret data given. They also learn how to apply technology in the accounting field.
The purchase of the following textbooks will also be required: Cambridge, VCE Accounting Units 1 & 2, A. Simmons & R. Hardy, 2nd edition.
Things to think about
It is valuable if you have an interest in business and finance.
If you enjoyed doing Maths, Science, Business Management, Commerce or Civics and Citizenship you will find Accounting interesting.
Students will be required to self-assess their understanding of the weekly work and their practice exercises.
Things you can do now
Buy yourself an accounting dictionary.
Go to the VCAA website for more information about this subject.