Rosmini College
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 is 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 his own personal financial statements and that of his own business. We learn how to analyse and interpret 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.
Flowing 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.
Those who have not studied Accounting before should discuss the course requirements with the HOD Accounting.
Contributions and Equipment/Stationery
Approximately $35 for workbooks and stationery available from Rosmini and MySchool.co.nz
Pathway
Government, business, community groups, individuals all use accounting.
Credit Information
You will be assessed in this course through all or a selection of the standards listed below.
Total Credits Available: 21 credits.
Externally Assessed Credits: 8 credits.
Internally Assessed Credits: 13 credits.
External
NZQA Info
NZQA Info
NZQA Info
NZQA Info
NZQA Info
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.
Useful Links
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 2024 timetable, including the number of classes in each subject and staffing allocations, is created based on student selections made in 2023. Because of this, changing subjects at the beginning of 2024 may not be possible. Please, make your subject choices carefully.
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