Accounting

About the subject

In Stage 1 Accounting, students develop their understanding of accounting, including selected concepts and conventions that underpin and inform the practice of accounting. They apply this understanding to create and interpret accounting information. Students explore and analyse the ways in which qualitative and quantitative information can be used in the decision-making process and they explore the different reporting needs of a range of stakeholders.

Students explore the changing forms of accounting information and examine the use of digital and emerging technologies. They develop critical thinking and problem-solving skills to devise accounting solutions in a range of familiar and unfamiliar contexts. Students apply communication skills to collect and analyse financial and non-financial information for a range of stakeholders.

Through the learning in the focus area of perspectives in accounting, students develop an understanding of how accounting applies to and impacts their personal circumstances. They explore the links between self and others in local and global accounting contexts, and compare approaches to accounting in different cultural contexts. Students explore the impact accounting has had on society and the opportunities that exist involving accounting in the future.

Course content

Stage 1 Accounting is a 10-credit subject or a 20-credit subject.

The subject is structured around three focus areas:

• Understanding accounting
• Understanding financial sustainability
• Perspectives in accounting.

Some Examples of Contents: (Role of Accounting, Accounting Concepts, Accounting Entities, Accounting Equation, Accounting Process, Financial Reports, Break Even Analysis, Cash Budget, Bank Reconciliation, Ratio Calculations, Financial and Non-Financial Performance Analysis, Financial Analysis, Budgeting, Income Analysis)

Assessment

Assessment at Stage 1 is school based. Students demonstrate evidence of their learning through 3 Exams and 1 Inquiry Report. The accounting skills tasks may be presented in multimodal, oral, or written form.

Cost

Purchase of the SACE accounting workbook is approximately $50.