Year 13 Accounting
13ACC Subject DescriptionTeacher in Charge: Mrs V. McDermott.
Recommended Prior Learning12 Accounting is recommended
The aim of this course is:
- To manage the financial affairs of individuals, whānau, and small, medium, or large entities, including community organisations, that may be local, regional, national, or global, to enable internal and external users to make effective and ethical decisions.
- To make use of appropriate communication tools and skills to process, report, and interpret information for individuals, whānau, and small, medium, or large entities, including community organisations, that may be local, regional, national, or global.
Students will build on their previous study of accounting, learning to prepare financial statements for partnerships and companies, explore job-costing and management accounting for decision making and interpret the annual report of a New Zealand company.
Year 13 Accounting is a university approved subject and students may have the opportunity to sit the Scholarship Accounting examination. Students may also have the opportunity to participate in the AUT Shadow a Leader Day.
Subject Overview
Term 1
Teaching and Learning for Accounting 3.2 internally assessed standard and Accounting 3.3 externally assessed standard.
Accounting 3.2
For students to justify the application of partnership accounting elements to enable the partnership to continue operations.
This involves:
• entries for the formation of a partnership using agreed values of assets, liabilities and capital contributions
• Partnership Agreement
• Partnership Act 1908
• entries for partners’ capital and current accounts
• Profit Distribution Statement
• Equity section and note to financial statements.
Term 2
Teaching and Learning continued for Accounting 3.3 externally assessed standard.
Purpose: Demonstrate understanding of company financial statement preparation.
This involves explaining and justifying the application of company accounting elements to the preparation of financial statements that are fit for purpose.
Company accounting elements are:
• Income Statement or Statement of Comprehensive Income
• Statement of Financial Position
• Statement of Cash Flows
• notes to the financial statements
• company accounting entries.
The preparation of financial statements incorporate balance day adjustments and all of the accounting elements above.
Term 3
Teaching and Learning for Accounting 3.4 internally assessed standard and Accounting 3.6 externally assessed standard.
Accounting 3.4
Purpose: Prepare a report for an external user that interprets the annual report of a New Zealand reporting entity.
This involves:
• providing an interpretation for an external user of the annual report of a New Zealand reporting entity in relation to its wider economic activities
• drawing a conclusion, including reasons for the recommendation, covering the limitations of the report and justifying the recommendation to meet the needs of an external user.
Interpreting the annual report for an external user involves explaining the relevant financial and non-financial information, which may be found in the current annual report and other media related to a New Zealand reporting entity.
The report is based on a current annual report issued by a New Zealand reporting entity.
An external user may be:
• a shareholder or a potential shareholder
• an interested employee or potential employee
• an interested consumer
• an interested community group.
Accounting 3.6
Purpose: Demonstrate understanding of management accounting to inform decision-making.
This involves:
• preparing detailed and extensive financial information
• explaining and justifying the application of management accounting elements to inform decision-making, based on financial and non-financial information.
Management accounting elements may include a selection from:
• budgets
• cost concepts
• comparison of actual results with budgets.
Financial information may include a selection from:
• cash budget
• cost-volume-profit (CVP) calculations
• CVP graph
• CVP profit statement
Note: CVP analysis is restricted to one product or service.
Term 4
Revision for Accounting 3.3 and Accounting 3.6 externally assessed standards.
Assessment Information
Scholarship Accounting will also be offered for those students that are at an Excellence level.
Accountant, Auditor, Accounts Officer, Actuary, Office Administrator, Finance Manager, Retail Manager, Bank Worker, Hotel/Motel Manager, Farmer/Farm Manager, Property Manager, Building Contractor, Buyer, Cafe/Restaurant Manager, Insurance Claims Officer, Community Development Worker, Event Manager
Contributions and Equipment/StationeryStudent Workbook $24.00 incl GST.
There may be an opportunity to take part in Commerce trip to Wellington (not compulsory).