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accounting

ac1000ca course and assessment guide ncea level 1

2015


accounting ac1000 teacher contact details When you first make contact with your teacher, please fill out their details below, for future reference.

name: telephone: 0800 65 99 88 Ext: alternative telephone number: email address: Private Bag 39992, Wellington Mail Centre, Lower Hutt 5045. Please keep your Accounting (AC1000) Course and assessment guide in a safe place so that you can use it to plan your study and to record your assessment results. For further information about courses at this level, please refer to Student Guide to Years 11–13 and the Student Guide to National Certificates.

Cover photo: Business crowd, © istockphoto 570503 Copyright © 2011 Board of Trustees of Te Aho o Te Kura Pounamu, Private Bag 39992, Wellington Mail Centre, Lower Hutt 5045, New Zealand. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without the written permission of Te Aho o Te Kura Pounamu. © te ah o o te k u ra p ou n am u


contents 1

Welcome to AC1000

2

Getting started

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AC1000 course outline

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Assessment summary

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Additional course materials

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Assessment information

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Suggested course planner

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My Accounting assessment record (AC1000)

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welcome to ac1000 Welcome to the Level 1 Accounting (AC1000) course offered by Te Aho o Te Kura Pounamu.

aims of ac1000

Accounting NCEA Level 1 gives a general introduction to Accounting. This course aims to: •• develop your understanding of the role of accounting in society as a financial language for individuals, community organisations and sole trader businesses •• provide you with knowledge of the principles, processes and systems of accounting •• enable you to apply financial knowledge and skills to practical situations •• manage your own personal finances. The course covers five main areas of learning. 1. Examining the conceptual basis of accounting, including financial elements, principles, concepts and notions. 2. Processing financial information on a cash basis from source documents to journals and ledgers. 3. Preparing financial statements and making adjustments to record assets and liabilities on balance day. 4. Analysing and interpreting information looking at financial trends and making appropriate decisions for the future. 5. Accounting for other entities, exploring how community organisations classify and present their financial information and the application of accounting principles to personal finances. Course credits The Level 1 Accounting course offers 28 credits towards the Level 1 National Certificate in Educational Achievement (NCEA) and is covered in 10 write-on booklets. There are four internal assessments worth 16 credits and three external assessments worth 12 credits. You are expected to choose up to 20 credits to complete in a one year course. At the end of term three Te Kura offers a school exam which provides valuable practice for the external exams in November. Further assessment opportunities There are no further assessment opportunities offered in Level 1 Accounting.

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getting started how this course is delivered

AC1000 is a print-based course, with course material and supplementary material accessed from the online teaching and learning environment (OTLE). Dual enrolled students are expected to access material from OTLE. Other enrolled students may request printed materials to be posted, accepting there will be a delay between enrolment and receiving the first posting. You will receive an email explaining how to log in to OTLE. This email includes a link to set your password if you have not logged into the OTLE before. You can access OTLE by clicking on www.tekura.school.nz/login. It is recommended that you bookmark this site in your browser. This will take you to a page with links to your courses. Your username and initial password is your Te Kura student ID number. You will be asked to set a new password when you first log in. After that, if you need to reset your password you can click on the ‘Forgot password’ link on the OTLE login page. If you have difficulties logging in, please email: helpdesk.otle@tekura.school.nz

organising your study

Plan a regular time to study. Some people learn best from frequent short sessions while others do better with fewer, longer sessions. It is important to have a plan or a timetable and to keep to it. There is a suggested planner in the back of this guide for you to plan your programme of study. You may wish to consult with your subject teacher to help you decide on your plan. Getting your study underway is very important. Your first return of work should be two to three weeks after you first received your initial work. If you have any issues returning your work within this time please contact your subject teacher. For more information on how to study successfully, refer to the Student Guide to Years 11–13 (www.tekura.school.nz).

te kura codes

Your course code is: AC1000. ‘AC’ is the code for Accounting and ‘1’ refers to Level 1. AC1005 refers to a booklet that covers a particular learning topic in the AC1000 course. AC1005Y1 refers to the first assessment for an Achievement Standard for AC1005. ‘AS’ is the code for Achievement Standard, for example AS90977.

resources you need to get going Te Kura booklets, calculator, pen and ruler.

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getting started

self-assessment

Many assessment activities are self-marked. You’ll find an Answer guide towards the back of each booklet. Use these answers to mark your own work and make corrections where necessary. Self-marking is very important as it gives you instant feedback on how well you understand the ideas, concepts or information that have been covered.

assessment

Students are required to send in their self-marked activities as well as their internal or practice external assessments. Teachers send it back to them with feedback and feed forward. Internal assessments for this course are: •• Preparing financial records for sole traders (AC1005Y1) •• Preparing financial information for a community organisation’s annual general meeting (AC1008Y1) •• An investigation of household finances by way of a questionnaire and report (AC1010Y1) •• Making a financial decision for a family holiday (AC1011Y1). The detailed criteria for Achievement Standards will be given in the relevant booklets. They can also be found in the Reference guide and by searching the subject and level in the NCEA part of the NZQA website (www.nzqa.govt.nz) within the relevant standard(s). If there are two assessment opportunities, is called ‘Y1’ for an Achievement Standard. For example, AC1005Y1 is one assessment for AS90977 and there is no further assessment opportunity. External assessment preparation includes: •• practice external assessments •• Te Kura practice examinations.

time commitment

There are 10 booklets in this course. Each contains a note on the front cover indicating how many hours the topic is likely to take. For example, booklet AC1005 may take 20 hours of work to complete at the normal pace, representing about four weeks of work. Before deciding on the pace of learning, read through this Course and assessment guide and ask yourself the following questions: •• How much time can I set aside for study each week? •• Will I be able to keep a steady pace of five hours of study each week? •• What do I want to do next year? How many credits will I need to do this? •• Will I be doing externally and internally assessed standards? •• Will I be prepared to sit the external examination in November? •• Will I need specific external or internal credits as a prerequisite for next year’s study or work?

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getting started

normal pace of learning

A normal pace of learning is similar to what a student does at school. As a guide, expect to do at least five hours work per week. This means completing three to four booklets each term so that you complete the course before the November external examinations and the end of the school year.

flexible pace of learning

If you have less than a year because you start later or need to finish earlier, you can decide the pace at which you work. You could still complete the whole course by devoting more time and effort to it. Your teacher can ensure that you receive the resources you need in time to do this.

choosing topics and standards

You may wish to do only some topics. For example, you may only want to do internal standards in this course. You should discuss this with your learning advisor and teacher. You should consider how well this will meet your learning goals and whether it will meet the specific course entry requirements for tertiary institutions or any future study and whether you will be able to gain enough credits to achieve your NCEA. To be awarded NCEA Level 1, you will need to gain a minimum of 80 credits at Level 1 (or above) including the 10 credits for literacy and the 10 credits for numeracy. A list of achievement standards from levels 1, 2 and 3 that count towards Level 1 literacy and numeracy can be accessed from: www.nzqa.govt.nz/about-us/our-role/legislation/nzqa-rules/secondary-schools-supportinginformation/level-1-literacy-and-numeracy-requirements/

cover sheets

The back cover of each booklet becomes the Cover sheet for your work. Fill it in and sign it before sending your work back to Te Kura. If applicable, your supervisor also signs this sheet as part of our authenticity requirements. All students are encouraged to submit as much as possible of their work on line via the OTLE Dropbox. When work requires authentication, students will follow the instructions provided in OTLE.

queries about your work

It is important to contact your teacher if you have any queries about your work. When you contact your teacher it helps to have your ID number, booklet code (for example, AC1005) and the activity or question number, but it is not essential.

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ac1000 course outline Course item/ booklet

Title

AC1000CA

Course and assessment guide

AC1011Y1

Learning outcomes (if applicable)

Achievement Standard (AS)

Make a financial decision

Make a financial decision for an individual or group

AS90981 Accounting 1.6

AC1010

Managing cash

Explain key information and the purpose of financial documents including methods to safeguard cash.

AS90982 Accounting 1.7

AC1001

Accounting concepts 1

Understand key concepts, features of small entities and financial elements.

Accounting concepts 2

Use the accounting equation to record transactions, explain capital and revenue expenditure and classify items in the financial statements.

AC1003

Processing 1

To recognise the importance of source documents, calculate GST and enter transactions into the expanded accounting equation.

AC1004

Processing 2

Classify ledger accounts, record transactions in journals and post to ledgers.

AC1005

Processing 3

Complete a bank reconciliation for a small business and a community organisation.

AC1006

Financial statements 1

Prepare simple financial statements for sole proprietors.

AC1007

Financial statements 2

Prepare comprehensive financial statements including balance day adjustments.

AC1008

Community organisations

Complete financial statements for community organisations including an activity statement, cash flow statement and Treasurer’s Report.

AS90979 Accounting 1.4

AC1009

Analysis and interpretation

Use measures of profitability, liquidity and financial stability to analyse financial statements and make recommendations.

AS90980 Accounting 1.5

AC1002

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AC1000CA

AS90976 Accounting 1.1

AS90977 Accounting 1.2

AS90978 Accounting 1.3

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assessment summary credits offered: 28

ncea level 1 accounting (ac1000) Study material (code)

Standard number

Standard title

AS90976 Accounting 1.1

Demonstrate understanding of accounting concepts for small entities.

AC1001 AC1002

Process financial transactions for a small entity.

AC1003 AC1004 AC1005

Prepare financial statements for sole proprietors.

AC1006 AC1007

Prepare financial information for a community organisation’s annual general meeting.

AC1008

Interpret accounting information for sole proprietors.

AC1009

Demonstrate understanding of cash management for a small entity.

AC1010

External 3 credits

L

AS90977 Accounting 1.2 Internal 5 credits AS90978 Accounting 1.3 External 5 credits AS90979 Accounting 1.4 Internal 4 credits

L

AS90980 Accounting 1.5 External 4 credits

L

AS90982 Accounting 1.7 Internal 4 credits

L

AS90981 Accounting 1.6 Internal 3 credits L

Make a financial decision for an individual or group

AC1011Y1

There are no further assessment opportunities in AC1000. L are Literacy credits for NCEA Level 1.

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additional course materials additional course materials/resources online resources Resource

Description

Website

Te Kura website information, OTLE

Te Kura site with additional resources on OTLE.

www.tekura.school.nz

Supplementary material

A student help site with information on internal achievement criteria, subject content, and assessment practice.

http://ncea.tki.org.nz/ Resources-for-alignedstandards/Social-sciences

NZQA website

Achievement standards, examiner’s reports, past exam papers, and solutions.

www.nzqa.govt.nz/ qualifications-standards/ qualifications/ncea/subjects/

assessment tasks

•• Your first internal assessment is AC1011Y1 (AS90981) Accounting 1.6 which includes the resource material and internal assessment. No booklet work is required. •• Your second internal assessment is AC1010Y1 (AS90982) Accounting 1.7 and will be sent to you by your teacher when you have submitted the teacher marked material after completing booklet AC1010. •• Further internal assessments will be sent afer you have completed AC1003, AC1004 and AC1005 (AS90977) Accounting 1.2 and AC1008 (AS90979) Accounting 1.7.

The other Achievement Standards (AS90976 Accounting 1.1, AS90978 Accounting 1.3, AS90980 Accounting 1.5) will be examined externally in November.

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assessment information standards

Please refer to our Student Guide to National Certificates or Te Kura (www.tekura.school.nz) and NZQA websites (www.nzqa.govt.nz) for more information about National Certificates of Educational Achievement, and assessment.

internal assessment

Some Achievement Standards are internally assessed. This means that the teachers set and mark your assessments at the school.

external assessment

External assessment means that someone outside the school marks students’ work. This may be through NZQA examinations in November or by submitting a portfolio or project for subjects such as Graphics, Technology and Art. You will be able to complete practice assessments and Te Kura examinations for external standards.

te kura practice examinations

Students should complete the Te Kura practice examinations for any external standards with a November examination they have entered. It is important that students complete all practice external assessments and examinations. If for some reason, such as illness, you are unable to sit the end of year examinations in November you will only be eligible for consideration for a derived grade (compassionate consideration) if you have completed the practice examinations.

resubmissions If you have made a small mistake in your assessment, your teacher may offer you a resubmission. This means you have made an error that you are capable of discovering and correcting by yourself. A resubmission allows you to improve your result.

further assessment opportunities for internal assessments

For some standards, you will be able to complete a second assessment called a ‘further assessment opportunity’ to improve your results. There are no further assessment opportunities in AC1000.

authenticity

Authenticity means students complete and submit work that is their own. When you submit work to Te Kura you sign an authentication declaration that the work you are submitting is your own work and was done under the required assessment conditions. Your supervisor signs this declaration to confirm this (where applicable). When submitting work online via the OTLE Dropbox, if it requires authentication, students must follow the instructions provided in OTLE.

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assessment information

derived grades (compassionate consideration)

If for any unexpected reason you are not able to sit your end of year examination or to submit final work towards an external standard (portfolios or projects), you may be eligible for a derived grade. Please refer to the Student Guide to National Certificates and contact your learning advisor as soon as possible to find out more, should you feel this is necessary.

appeals

You have the right to query an assessment result if you want further clarification or disagree with the result. If you are still not satisfied, you may appeal. Refer to the Student Guide to National Certificates for more information. You can also appeal any other decisions, procedures or policies about assessments. Contact your teacher or learning advisor if you wish to appeal. More information and a form that students can use to appeal is available on the Te Kura website in the Student toolkit area (www.tekura.school.nz and go to Student toolkit).

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suggested course planner Here is a suggested one year plan. The suggestions are based on the assumption that you are going to be enrolled for a full-year course at the beginning of the school year, study all the content and attempt all the standards offered. However, you may enrol with Te Kura part way through the year and continue your studies the following year. You may choose to select only some of the topics and standards, depending on your circumstances. Feel free to discuss your individual programme with your subject teacher, who will be willing to adjust the programme to suit your needs. Time (approximately)

Term

Suggested plan

1

Read AC1000CA and contact your teacher if you need help getting started.

2

3

4

1 day

Look through the Reference guide and familiarise yourself with the Achievement Standards and Glossary.

1–2 days

AC1011Y1 Financial Decision

Internal

1–2 weeks

AC1010

Managing Cash

Internal

3 weeks

AC1001

Concepts

External

1 week

AC1002

Concepts

External

2 weeks

*AC1003 Processing

Internal

2–3 weeks

*AC1004 Processing

Internal

2–3 weeks

*AC1005 Processing

Internal

1–2 weeks

AC1006

Financial Statements

External

2–3 weeks

AC1007

Financial Statements

External

2–3 weeks

External

3–4 weeks

AC1009 Analysis AC1009W Analysis workbook

2 weeks

Revision for Practice Exam

2–3 weeks

AC1008

2–3 weeks

Community Organisations Internal

Complete any unfinished booklets and ensure all resubmissions have been sent in.

2 weeks

Revision for Externals. Access NZQA website for past papers.

2 weeks

* You can complete the processing internal later in the year. It is advisable to complete the booklets covering externals first so you can confidently sit the school exams in September. Please contact your teacher to discuss this. © te ah o o t e k ur a p o un a m u

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my accounting assessment record (ac1000) Standard number

Standard title

Exam/ Assessment due date

AS90981 Accounting 1.6

Make a financial decision for an individual or group

Suggested due date: Term 1

Demonstrate understanding of cash management for a small entity.

Suggested due date: Term 1

Demonstrate understanding of accounting concepts for small entities.

November exam*

Process financial transactions for a small entity.

Suggested due date: Term 2

Prepare financial statements for sole proprietors.

November exam*

Prepare financial information for a community organisation’s annual general meeting.

Suggested due date: Term 3/4

Interpret accounting information for sole proprietors.

November exam*

Internal 3 credits AS90982 Accounting 1.7 Internal 4 credits AS90976 Accounting 1.1 External 3 credits AS90977 Accounting 1.2 Internal 5 credits AS90978 Accounting 1.3 External 5 credits AS90979 Accounting 1.4 Internal 4 credits AS90980 Accounting 1.5 External 4 credits

Grade awarded

Credits achieved

*Shade indicates external standard with NZQA November/December examination results available in January.

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AC1000CA 2015