13ACC

NCEA Level 3 Accounting

Course Description

Teacher in Charge: Mrs L. van Wyk.

Accounting the language of business

Accounting Level 3 is a consolidation year. It is useful for any student hoping to start his own business, go into, or join a partnership, work for a company, or go on to study further.

We look at the global business environment, but with a special focus on New Zealand and the framework that we operate in from a reporting perspective, as well as an operational viewpoint. We begin by studying the New Zealand reporting framework, its purpose and scope. 

Thereafter, we look at the advantages and disadvantages of operating in a legal partnership in New Zealand. We study the importance of a partnership agreement and how the Partnership Act 1908 will come into effect in the event there is no partnership agreement in place. We then learn how to account for the formation of a partnership including; the agreed values for assets, liabilities and capital contributions that arise on formation, the distribution of partner salaries, bonuses, interest on their capital contributions and profit share apportionment at the end of a financial year.

Financial analysis and Interpretation are a big component of level 3. This is critical for students thinking of investing in shares and stocks in the future, as well as learning to be able to read and interpret their financial statements and that of their own business.  We learn how to analyse and interpret the financial ratios of a New Zealand-registered company with the view to whether it is a viable investment option, in comparison to other investment options. Students prepare a report for an external user after considering profitability, liquidity, cash management and market analysis from a financial and non-financial perspective.

Following from above, our focus is on decision-making within a business. If we are a manufacturing business, we need to know where the optimum level of production is in our business, and how we cost our products and services. The achievement standard we study is understanding a job costing sub-system of an entity.

A job cost sub-system is a method to determine how much it costs a business to manufacture a product or provide a service. We look at how we allocate our manufacturing costs to arrive at accurate cost-of-goods sold figures when we sell our manufactured goods.

Finally, we look at understanding management accounting to inform decision-making. This involves looking at Cost / Volume / Profit and Break-even analysis, which is key in any business, especially a manufacturing concern.  

This course provides the fundamental preparation for students considering starting a business in the future.


Skills acquired include logical thinking and a comprehensive technical understanding of the accounting process.

Course Overview

Term 1
A.S. 91404 v2
Accounting 3.1 - Demonstrate understanding of accounting concepts for a New Zealand reporting entity

A.S. 91405 v2
Accounting 3.2 - Demonstrate understanding of accounting for partnerships

Term 2
A.S. 91407 v2
Accounting 3.4 - Prepare a report for an external user that interprets the annual report of a New Zealand reporting entity

A.S. 91409 v2
Accounting 3.6 - Demonstrate understanding of a job cost subsystem for an entity


Term 3
A.S. 91408 v2
Accounting 3.5 - Demonstrate understanding of management accounting to inform decision-making


Revision
A.S. 91404 v2 (3.1)
A.S. 91408 v2 (3.5)

Term 4
Revision

External Examination/s

A.S. 91404 v2 (3.1) (Optional)
A.S. 91408 v2 (3.5)

Recommended Prior Learning

Entry is open to all Level 3 students. An interest in interpreting numerical data and logical thinking is desirable. A good option for those students who study Economics and/or Business Studies. 


Contributions and Equipment/Stationery

Approximately $35 for workbooks and stationery available from Rosmini and MySchool.co.nz

Pathway

Knowing Accounting and Finance is a life skill. It opens up many career pathways for you. Whether you want to use it to empower yourself as an individual, know how to set up your budget and financials or go into a commerce-related field such as becoming an Accountant, Financial Advisor, Investment banking and management, Corporate finance, Construction Management, Property management or Project Management - this subject will work for you.

Credit Information

You will be assessed in this course through all or a selection of the standards listed below.

Total Credits Available: 21
Internal Assessed Credits: 13
External Assessed Credits: 8
Assessment
Description
Level
Internal or
External
Credits
L1 Literacy Credits
UE Literacy Credits
Numeracy Credits
A.S. 91404 v2
NZQA Info

Accounting 3.1 - Demonstrate understanding of accounting concepts for a New Zealand reporting entity


Level: 3
Internal or External: External
Credits: 4
Level 1 Literacy Credits: 0
University Entrance Literacy Credits: 4r,4w *
Numeracy Credits: 0
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: 0
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: 0
University Entrance Literacy Credits: 5r,5w *
Numeracy Credits: 0
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: 0
University Entrance Literacy Credits: 0 *
Numeracy Credits: 0
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: 0
University Entrance Literacy Credits: 0 *
Numeracy Credits: 0
Credit Summary
Total Credits: 21
Total Level 1 Literacy Credits: 0
Total University Entrance Literacy Credits: 9
Total Numeracy Credits: 0

Approved subject for University Entrance

Number of credits that can be used for overall endorsement: 21

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.

Disclaimer

Rosmini College's timetable is student-driven and a new timetable is generated each year based on student subject selection. Unfortunately, while we do our best to avoid them, timetabling clashes may still occur and a few students may be required to choose an alternative subject option.

The 2025 timetable, including the number of classes in each subject and staffing allocations, is created based on student selections made in 2024. Because of this, changing subjects at the beginning of 2025 may not be possible. Please, make your subject choices carefully.