ACC8

Accounting - NCEA Level 3

Course Description

Teacher in Charge: Mrs M. Atkinson

“Accounting was the course that helped me more than anything” Julian Robertson, billionaire and financial provider to many charitable organisations.

At this level this is an academic course which focuses on preparing students for future study in Business Management at Wintec or University.

This course allows students to demonstrate an understanding of:
- the preparation of the setting up and operation of business partnerships
- the interpretation of the annual report of a listed New Zealand company with a view to providing advice to a prospective future employee or investor
- making future business decisions about the introduction or expansion of current products or services
- using a job cost system to prepare quotes for customers

This is an approved subject for University Entrance.

Course Overview

Term 1
A partnership is defined as a group of persons carrying on a business with a view to making a profit. During this term you will learn the reasons for forming business partnerships and explore the financial areas that may result in future conflict for the partners. Of particular importance is the contribution each partner makes to the start-up costs of the partnership and then the way in which profits will be distributed to each partner is rewarded according to their effort, expertise and capital contribution.
You will complete practical tasks involving the formation and profit distribution to partners, plus explaining the entries involved to your client who has little or no knowledge of the importance of good financial management to ensure that the partnership continues to operate in the future.

Term 2
The future may see you in as the owner or manager of a large manufacturing business. This term you will be expected to produce quotes for customers that involve some future production by your business. In order to do this a calculation of the costs of production (materials and labour), a charge to cover all the other costs of operating a factory (rent, equipment repair, lighting and heating, etc) and a profit margin. As this is a business that employs staff you are expected to prepare a report that explains the processes the business has in place to ensure that all costs are accurately accounted for to ensure the continuing viability of the business. Continuing viability comes from making a profit so that the price the customer pays is equally as important as its cost.

Term 3
Often thought you would like to invest in the share market or know a bit more about the employment opportunities available in a particular company then this unit of work will give you some answers. You are expected to prepare a report on a New Zealand reporting entity’s annual report (e.g Briscoes, The Warehouse) that meets the needs of a user determined by you. Your report will tell a story about the company you select and you will read their annual report and use this information to help decide whether the company meets the needs of your user.
Interpreting the annual report for an external user involves explaining the relevant financial and non-financial information, which may be found in the current annual report and other media related data on your chosen company. Take notice of the economic climate and special events etc. that might impact on the retail environment in New Zealand.

Term 4
Photography is your passion and you see an opportunity to earn some extra dollars by …… In order to do this you need to borrow some funds to update your current photography equipment. This term you will learn to ask the what if, questions that can be answered very quickly by applying some straightforward formulae which allows you to make an informed decision about the way forward for your business idea. Linked to this is the practical application of preparing a cash budget to confirm whether or not your proposal to start up or expand a business idea is possible.

Recommended Prior Learning

Desirable to have completed some Accounting in BUW 1 and/or 2.

Credit Information

This course is eligible for subject endorsement.

This course is approved for University Entrance.

Total Credits Available: 17 credits.
Externally Assessed Credits: 4 credits.
Internally Assessed Credits: 13 credits.

Assessment
Description
Level
Internal or
External
Credits
L1 Literacy Credits
UE Literacy Credits
Numeracy Credits
A.S. 91405 v2
NZQA Info
Accounting 3.2 - Demonstrate understanding of accounting for partnerships
Level: 3
Internal or External: Internal
Credits: 4
Level 1 Literacy Credits: 0
University Entrance Literacy Credits: 0 *
Numeracy Credits: Y

Assessments:
Term: 1, Week: 11

A.S. 91407 v2
NZQA Info
Accounting 3.4 - Prepare a report for an external user that interprets the annual report of a New Zealand reporting entity
Level: 3
Internal or External: Internal
Credits: 5
Level 1 Literacy Credits: Y
University Entrance Literacy Credits: 5r,5w *
Numeracy Credits: Y

Assessments:
Term: 3, Week: 10

A.S. 91408 v2
NZQA Info
Accounting 3.5 - Demonstrate understanding of management accounting to inform decision-making
Level: 3
Internal or External: External
Credits: 4
Level 1 Literacy Credits: Y
University Entrance Literacy Credits: 0 *
Numeracy Credits: Y
A.S. 91409 v2
NZQA Info
Accounting 3.6 - Demonstrate understanding of a job cost subsystem for an entity
Level: 3
Internal or External: Internal
Credits: 4
Level 1 Literacy Credits: Y
University Entrance Literacy Credits: 0 *
Numeracy Credits: Y

Assessments:
Term: 2, Week: 10

Credit Summary
Total Credits: 17
Total Level 1 Literacy Credits: 13
Total University Entrance Literacy Credits: 5
Total Numeracy Credits: 17

Approved subject for University Entrance

Number of credits that can be used for overall endorsement: 17

Only students engaged in learning and achievement derived from Te Marautanga o Aotearoa are eligible to be awarded these subjects as part of the requirement for 14 credits in each of three subjects.

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