VCE Units 1-2 in Accounting
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What is VCE Year 11 Accounting?
VCE Year 11 accounting is a subject that introduces students to the fundamental principles of accounting. In this subject, students learn how to record and report financial transactions, prepare financial statements, and analyse financial data.
The main topics covered in VCE Year 11 accounting include:
Accounting principles and concepts: Students learn about the principles and concepts that underpin accounting, such as the accounting equation, the double-entry system, and the accrual basis of accounting.
Recording financial transactions: Students learn how to record financial transactions in journals and ledgers, and how to prepare trial balances to ensure that the accounting records are accurate.
Accounting for partnerships: Students learn about the different types of partnerships and how to account for partnership transactions, including the distribution of profits and losses.
Preparation of financial statements: Students learn how to prepare the three main financial statements - the balance sheet, the income statement, and the statement of cash flows - and how to interpret these statements.
Analysis and interpretation of financial data: Students learn how to use financial ratios and other tools to analyse and interpret financial data, and to make informed decisions based on this analysis.
Throughout the year, students will also develop their skills in problem-solving, critical thinking, and communication. There will be opportunities for students to work collaboratively and to develop their ICT skills, including the use of accounting software.
At the end of VCE Year 11 accounting, students should have a solid understanding of the fundamental principles of accounting and be well-prepared for the more advanced concepts that will be covered in VCE Year 12 accounting.
What does unit 1 and unit 2 cover?
Unit 1: Role of accounting in business
This unit 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. Students analyse, interpret and evaluate the performance of the business using financial and non-financial information. They use these evaluations to make recommendations regarding the suitability of a business as an investment.
Students record financial data and prepare reports for service businesses owned by sole proprietors. Where appropriate, the accounting procedures developed in each area of study should incorporate the application of the Conceptual Framework and financial indicators to measure business performance, and take into account the range of ethical considerations faced by business owners when making decisions, including financial, social and environmental.
Unit 2: Accounting and decision-making for a trading business
In this unit students develop their 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. Students use manual processes and ICT, including spreadsheets, to prepare historical and budgeted accounting reports. Students analyze and evaluate the performance of the business relating to inventory, accounts receivable, accounts payable and non-current assets. They 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, students develop and suggest to the owner strategies to improve business performance. Where appropriate, the accounting procedures developed in each area of study should incorporate application of the Conceptual Framework, financial indicators and ethical considerations for business owners when making business decisions, including financial, social and environmental.