Assessment Type 1: Accounting Concepts and Solutions (40%)

Students undertake four accounting concepts and solutions tasks. As a set, these tasks enable students to demonstrate their learning across all three learning strands.

Each of the accounting concepts and solutions tasks may concentrate on one or more learning strands within one focus area or a combination of the focus areas.

Across the set of four tasks, students apply their understanding of accounting concepts and conventions to:

• create and communicate accounting information
• explore, analyse, and interpret stakeholder needs
• analyse and evaluate accounting information
• develop and propose authentic accounting advice.

Scenarios for accounting concepts and solution tasks may include, for example:

• the interpretation of provided or student-sourced relevant accounting information to calculate appropriate ratios. Students complete a ratio analysis to provide advice to the manager of a business, such as the school canteen, to determine, for example, inventory turnover.
• analysis of the revenue and expenses for a local business, such as a local sports club, to produce an income statement and cash flow statement, as well as appropriate advice to help the club president determine the appropriate source of finance to obtain new equipment.
• examination of a business’ decision to manufacture its product offshore. Students evaluate the decision from the perspective of internal and/or external stakeholders. They analyse financial and non-financial information and evaluate issues that may arise from the decision.
• an interview with an accountant or business manager/owner about the key information used for decision-making by the business. Students analyse how and why the business uses the information. They evaluate the use and role of digital and emerging technologies in how the information is recorded, produced, and communicated.
• preparation of appropriate accounting information and advice to help manage the accounts receivable for a local business, such as a plumber. Students prepare a video explaining and supporting their advice for the stakeholder.

Possible formats for accounting concepts and solutions tasks may include, but are not limited to:

• ratio analysis
• preparation of accounts
• oral presentation
• multimodal presentation
• debate
• podcast
• web page
• essay.

Accounting concepts and solutions tasks may be presented in multimodal, oral, or written form. As a set, the tasks comprise a maximum of 3600 words, if written, or the equivalent in oral or multimodal form, where 6 minutes is equivalent to 1000 words. This is inclusive of all financial statements.

For this assessment type, students provide evidence of their learning in relation to the following assessment design criteria:

• understanding and exploration
• application
• analysis and evaluation.