VCE Accounting explores and applies the financial recording, reporting, analysis and decision-making systems and processes of a sole proprietor trading business. Students study the theoretical aspects of accounting and practically apply these principles. They collect, record, report, analyse, apply, evaluate and discuss accounting information using both manual and ICT-based methods.
Students apply critical thinking skills to a range of business situations. They model alternative outcomes and use financial information generated to provide accounting advice to business owners, whilst taking into account ethical as well as financial considerations.
This unit explores the establishment of a business and the role of accounting in the determination of business success or failure. 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.
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 analyse 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.
This unit focuses on financial accounting for a trading business owned by a sole proprietor and highlights the role of accounting as an information system. Students use the double-entry system of recording financial data and prepare reports using the accrual basis of accounting and the perpetual method of inventory recording.
Students develop their understanding of the accounting processes for recording and reporting and consider the effects of decisions made on the performance of the business. They interpret reports and information presented in a variety of formats and suggest strategies to the owner to improve the performance of the business.
In this unit, students further develop their understanding of accounting for a trading business owned by a sole proprietor and the role of accounting as an information system. Students use the double-entry system of recording financial data and prepare reports using the accrual basis of accounting and the perpetual method of inventory recording. Both manual methods and ICT are used to record and report.
Students extend their understanding of the recording and reporting processes, with the inclusion of balance day adjustments and alternative depreciation methods. They investigate both the role and the importance of budgeting in decision-making for a business. They analyse and interpret accounting reports and graphical representations to evaluate the performance of a business. Using this evaluation, students suggest strategies to business owners to improve business performance.
