Year 11 Accounting Units 1 and 2
Do you want to start your own business and make money? Before this can happen, you need to have a sound understanding of accounting.
Year 11 Accounting will show you how to set up a small business and the accounting and financial management of a business. It will also extend the accounting process from a service business to a sole proprietor.
You will see how a business is set up and the role of accounting has in its success or failure. The unit also 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. Using these evaluations, you will make recommendations about whether the business is a good investment or not. You also will record financial data and prepare reports for service businesses owned by sole proprietors.
You will develop your knowledge of the accounting process for sole proprietors operating a trading business. In this unit you will 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 also analyse and evaluate the performance of the business relating to inventory, accounts receivable, accounts payable and non-current assets. In addition, 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. Once you have made this evaluation, you will develop and suggest strategies to the owner 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 are organised and like 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 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. You can then see 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 the data given. They also learn how to apply technology in the accounting field.
You must have access to the internet to complete this course. All work will be completed and submitted online weekly.
You will need to buy the textbook: Macmillan Accounting VCE Units 1 and 2 (Student Book + Digital).
Things to think about
Accounting 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
Work through the Dictionary of Accounting terms: Accounting Terms.
Watch this video:
Accounting 101, accounting overview, basics, and best practices
Things to have a look at
Big Bang Theory’s Sheldon talks about accountants
Learn more about what a career in accounting can look like