Accounting
OVERVIEW
This study enables students to:
- Acquire knowledge and skills to record financial data and report accounting information in a
manner that is appropriate for the needs of the user
- Develop an understanding of the role of accounting in managing and operating a business
- Develop skills in the use of ICT in an accounting system
- Develop an understanding of ethical considerations in relation to business decision-making
- Develop the capacity to identify, analyse and interpret financial data and information
- Develop and apply critical thinking skills to a range of business situations
- Use financial and other information to improve accounting decision-making within a business
- The study of accounting is based on the premise that people need to be accountable. As Christians we can go one step further and highlight a very fundamental Biblical principle – that we are all ultimately accountable to God: “Nothing in all creation is hidden from God’s sight. Everything is uncovered and laid bare before the eyes of Him to whom we must give account” Hebrews 4:13
- This subject develops this principle and focuses more specifically on our accountability to God in relation to money and talents. Matthew 25:14-30: Parable of the talents and Luke 16:1-13: Parable of the shrewd manager.
- The course also helps encourage careful stewardship of the gifts that God has given through planning and budgeting.
SUBJECT LENGTH
- Each Unit is 1 semester long. Units 3 & 4 must be completed together in a calendar year for a study score to be generated.
TOPICS INCLUDE
UNIT 1: Role of accounting in business
- The Role of Accounting
- Recording financial data and reporting accounting information for a service business
UNIT 2: Accounting and decision-making for a trading business
- Accounting for inventory
- Accounting for and managing accounts receivable and accounts payable
- Accounting for and managing non-current assets
UNIT 3: Financial accounting for a trading business
- Recording and analysing financial data
- Preparing and interpreting accounting reports
UNIT 4: Recording, reporting, budgeting and decision-making
- Extension of Recording and Reporting
- Budgeting and decision-making
PREREQUISITES
- There are no prerequisites
ASSESSMENT
Units 1&2
Coursework assessment tasks are selected from:
- A folio of exercises utilising manual methods and ICT
- An assignment and report including use of ICT
- A case study including use of ICT
- A classroom presentation, role-play or debate
- Examination
Units 3&4
- School Assessed Coursework Unit 3 (25%)
- School Assessed Coursework Unit 4 (25%)
- External Examination (2 hours) (50%)