Australia · ACARA Content Descriptions
Year 12 Accounting.
Year 12 Accounting focuses on the financial recording, reporting, and decision-making processes of Australian businesses. Students develop an understanding of both manual and ICT-based accounting systems, analysing financial data to provide strategic advice to business owners.
01Recording and Analysing Financial Data
Students focus on the double-entry system of recording financial data for a trading business. They prepare and interpret accounting reports to assess business performance.
Students analyse source documents and apply the rules of double-entry accounting to record transactions. They explore the role of the General Journal in the accounting process.
Focuses on posting journal entries to the General Ledger and preparing a Trial Balance. Students identify and correct accounting errors.
Students investigate inventory management techniques, focusing on the First-In, First-Out (FIFO) and Identified Cost methods. They assess the impact of inventory valuation on profit.
Covers the preparation of the Income Statement, Cash Flow Statement, and Balance Sheet for a trading business. Students ensure compliance with accounting assumptions and qualitative characteristics.
02Financial Control and Decision Making
This unit explores the use of financial and non-financial information to evaluate business performance. Students investigate strategies to improve profitability and liquidity.
Students calculate and interpret financial indicators to assess a business's profitability and liquidity. They provide recommendations to owners based on these analyses.
Explores the preparation of budgeted financial reports and the analysis of variances. Students use budgets to plan for future operations and control business activities.
Focuses on the design and implementation of internal control systems to safeguard business assets. Students examine cash management strategies to ensure operational stability.
Students evaluate the importance of non-financial indicators, such as customer satisfaction and employee turnover, in assessing overall business performance.
03Corporate Accounting and Reporting
Students examine the accounting requirements for public companies, including the preparation of complex financial statements. They explore the regulatory framework governing corporate accounting in Australia.
Introduces the Australian Accounting Standards Board (AASB) and the Conceptual Framework. Students explore the regulatory environment governing corporate reporting in Australia.
Examines the methods companies use to raise capital, including issuing shares and debentures. Students record transactions related to corporate financing.
Students prepare complex financial statements for reporting entities, including the Statement of Changes in Equity. They apply relevant accounting standards to ensure accurate disclosure.
Focuses on the interpretation of published annual reports of Australian public companies. Students analyse the directors' report, auditor's report, and financial notes.
04Management Accounting and Contemporary Issues
This unit focuses on management accounting techniques used for planning and controlling business operations. Students also explore ethical considerations and the impact of technology on the accounting profession.
Students apply CVP analysis to determine break-even points and target profits. They use this management accounting tool to make informed pricing and production decisions.
Explores methods for evaluating long-term capital investments, including Net Present Value (NPV) and the Payback Period. Students assess the viability of proposed business projects.
Students investigate the ethical responsibilities of accountants and business owners. They analyse case studies involving ethical dilemmas and corporate social responsibility.
Examines the transformative effect of Information and Communication Technology (ICT) on the accounting profession. Students explore the benefits and risks of cloud-based accounting systems.