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Accounting Units 1 and 2


Overview

Have you 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 VSV 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.

Unit 1 explores the establishment of a business and the role of accounting in the determination of business success or failure. In this, it considers the importance of accounting information to stakeholders. You will analyse, interpret and evaluate the performance of the business using financial and non-financial information. You use these evaluations to make recommendations regarding the suitability of a business as an investment. You will record financial data and prepare reports for service businesses owned by sole proprietors.

In Unit 2, you will develop your knowledge of the accounting process for sole proprietors operating a trading business, with a focus on inventory, accounts receivable, accounts payable and non-current assets. You will use manual processes and ICT, including spreadsheets, to prepare historical and budgeted accounting reports. You will analyse and evaluate the performance of the business relating to inventory, accounts receivable, accounts payable and non-current assets. You will use relevant financial and other information to predict, budget and compare the potential effects of alternative strategies on the performance of the business. Using these evaluations, you will develop and suggest to the owner strategies to improve business performance.

The accounting procedures developed in each area of study should incorporate financial indicators to measure business performance, as well as the ethical considerations of business owners when making decisions, including financial, social and environmental.

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.

For you budding investors, who may be interested in the stock market and how it works, you will explore the stock market. You will even invest hypothetically in 5 shares and watch their progress over a week or fortnight, and analyse if you made a profit. You will also get an insight into other investment opportunities besides just starting a business.

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 or further your accounting and business studies at university. From there, you could have a career as 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)
  • designated tasks that will test your skills regarding the content you have just learnt
  • online quizzes
  • excel spreadsheet activities
  • online discussions.

What skills do you need?

By the end of the year you should have developed:

  • numerical competency
  • communication skills
  • problem-solving skills
  • reporting skills
  • analysis and interpretation 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.

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Requirements

 

You must have access to the internet to access this course. All weekly work will be completed and submitted online.

The purchase of the following textbooks will also be required: Macmillan Accounting VCE Units 1 & 2 Value Bundle (Student Book + Digital + workbook).


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.

 

 

Things to have a look at

Information for students wishing to study Accounting Unit 1 & 2
Accounting dictionary
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