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VCE Year 12 accounting is a subject that builds on the concepts and skills introduced in VCE Year 11 accounting. In this subject, students continue to develop their knowledge of accounting principles and concepts, and learn more advanced techniques for recording, analyzing and reporting financial data.
Accounting for companies: Students learn how to account for the transactions of companies, including the preparation of financial statements and the analysis of financial performance.
Management accounting: Students learn how to use accounting information to make decisions about resource allocation, cost management, and budgeting.
Accounting for groups: Students learn how to account for the transactions of groups of companies, including the preparation of consolidated financial statements.
Financial decision-making: Students learn how to use financial data to evaluate investment opportunities, calculate the cost of capital, and make decisions about financing.
Ethics and sustainability: Students learn about the ethical considerations that underpin accounting practice, and how accounting can be used to promote sustainable business practices.
Throughout the year, students will also develop their skills in critical thinking, problem-solving, and communication. There will be opportunities for students to work collaboratively and to develop their ICT skills, including the use of accounting software.
At the end of VCE Year 12 accounting, students should have a deep understanding of the principles and concepts of accounting, and be well-prepared for further study in accounting or related fields, or for entry into the workforce. The VCE Year 12 accounting exam is an important milestone for students, as it represents a significant portion of their final grade and provides a measure of their knowledge and skills in this subject.
Unit 3: Financial accounting for a trading business
This unit focuses on financial accounting for a trading business owned by a sole proprietor, and highlights the role of accounting as an information system. Students use the double entry system of recording financial data and prepare reports using the accrual basis of accounting and the perpetual method of inventory recording. Students develop their understanding of the accounting processes for recording and reporting and consider the effect of decisions made on the performance of the business. They interpret reports and information presented in a variety of formats and suggest strategies to the owner to improve the performance of the business. Where appropriate, the accounting procedures developed in each area of study should incorporate the application of the Conceptual Framework, financial indicators to measure business performance, as well as the ethical considerations of business owners when making decisions, including financial, social and environmental.
Unit 4: Recording, reporting, budgeting and decision-making
In this unit students further develop their understanding of accounting for a trading business owned by a sole proprietor and the role of accounting as an information system. Students use the double entry system of recording financial data, and prepare reports using the accrual basis of accounting and the perpetual method of inventory recording. Both manual methods and ICT are used to record and report. Students extend their understanding of the recording and reporting process with the inclusion of balance day adjustments and alternative depreciation methods. They investigate both the role and importance of budgeting in decision-making for a business. They analyse and interpret accounting reports and graphical representations to evaluate the performance of a business. From this evaluation, students suggest strategies to business owners to improve business performance. Where appropriate, the accounting procedures developed in each area of study should incorporate application of the Conceptual Framework and financial indicators to measure business performance, as well as the ethical considerations of business owners when making decisions, including financial, social and environmental.