Accounting and Finance

Conrad HoggNovember 30, 2017February 26, 2019

The Accounting and Finance ATAR course aims to make students financially literate by creating an understanding of the systems and processes through which financial practices and decision-making are carried out, as well as the ethical, social and environmental issues involved.

Financial literacy gives individuals the ability to make sound financial judgements. In an age when many business practices and ethical standards are being questioned, awareness of the ways in which financial practices impact on their lives helps students to take responsibility for their own financial commitments. It gives them the problem-solving skills to operate at many levels of financial decision-making.

Through engagement with the course, students develop an understanding of the fundamentals on which accounting and financial management are based. Many students will find themselves self-employed and there is a high probability that they will have to engage in some form of accounting practices. Having an understanding of these practices enables them to analyse their own financial data and make informed decisions based on that analysis.

In a rapidly changing world, the impact of technology on financial and accounting practices has been vast. The use of computer systems for record keeping and the communication of financial data is already vital, and will continue to shape future careers. Many of these careers have not yet evolved, but when they do, they will involve technology and financial practices at some level.

Year 11 ATAR Course

Unit 1

The focus for this unit is the double entry accounting for small businesses. Students apply their understanding of financial principles, systems and institutions to manage financial information and make decisions in a variety of small businesses. Students develop an understanding of the rationale for the use of particular conventions and principles, and the consequences of disregarding them. Students record and process financial information using the double entry system and apply the principles of Goods and Services Tax (GST).

Unit 2

The focus for this unit is accrual accounting. Students apply financial systems and principles to the operations of businesses and distinguish between cash and accrual methods of accounting. Students prepare and analyse financial reports for a variety of business organisations and become familiar with the main aspects of electronic processing of financial data. Students learn the role and functions of accounting and financial associations.

Assessments

Year 11 assessment is wholly school-based. The final mark will be evenly divided between school examination marks, in-class assessment marks, and marks from research tasks coupled with in-class validations.

Year 12 ATAR Course

Unit 3

The focus for this unit is the internal management for business. Students prepare and interpret budgets and performance reports in relation to forecasting a business’s future. Students will be able to distinguish between internal and external reporting requirements. Decision-making processes using cost accounting techniques are a feature of this unit. Students critically analyse financial information and explore the importance of short- and long-term planning for business.

Unit 4

The focus for this unit is Australian reporting entities and how they are regulated by the Corporations Act. Students use the Framework for the Preparation and Presentation of General Purpose Financial Reports and the accounting standards in their preparation of the financial statements for a reporting entity. The financing options of larger entities are identified and evaluated, particularly in relation to conformity with basic principles, such as profitability and stability. Students develop an awareness of corporate social disclosure issues and the ethical behaviour within corporations.

Assessments

Year 12 assessment is a combination of school-based assessments and the WACE examination. The school marks will comprise marks from school examinations, in-class assessments, and marks from research tasks coupled with in-class validations.

Courses