12ACCO

Year 12 Accounting

Course Description

Teacher in Charge: Mr I. Sahib.

Accounting enables students to develop the knowledge and skills to manage the financial affairs of individuals, communities, and businesses.

Students will develop the knowledge and skills necessary to:

Prepare and maintain financial records

These could include the management of credit, understanding the concept of compound interest, establishing and monitoring Kiwisaver, maintaining a household or small business budget, and a basic understanding of the New Zealand tax system.

Manage financial affairs

An example would be communicating with a bank manger when applying for an overdraft facility. Effective financial management requires systematic planning to ensure deadlines are adhered to. Examples include claiming a tax rebate, meeting tax deadlines, payment of routine expenses, and loan repayments.

Act with integrity

Integrity involves being honest, responsible, and accountable. It requires individuals to act ethically at all times. Students will learn to justify and take responsibility for actions and decisions, obey the law, and keep accurate and confidential records. Examples include accurately claiming for contract hours worked and using business credit cards responsibly.

Contribute to the wider community

This involves sharing their accounting knowledge and using their skills to contribute to their families, whānau, and communities. For example, becoming the treasurer of a local club or managing the family budget.

Careers

Course Overview

Term 1
Achievement Standard 91386 version 2 (3 Credits)
Demonstrate understanding of an inventory subsystem for an entity
This activity requires students to process financial information for an inventory subsystem of a business and to write a report that explains elements of that subsystem. The report will also identify any issues and propose solutions to those issues.

Achievement Standard 91179 version 2 (3 Credits)
Demonstrate understanding of an accounts receivable subsystem for an entity
This activity requires students to process financial information for sales and accounts receivable, and to write a report that explains elements of operating an accounts receivable subsystem.

Term 2
Achievement Standard 91175 version 2 ( 4 Credits)
Demonstrate understanding of accounting processing using accounting software
This activity requires students to demonstrate understanding of accounting processes using accounting software. The context for this assessment is the introduction of a new commercial accounting software package by a small sporting goods retailer. The student’s level of achievement will be determined by their ability to:
• Create new general ledger accounts
• Enter opening balances into an appropriate chart of accounts
• Set up inventory, related cost of goods sold, and sales accounts, and correctly classify new general ledger accounts
• Process transactions using appropriate command centres and the general journal entries
• Use the banking function correctly for both cash and EFTPOS
• Correct complex errors.

Term 3
Accounting 91481: Demonstrate understanding of a topical accounting issue for decision-making ( 4 credits)

This activity requires students to create a presentation in which they demonstrate their understanding of how a topical accounting issue – managing sustainability – impacts on decision-making for an entity.
For any entity, aspects of sustainability can impact on its decision-making in multiple ways. These can be explored in relation to any or all of economic, environmental, social, and cultural bottom lines.
The students should be able to select an entity from several options (these could be arrived at via class discussion or be decided by individuals). In either case the teacher will approve the suitability of the entity. The entity may be an actual entity or ‘a case study of an entity’.

Term 4
Achievement Standard 91174 (4 Credits) - External

Commerce

Pathway

Accountants provide accounting services to companies, organisations and individuals. They prepare financial statements and forms, and advise clients on financial aspects of business.

Accountants may do some or all of the following:

-prepare financial statements and reports for clients or company management
-record the amount of money spent and received daily by clients or company management
-develop, forecast and check budgets
-prepare goods and services tax (GST) and other returns, such as surveys, pay as you earn (PAYE) and tax forms
-advise on financial aspects of businesses such as budgets, tax and cashflows
-review accounting procedures and analyse the financial performance of businesses
-assist management with strategic planning and human resources