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 effect 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.

This unit is delivered in Year 12.

Unit details

Study level:
Vocational and further education (TAFE)
Unit code:
AC033

Assessment

Assessment tasks will be designed to reinforce and extend knowledge in accordance with each unit's learning outcomes, including the setting of practical application tasks designed to provide evidence of competence outcomes, within periodic and scheduled timelines. Students will be expected to demonstrate the following knowledge: Outcome 1 On completion of this unit the student should be able to record financial data using a double entry system; explain the role of the General Journal, General Ledger and inventory cards in the recording process; and describe, discuss and analyse various aspects of the accounting system, including ethical considerations. Outcome 2 On completion of this unit the student should be able to record transactions and prepare, interpret and analyse accounting reports for a trading business.Assessment will follow the requirements set out in the VCE Accounting Study Guide: SCHOOL-BASED ASSESSMENT 1. Satisfactory completion The award of satisfactory completion for a unit is based on whether the student has demonstrated the set of outcomes specified for the unit. A variety of assessment tasks will provide a range of opportunities for students to demonstrate the key knowledge and key skills in the outcomes. 2. Assessment of levels of achievement The student's level of achievement in Unit 3 will be determined by School-assessed Coursework (SAC). SAC will be completed mainly in class and within a limited time-frame. SAC for Unit 3 will contribute 25 per cent to the study score. SAC for Unit 4 will contribute 25 per cent to the study score (AC034 Accounting 4). EXTERNAL ASSESSMENT The level of achievement for Units 3 and 4 is also assessed by an end-of-year examination, which will contribute 50 per cent to the study score.

Where to next?

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