SAMPLE COURSE OUTLINE ACCOUNTING AND FINANCE ATAR YEAR 11

SAMPLE COURSE OUTLINE ACCOUNTING AND FINANCE ATAR YEAR 11

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1 Sample curse utline Accunting and Finance ATAR Year 11 Semester 1 Unit 1 1 3 Intrductin t the curse, distributin f syllabus, curse utline and assessment utline Financial institutins and systems: Financial systems and fundamental principles characteristics f the main types f small business wnership: sle trader, partnership and small prprietary cmpany, including: number f wners liability f wners ability t raise capital r brrw funds distributin f prfits transfer f wnership separate accunting r legal entity cntinuity f existence advantages and disadvantages f the main types f small business wnership Financial institutins and systems: Financial institutins surces f finance, ther than equity, available t small businesses advantages and disadvantages f these surces f finance factrs cnsidered by financial institutins when apprving finance risk cllateral liquidity histry guarantrs return interest rate future business different types and characteristics f business undertakings, including: manufacturing trading/retailing service prviding Gvernment and the cmmunity: The rle and influence f gvernments and ther bdies legislatin relating t the frmatin f sle traders and partnership, including: GST Act 1999 (WA) Business Names Registratin Act 2011 (Cth) Partnership Act 1895 (WA) the cncept f bankruptcy as defined by the Bankruptcy Act 1966 (WA)

2 4 5 6 10 Financial institutins and systems: Financial systems and fundamental principles fundamental cncepts and cnventins f financial accunting, including: the accunting equatin duble entry accunting the accunting cycle: dcuments, jurnals, ledger, adjusting entries, clsing entries and financial statements definitin f the elements f financial statements assets liabilities equity incme expenses accepted accunting principles and cnventins, including: accunting entity mnetary histrical cst materiality accunting perid ging cncern Gvernment and the cmmunity: The rle and influence f gvernments and ther bdies the impact f GST legal requirements n small businesses, including: registering fr GST Australian Business Number (ABN) Financial institutins and systems: Financial systems and fundamental principles principles and features f the GST, including: taxable supplies, GST-free supplies and input taxed supplies accunting and reprting fr the GST, including the business activity statement (BAS) fundamental cncepts and cnventins f financial accunting, including: principles f the perpetual inventry system perpetual versus peridic inventry methds purpse f trial balance errrs disclsed by the trial balance errrs nt disclsed by the trial balance Recrding, using and evaluating : Recrding, prcessing and cmmunicating calculatin f the GST receivable r payable manual preparatin f the general jurnal and general ledger (including GST) t include: entries t cmmence business cash and credit transactins t include cash receipts, cash payments, sales, purchases, sales returns, purchases returns, discunt allwed, discunt received perpetual inventry system given the cst f sales (Nte: N requirement t teach inventry csting systems, such as Last-in First-ut, First-in First-ut and weighted average) purchase f nn-current assets write-ff bad debts withdrawal f inventry r cash by the prprietr crrectin f errrs clsing entries manual preparatin f trial balance

3 11 14 15 Financial institutins and systems: Financial systems and fundamental principles purpse f financial statements, including: perfrmance financial psitin liquidity Recrding, using and evaluating : Recrding, prcessing and cmmunicating manual preparatin f simple classified financial statements fr a sle trader excluding balance day adjustments incme statements balance sheet (statement f financial psitin) fr a trading/merchandising/service business Recrding, using and evaluating : Evaluating fr planning, crdinating, cntrlling and investing principles f internal cntrl applicatin f the principles f internal cntrl ver cash, inventry, accunts receivable, accunts payable and nn-current assets limitatins f internal cntrl Gvernment and the cmmunity: The influence f scial, envirnmental and ethical factrs csts and benefits fr small business f engaging in scially, envirnmentally and ethically respnsible behaviur, including: spnsrship resurce cnservatin taxatin respnsibility 16 Semester 1 examinatin

4 Semester 2 Unit 2 1 2 3 5 6 7 9 Intrductin t the curse, distributin f syllabus, curse utline and assessment utline Financial Institutins and systems: Financial systems and fundamental principles accrual basis f accunting as per the Framewrk fr the Preparatin and Presentatin f Financial Statements (the Framewrk) the distinctin between cash and accrual methds f accunting definitin, and recgnitin criteria f: assets liabilities equity incme expenses classificatin f incme, expenses, assets and liabilities by nature and functin purpse and nature f the fllwing balance day adjustments: accrued expenses prepaid expenses stck f supplies accrued incme incme in advance dubtful debts cncept f inventry csting methds weighted average First-in First-ut Recrding, using and evaluating : Recrding, prcessing and cmmunicating manual preparatin f general jurnal and ledger entries fr balance day adjustments (asset and liability methd nly) t prepare financial reprts (GST nt included) manual preparatin f clsing general jurnal entries manual preparatin f trial balance Financial institutins and systems: Financial institutins nature, benefits and risks t small business f the fllwing types f electrnic prcessing: EFTPOS bill payments electrnic payment system credit cards nline banking direct debits Financial institutins and systems: Financial systems and fundamental principles purpse and nature f balance day adjustments depreciatin nature f depreciable nn-current assets nature f depreciatin expense determining the cst f a depreciable nn-current asset identificatin f the mre apprpriate methd f depreciatin t apply straight line reducing/diminishing balance identificatin f ver r under depreciatin n sale f nn-current asset Recrding, using and evaluating : Recrding, prcessing and cmmunicating manual preparatin f general jurnal and general ledger entries fr recrding f depreciatin and dispsal f a single depreciable asset, including cst f a depreciable nn-current asset, depreciatin expense, dispsal f depreciable asset using the sale f asset methd

5 10 11 12 13 14 15 Recrding, using and evaluating : Recrding, prcessing and cmmunicating manual preparatin f classified financial statements fr a sle trader, including balance day adjustments incme statements statement f financial psitin fr a trading/merchandising/service business Recrding, using and evaluating : Recrding, prcessing and cmmunicating preparatin f the fllwing ratis: prfitability ratis prfit frmula prfit net sales grss prfit frmula grss prfit net sales expense frmula perating expenses net sales rate f return n assets frmula prfit average ttal assets liquidity ratis: wrking capital frmula current assets current liabilities quick asset frmula current assets inventry and prepayments current liabilities bank verdraft leverage rati: debt t equity frmula ttal liabilities ttal equity Recrding, using and evaluating : Evaluating fr planning, crdinating, cntrlling and investing interpretatin f the fllwing ratis t evaluate the prfitability and stability f a business prfitability ratis: prfit grss prfit expense rate f return n assets liquidity ratis: quick asset wrking capital leverage rati: debt t equity Gvernment and the cmmunity: The rle and influence f gvernments and ther bdies the rle f the prfessinal accunting and financial assciatins, including: CPA Australia Chartered Accuntants Australia and New Zealand The Institute f Public Accuntants Financial Planning Assciatin f Australia Limited

6 Gvernment and the cmmunity: The influence f scial, envirnmental and ethical factrs the nature and purpse f the prfessinal cdes f cnduct fr members f prfessinal accunting service prviders assciatins Recrding using and evaluating : Recrding, prcessing and cmmunicating using an established chart f accunts and the perpetual inventry system, apply duble entry principles using Mind Yur Own Business (MYOB) r QuickBks t electrnically recrd financial data and prduce financial reprts 16 Semester 2 examinatin