Head Of Department - Mr M Naidoo, BEd(Massey), DipTchg
Email to: m.naidoo@kingscollege.school.nz
"Accounting & Finance is one of the most dynamic industries today. There are great career opportunities, both here and overseas. Make sure you make the most of your skills." (Monster.co.nz)
New Zealand Businesses are facing a shortage of accounting professionals with the right skills which means a combination of technical, communication and people skills' (NZ Herald)
Why do Accounting?
Considering studying Commerce at university or going into business? Then you should study the 'language of business' Accounting, since all business people use it to communicate. It provides excellent career opportunities and a strong foundation for upward, career mobility. Accounting provides a system of measuring the monetary value of transactions in business and for individuals and provides the basis for most business decisions. In Accounting, students enjoy the challenges of learning new skills, and appreciate the relevance of the topics covered.
A school background in Accounting is useful for any person wishing to enter the world of commerce in such areas as business management, risk management, venture capitalists, banking, tourism, marketing, insurance, information technology, resource management, finance, consultancy, advisory and self-employment.
So where does Accounting lead?
The most popular stereotype which surrounds this subject is that of the single-minded "bean-counter" the accountant who is oblivious to the real world. This couldn't be further from the truth. Today's Accounting is a must subject for anyone contemplating a successful career in today's fast-paced and highly competitive global labour market.
Accounting is a core subject for almost every commerce degree in Australasia and is seen as advantageous for all university graduates- despite specialisation. If you wish to be successful - be it in science, medicine, law or commerce, eventually you will be responsible for the management of money by way of budgets and strategic decision-making. Accounting prepares you to handle these funds in a responsible and accurate manner.
Accountants enjoy one of the highest employment rates for any commerce graduate. The New Zealand Institute of Chartered Accountants (NZICA) has developed a new professional membership structure which stresses communication skills, a wide general knowledge (business and society) and accounting expertise. With the popularity of double or conjoint degrees many people study Professional Accounting matched with a degree in such areas as Arts, Music, Sciences, Law and Engineering.
At Year 11, 12 and 13 two pathways will be offered, NCEA and CIE.
| | NCEA | CIE |
| Year 11 | Level 1 | IGCSE |
| Year 12 | Level 2 | AS (from 2008) |
| Year 13 | Level 3 | A2 (from 2009) |
Accounting - Year Eleven
NCEA Level 1
This course gives an introduction to the practical application of account for New Zealand businesses. Students have the opportunity to gain NCEA credits through internal and external assessment.
The course promotes knowledge and understanding of accounting as a financial language for individuals, community organisations and businesses, as well as applying financial knowledge and skills to practical situations. New Zealand equivalent International Accounting Standards (NZIAS) are applied in this course.
Over the year students will learn to process financial data, prepare financial reports which meet user needs, analyse and interpret financial reports, make informed decisions, and develop business skills within the contexts of individuals, community organisations and businesses.
The Level 1 NCEA Achievement Standards covered are:
- 90022 1.1 Demonstrate an understanding of the conceptual basis of accounting.
3 Credits (External) - 90023 1.2 Describe a method of processing financial information and analysis transactions.
3 Credits (External) - 90024 1.3 Process financial information for a sole proprietor.
4 Credits (Internal) - 90025 1.4 Demonstrate an understanding of accounting systems for entities.
3 Credits (Internal) - 90026 1.5 Report financial information for sole proprietors.
4 Credits (External) - 90027 1.6 Report financial information for an individual or household, and community organisations.
3 Credits (External) - 90028 1.7 Analyse and interpret financial information for a sole proprietor.
4 Credits (External)
Students can take this course without any prior knowledge to the subject and it is the best preparation for Level 2 Accounting.
International General Certificate of Secondary Education (CIE)
The course is aimed at Year 11 students. Students will develop an understanding of the principles, policies, procedures, terminology and techniques used in Accounting. It will help a student to develop skills of numeracy, literacy, presentation, interpretation, enquiry and communication.
The course is divided into seven topics covering both Core and Extended curriculum:
- The Purpose and Functions of Accounting
- Accounting Principles and Policies
- Sources and Recording of Data
- Verification of Accounting Records
- Adjustments required for Final Accounts
- Preparation and Principles of Final Accounts
- Analysis and Interpretation
Students are assessed with three external exams. Theory and practical applications will be tested using multiple choice and structured questions. The course does not cover New Zealand equivalent International Accounting Standards (NZIAS).
This course leads onto Advanced Subsidiary Level (AS) in 2008 and beyond.
NOTE Students will be allowed to select a maximum of two of the three Commerce subjects offered ie two of Accounting, Economics or Business Studies.
Accounting - Year Twelve
NCEA Level 2
This course is an ideal follow on from either NCEA Level 1 Accounting or IGCSE Accounting courses. Any student with D grade or below in CIE IGCSE should study this course. Students may take this course without prior study - any students considering beginning Accounting in Year 12 must consult with the Head of Department before a final decision is made.
Accounting is the discipline which measures, records, communicates, reports, and interprets financial and other information about a business entity, community organisation or personal entity to interested parties so that economic decisions can be made.
NCEA Level 2 Accounting provides students with the practical application of processes as well as the opportunity to research a real world business's systems.
Over the year students learn to process accounting data into meaningful information; develop a knowledge and understanding of the systems and controls required to ensure financial data is accurate; process accounting data using a commercial accounting software package; prepare financial reports which meet user needs, analyse and interpret financial reports, and make informed decisions based on financial and non financial information. New Zealand equivalent International Accounting Standards (NZIAS) are applied in this course.
The Level 2 NCEA Achievement Standards covered are:
- 90220 2.1 Describe the conceptual basis of accounting for a sole proprietor
3 Credits (External) - 90222 2.3 Investigate and report on accounting subsystems
4 Credits (Internal) - 90223 2.4 Demonstrate an understanding of accounting processes for accounting subsystems
5 Credits (EXternal) - 90224 2.5 Prepare financial statements and related accounting entries for sole proprietors
5 Credits (External) - 90225 2.6 Analyse and interpret information and make recommendation(s) for sole proprietors
4 Credits (External) - 90226 2.7 Use computer software to process financial transactions for a sole proprietor
3 Credits (Internal)
Students should have completed Year 11, Level 1 NCEA Accounting course. However, students may take this course without prior study - any students considering beginning Accounting in Year 12 must consult with the Head of Department before a final decision is made.
Advanced Subsidiary Level (AS) (CIE)
The course is aimed at Year 12/13 students who have gained a grade of C or above in IGCSE Accounting.
The course enables students to develop an ability to apply accounting concepts, principles and practices; Understand the role of accounting as an information system for monitoring, problem solving and decision making and the place of accounting in changing economic, social and technological environments; develop a critical and analytical approach to examining and evaluating accounting policies and practices; develop skills of communication, analysis, interpretation and presentation of both qualitative and quantitative accounting information.
The course is divided into four themes with a number of topics within each theme.
The Accounting System
- Recording Financial Information
- Accounting Principles
- Control Systems
Financial Accounting
- Preparation of Financial Statements
- Capital
Financial Reporting and Interpretation
- Interpretation and Analysis
Elements of Managerial Accounting
- Costing principles and systems
In addition to the topics covered in AS, the following will be covered in A2:
- Business purchase
- Published company accounts
- Company financing
- Budgeting
- Standard costing
- Investment appraisal
Students are assessed with two external exams. Theory and practical applications will be tested using multiple choice structured question. The course does not cover New Zealand equivalent International Accounting Standards (NZIAS).
NOTE Students will be allowed to select a maximum of two of the three Commerce subjects offered ie two of Accounting, Economics or Business Studies.
Accounting - Year Thirteen
NCEA Level 3 This course follows NCEA Achievement Standards, Level 3 and takes into account the NZ International Accounting Standards (NZIAS) that came into full affect in New Zealand in 2007. This course promotes knowledge and understanding of accounting as a financial language for partnerships and companies which may be service, trading or manufacturing businesses as well as apply financial knowledge and skills to practical situations.
Over the year students will expand the processing of accounting data as it relates to the ownership forms of partnerships and companies; prepare financial reports using NZIAS which meet user needs and professional and legal requirements; analyse and interpret financial reports for a NZ company listed on the stock exchange; as well as develop skills used by management for costing.
It is advisable that students complete the Year 12, NCEA Level 2 Accounting course before commencing Year 13, Level 3 Accounting. However, students may take this course without prior study - any students considering beginning Accounting in Year 13 must consult with the Head of Department before a final decision is made. Any student who has completed Year 12 Accounting, who proposes to study any Commerce discipline at a tertiary level should undertake this course as sound preparation.
The Level 3 NCEA Achievement Standards covered are:
- 90500 3.1 Describe and apply the conceptual basis of accounting in context for business entities.
4 Credits (External) - 90501 3.2 Process financial information for partnerships and companies.
3 Credits (External) - 90502 3.3 Process financial information for a manufacturing job-cost subsystem.
3 Credits (External) - 90503 3.4 Report financial information for partnerships and companies.
6 Credits (External) - 90504 3.5 Prepare a report that analyses and interprets a company's financial report for external users.
5 Credits (Internal) - 90505 3.6 Explain and prepare information for management decision making.
3 Credits (External)
Accounting Scholarship Standard Very able students will also have the opportunity to complete the Accounting Scholarship Standard. As the Scholarship Standard has an integrated approach and contains Level 3 Achievement Standards content, students must complete the full course at Level 3 to be fully prepared for the Standard.
The criteria that students must achieve for Scholarship are:
- within a conceptual framework, identify, process and report financial information and evaluate and justify the accounting treatment of information contained in financial reports
- interpret financial reports, demonstrate critical thinking and present justified conclusions
- synthesise and apply accounting knowledge and processes in the preparation and interpretation of information for management.
The criteria that students must achieve for Scholarship with Outstanding Performance is:
- Be able to communicate effectively, demonstrating an outstanding level of critical and flexible thinking.
Advanced Level (A2) (CIE)
This course will be offered in 2009 to students who have gained C or above for AS in 2008.
The course enables students to develop an ability to apply accounting concepts, principles and practices; Understand the role of accounting as an information system for monitoring, problem solving and decision making and the place of accounting in changing economic, social and technological environments; develop a critical and analytical approach to examining and evaluating accounting policies and practices; develop skills of communication, analysis, interpretation and presentation of both qualitative and quantitative accounting information.
NOTE Students will be allowed to select a maximum of two of the three Commerce subjects offered ie two of Accounting, Economics or Business Studies.
Commerce trip to Wellington - this is a voluntary overnight trip for Accounting, Economics and Business Studies Year 13 students. Places such as Reserve Bank, Treasury, Parliament, Ministry of Foreign Affairs and Trade, and Foreign Exchange Trading floor will be visited. The trip will give students an insight into the business would & how both Accounting & Economics are on integral part by commerce.
