Survey
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
YEAR 11 ACCOUNTING UNIT: CS1 Core Studies 1 – Introduction to Accounting UNIT OVERVIEW Students will be able to enter accounting transactions, including GST, into a general journal, post to a ledger and prepare a trial balance from their knowledge of fundamental accounting concepts. ASSESSMENT: Practical assessment, supervised conditions, exam assessing KPP (Knowledge and procedural practices). UNIT DETAILS: No Learning Goal Success Criteria (I Know I’ve got it when I can …) 1 Define Accounting and identify the factors impacting on accounting and the accounting profession. Recall the three distinct elements of the Accounting definition and state various employment avenues for accountants. 2 Define accounting terminology relating to the unit Core Studies 1. Recall and explain terminology definitions that relate to this unit. 3 Explain the concept of separate accounting entity. Explain the accounting entity assumption. 4 Define the different types of accounts, the accounting equation, the rules for debit and credit. Define assets, liabilities, owner’s equity, revenue and expenses; and state the nature of each and the rules for increases and decreases to these accounts. 5 Classify accounts into the 5 types. Correctly classify a range of commonly used accounts as assets, liabilities, owner’s equity, revenue or expenses. 6 Describe the accounting entity assumption. Explain the purpose of the accounting entity assumption. 7 Explain the function of source documents. Identify the various source documents used to record various transactions. 8 Analyse a variety of transactions and record these in a transaction table. Accurately prepare transaction tables incorporating all 5 types of accounts. 9 Record transactions, incorporating GST, and using perpetual inventories with amounts given for cost of goods sold into a general journal. Accurately record transactions in the general journal for opening entries, sale and purchase of inventories and non-current assets, sales and purchases returns, cash receipts and payments, drawings of cash and inventories, and correction of errors. 10 Post the general journal to the columnar ledger, using a chart of accounts. Organise accounts in the general journal into the correct order in the ledger and post the journal to the ledger. 11 Prepare a trial balance from a ledger. Explain the purpose of preparing a trial balance, prepare this report from the ledger and detect and correct errors that may be evident in the ledger. 12 Record transactions into a general journal, post to the ledger and prepare a trial balance. Correctly prepare general journal entries, post to the ledger and complete a correctly balanced trial balance.