YEAR 10 ACCOUNTING & FINANCE

Transcription

1 YEAR 10 ACCOUNTING & FINANCE TERM 1 MODELLED ON 1A ACF COURSE Scope: Personal Finance Week Content Objectives Resources Assessment 1 Personal Financial Management Interpretation of information relevant to personal financial management Eg: Pay slips, bank statements, other media. Ways of recording personal finance transactions Students are able to explain what the following terms mean: Gross Pay, Superannuation Contribution, Tax, Net Pay, Deductions. Students are able to identify each element of a pay slip. Students are able to read a bank statement and identify the opening balance, money credited, money debited, the amount of bank fees or charges to arrive at a closing balance. Students understand the nature of and purpose of documents communicating financial information for individuals. Eg: Credit Card Statement, Bank Cheques, ATM Withdrawal or deposit slips, Bank deposit or withdrawal slips. Computer program that can design Students are given examples of each. In a computer program of their choice, design a poster outlining elements of a pay slip. Students will be given examples of each and they need to identify what the purpose of each item is by writing it down 2 Looking after your money Systems and types of bank accounts for saving your money. Students will be able to research the accounts that 3 major institutes offer for teenagers. Students will prepare documentation for applying for a bank account. Computer lab required Task (Part 1): Collect their own financial information, receipts of spendings, proof of income (pay slips/ deposits of pocket money etc) over the next 3 weeks. Students provide evidence of research on the types of accounts offered by the three banks. Borrowing Money/ having debt Types of debt that individuals have. Sources of Youth debt. Students can identify their own debt situation. Students can explain what a credit card, mobile phone contract, student loan is. Students can identify the pros and cons of having debt. Bank Account Application (mock) Worksheet on debt. Worksheet completed.

2 3 Personal Financial Management Preparation of personal budgets. 4 Keeping track of your finances Reconciliation of your bank accounts 5 Growing your money Sources of Financial Advice Investment options available: superannuation, share market, property, cash deposits, long term investments Students examine what a budget is. Students understand what inflow of cash is to their financial situation. Students understand what an outflow of cash is to their financial situation. Students can identify inflows and outflows of their own finances. Students identify bills they have and sources of income. Students will be able to reconcile their bank accounts with checking off their outflows and inflows from source documents against their bank statement. Students explore where to go for financial advice eg: banks, financial advisors, friends/relatives, media. Students examine the investment options and can explain the differences between the investment options Worksheet to identify what an inflow of cash and an outflow of cash would be. Excel Template of a basic budget. Template and example of a bank reconciliation. Exercise for the students to complete to reconcile a persons financial information for one month using a range of source documents. Exercise on Investment options. Worksheet completed & ted electronically Task (Part 2) Using their collected information, prepare a Budget & electronically Completed Bank reconciliation ted 6 Growing your money Risk and rate of return Concept of security on an investment Understand risk and return Students able to identify popular investments as low risk, medium risk, high risk. Explore the relationship between risk and rate of return. Identify what security on borrowings is. Students able to identify items that could be offered as security. Students understand what a guarantor is. Resources explaining risk and return. Questions to complete and research. 7 Looking to the future Financial Planning/ Financial decision making Goal setting. Students will explore their own financial goals in 5 years, 10 years, 20 years. Explore the influence of media, peer group, beliefs and values. Students will explore their own goals and determine what has influenced those Worksheet provided with goal setting activity including how their goals have been influenced. Discussion notes on the influence of media, peers and beliefs etc.

3 goals. Understanding compound and simple interest. Resource activity on Compound and Simple Interest. 8 Introduction to Accounting Terminology 9 Introduction to Accounting Terminology 10 Revison/ Assessment Connecting the known terminology of personal finance to Accounting terms Students are able to define and Asset, Liability and Equity according to The Framework (Simplified) Assets Students identify examples of their belongings Liabilities Student identify examples relating to students Equity Student identify their Equity using the equation that results from A - L Students are able to define Income and Expenses according to The Framework (Simplified) Income Students can identify Income that they receive. Expenses Students identify expenses that they incur. Definition of Asset, Liability, Equity according to The Framework Worksheet for students to complete what Assets, Liabilities they have resulting in Equity. Definition of Income and Expenses according to The Framework. Worksheet for students to complete Income and Expenses they receive and incur. Assessment Period Assessment Period Final Test 10%

4 TERM 2 MODELLED ON 1B ACF COURSE Scope: Accounting for small cash entities (assumed a Sole Trader) Week Content Objectives Resources Assessment 1 Introduction to Fundamental Principles 2 Introduction to Fundamental Principles Simple definitions of Asset, Liabilities, Equity, Income and Expenses Introduction of the Accounting Equation Accepted Accounting Principles: Accounting Entity Monetary Accounting Period Going Concern Historical Cost 3 Starting a Business Planning Examine the funds required to start the business and the sources of finance (financial institutions). Insurance Companies and products that are insured. 4 Starting a Business Planning Impact of governments (local, state and federal) on operations of small businesses eg: taxation, financial assistance, regulations 5 Starting a Business Planning Impact on small businesses by other bodies: consumer groups, trade unions, professional associations, and industry groups. 6 Revision Social, environmental and ethical factors that influence the establishment and operations. Students can define Assets, Liabilities, Income, Expenses, Equity. Students can calculate Equity, Assets or Liabilities using the Accounting Equation. Expand the Accounting Equation to include Income and Expenses. Students can define the principles. Students can apply the principles given certain scenarios. Students will select a business from the list provided and will explore the different sources of finance and financial needs that their business may require. Loan to fund the business (from financial institute or family members). Insurance to cover the business (Indemnity Insurance, insuring of assets). Students can identify what insurance is. Students can examine the restrictions placed on their business from local, state or federal governments. Students can identify whether there are options for financial assistance offered by the governments. Students will explore the taxation implications of their business (GST/ABN/ TFN). Students explore what consumer groups may impact their small business. Students explore what trade unions would be associated (if any), with their business. Students explore any professional associations that they may need to belong to in their business. Students examine the social, environmental and ethical influences on their business. The Framework Worksheets to calculate Equity, Assets, Liabilities. Income and Expenses effect on Equity. Worksheet List of 15 business types (cash based businesses) for students to select a business to carry on with over the research task. Insurance Company Website Small Business Development Corporation Small Business Development Corporation Poster designed with the Principles explained. Section 1 Research Insurance Company coverage and obtain a quote (online) Section 2 What restrictions does your business have? What financial assistance is offered (if any) Section 3 What groups, unions, associations should you consider when commencing the business Social, environmental and ethical influences on their business.

5 EXAMS (11 12/^) 7 Starting a Business Planning Why prepare a cash budget Preparation of a simple cash budget 8 Introduction to record keeping Source documents nature, purpose and preparation of: Tax invoices Receipts Cheques Bank Deposit Slips Students will have an understanding of the purpose of a cash budget. Students will identify what cash inflows and cash outflows their business will have. Students will be able to prepare a simple cash budget for six months. END OF SEMESTER 1 COURSE Students can identify what each item is, the ordering process of each (sequential) and why each is prepared. Students will be able to identify the key information on each. Excel spread sheet template Word, Excel, Publisher, Powerpoint Section 4 Cash Budget Prepared for the business. Section 5 Students design their own source documents for their own business 9 Introduction to record keeping Petty Cash Payroll preparation using a wages book. Issuing a payslip. Students understand the purpose of Petty Cash and the nature of a petty cash transaction. Students are able to record a petty cash transaction using a petty cash book (template) Students will be able to prepare a payroll of 5 people using the tax tables from the ATO website of differing gross earnings per week. Students will be able to calculate 9% superannuation on gross earnings. Students will be able to calculate amounts payable for tax using the tax tables. Students will be able to determine the net amount payable to an employee incorporating deductions other than tax. 10 Guest Speaker Chartered Accountants To give the students an overview of what being an accountant is. Excel Template of a petty cash voucher. Excel template of a petty cash record. ATO tax tables (weekly) Booking required Section 6 Complete exercise and. Complete exercise and Nil

6 TERM 3 MODELLED ON 1B ACF COURSE Scope: Accounting for small cash entities Week Content Objectives Resources Assessment 1 Recording transactions in the business Principles of single entry cash accounting 2 Keeping cash safe Principles of Internal Control over cash. 3 Day to Day Processing Preparation of cash receipts and cash payments journal or a cash book with separate columns for sales/purchases, commonly recurring receipts/payments 4 Day to Day Processing Preparation of cash receipts and cash payments journal or a cash book with separate columns for sales/purchases, commonly recurring receipts/payments 5 Balances and Checks Preparation of Reconciliation Reports Students understand why it is important to have systems in place for single entry accounting. Students will be able to identify different methods of recording and maintaining single entry accounting systems using manual or electronic systems. Students can explore the benefits of using an electronic recording system. Students can identify ways in which businesses safe guard their cash and processes they put in place to protect cash. Students develop an understanding of the importance of internal controls over cash. Students can identify transactions that result in a cash receipt. Students can process a month s cash receipts in a cash receipts journal. Students can identify transactions that result in a cash payment. Students can process a month s cash payments in a cash payments journal. Students can perform a bank reconciliation of a business using a month s transactions (cash payments including wages, cash receipts) Activity to manually record a week s transactions into a columnar table. An excel spread sheet that has 4 months worth of records that students need to complete. Websites to assist students in a research task. Template in Excel of a cash receipts journal. Template in Excel of a Cash Payments Journal A mock bank statement matching the transactions processed in the previous two weeks. Students assess the electronic v manual record keeping. Complete exercise and Students complete a Cash Receipts Journal. Students complete a Cash Payments Journal Students complete a bank reconciliation 6 Presenting Financial Information 7 Presenting Financial Information Presentation of financial information in the form of simple unclassified reports: Statement of Receipts and Payments Presentation of financial information in the form of simple unclassified reports: Income Statement Students will be able to prepare a Statement of Receipts and Payments Students will be able to prepare an Income Statement Activity prepared Activity prepared Students to complete a Statement of Receipts and Payments Students to complete an Income Statement

7 8 Presenting Financial Information 9 Interpreting Financial Information 10 Introduction to Business s Introduction to Business s Presentation of financial information in the form of simple unclassified reports: Balance Sheet Reading Simple Financial Statements Main types of business structures: Characteristics of a Sole Trader Main types of business structures: Characteristics of a Partnership Students will be able to prepare a Balance Sheet Students will read and interpret a Cash Budget, Income Statement and Balance Sheet Students can explain the structure of of a Sole Trader and link it to the focus of a small cash entity. Students can explain the structure of of a Partnership Activity prepared Activity Prepared Research expedition Web Quest Research expedition Web Quest Students to complete a Balance Sheet Complete Web Quest Complete Web Quest

8 TERM 4 MODELLED ON 2A ACF COURSE Scope: Week Content Objectives Resources Assessment 1 Introduction to Business s 2 Comparing the Business Main types of business structures: Characteristics of a Company Advantages and Disadvantages of the main types of small business Students can explain the structure of of a Company each type of business Research expedition Web Quest Research Activity Complete Web Quest Investigating business 2% 3 Comparing the Business 4 Comparing the Business 5 Comparing the Business 6 Comparing the Business 7 Comparing the Business Advantages and Disadvantages of the main types of small business Advantages and Disadvantages of the main types of small business Advantages and Disadvantages of the main types of small business Advantages and Disadvantages of the main types of small business Advantages and Disadvantages of the main types of small business each type of business each type of business each type of business each type of business each type of business A3 Paper, Pencils, colour and lead, erasers, sharpeners Book Art room if available. Poster Design Software Poster Design Software Poster Design Software Word Software Planning business Producing business Producing business Producing business Evaluating business 3% 10% 8 Types of Businesses Types and characteristics of Students can differentiate between the

9 9 9 11/12 EXAMS 10 11/12 business undertakings: Manufacturing, Service and Trading three different business types and identify the characteristics of each. Activity prepared