Year 10 Accounting

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Year 10 Accounting

Accounting is a school-developed subject which provides a basis for the understanding of the operation of business and its importance to our economy. The subject focuses on the study of financial management and how ‘best practice’ in this field leads to successful business models and outcomes. Students are given the opportunity to develop skills and understandings in the area of financial literacy in an attempt to understand their financial future.

Pathways

This subject provides a foundation for further studies of Business and Accounting in Year 11 and Year 12. The skills developed may also have application to other (Humanities/Science/Arts/Technology) subjects.

Structure

Unit 1: Introduction to Accounting

The role of Accounting in business operations
Assumptions in the Accounting system
Basic business transactions, including Accounting Equation, accounts groups and their nature
Recording of transactions
End-of-year financial reports - Income Statement and Balance Sheet
Ethical issues such as fraud and tax evasion, including their consequences and penalties

Assessment: Practical Test - A supervised in-class assessment task processing a range of business transactions and preparing financial statements.

Unit 2: Unlocking your Financial Future

Fundamental to unlocking their financial future
Budgeting
Financial literacy relating to mobile phone use, using debit and credit cards, buying online, buying a car, pitfalls and scams, borrowing money, debt and saving
Investing; good and bad debt; risk versus return; investment opportunities

Assessment: Research Report - In response to a task relating to various aspects of financial literacy.