Accounting Level 1

L1ACC
Course Description

Teacher in Charge: Mr B. Choromanski

Accounting is the language of business. It provides a system of measuring the money value of transactions in business and for individuals. The course involves personal accounting, financial accounting, the accounting process and the application of these principles and processes to individuals, clubs and sole traders.

General
This course aims to:
• Develop student’s understanding of the role in society as a financial language for partnerships, companies and manufacturing concerns.
• Provide students with knowledge of the principles, processes and systems of Accounting.
• Enable students to apply financial knowledge and skills to practical situations.

This level of study is organised into fiver major themes. These themes will be taught in the following order.
Theme 1 The Conceptual basis of Accounting
You will develop an understanding of the foundations of Accounting, the principles on which it is based and how they are applied in a range of situations.
Theme 2 Processing
You will learn how to record and process the impact of financial transactions for particular entities
Theme 3 Accounting Systems
You will learn to be able to describe and evaluate a job cost system for a business which produces a good or provides a service.
Theme 4 Accounting Reports
You will learn how to present and report financial information to interested parties for particular entities.
Theme 5 Decision Making
You will learn how to analyse, interpret and evaluate financial and non-financial information to make informed decisions.


Pathway

Accounting Level 2, Economics Level 2

Recommended Prior Learning

Open Entry, however, it is recommended that you would have achieved a pass in Year 10 Mathematics


Credit Information
Assessment
Level
Internal or
External
Credits
L1 Literacy Credits UE Literacy Credits Numeracy Credits
A.S. 90976 v3 Accounting 1.1 - Demonstrate understanding of accounting concepts for small entities
1
E
3
Y
A.S. 90977 v3 Accounting 1.2 - Process financial transactions for a small entity
1
I
5
A.S. 90978 v3 Accounting 1.3 - Prepare financial statements for sole proprietors
1
E
5
A.S. 90979 v3 Accounting 1.4 - Prepare financial information for a community organisation's annual general meeting
1
I
4
Y
A.S. 90980 v3 Accounting 1.5 - Interpret accounting information for sole proprietors
1
E
4
Y
A.S. 90981 v3 Accounting 1.6 - Make a financial decision for an individual or group
1
I
3
Y
Total Credits

Total Credits Available: 24 credits.
Externally Assessed Credits: 12 credits.
Internally Assessed Credits: 12 credits.

Pathway Tags

Accountant, Management Consultant, Quantity Surveyor, Finance Manager, Actuary, Market Research Analyst, Managing Director/Chief Executive, Mortgage Broker, Payroll Officer, Tertiary Lecturer, Purchasing/Supply Officer, Property Manager, Buyer, Valuer, Insurance Claims Officer, Community Development Worker, Auditor, Accounts Officer, Retail Manager, Financial Adviser, Bank Worker, Hotel/Motel Manager, Farmer/Farm Manager, Health Services Manager, Insurance Agent