Unit 3 - Area of Study 1: Recording and analysing financial data

Outcome 1

Record financial data using a double entry system, explain the role of the General Journal, General Ledger and inventory cards in the recording process; and describe, discuss and analyse various aspects of the accounting system, including ethical considerations.

Examples of lear​ning activities

• Using ICT, construct a table to illustrate examples of the different documents used by a business when recording financial data. Identify and explain the transaction involved with each document and record this information on the table.
• Construct mix-and-match exercises related to the accounting assumptions, qualitative characteristics and accounting elements. Match terms to a correct definition and/or examples
  of each.
• Design and create a bookmark depicting the accounting assumptions, qualitative characteristics and accounting element definitions.
• 
  Construct a table listing different accounting transactions to demonstrate understanding of the accounting equation.
• Using blank templates of an inventory card on a washable surface (laminated sheets of A4 paper) or mini whiteboards, practise recording different transactions related to inventory cards, using FIFO and the Identified Cost methods. Then discuss and evaluate the different cost methods.
• Using a small hypothetical scenario, work in pairs to record data into a spreadsheet, and then produce two relevant graphical representations of the data.
• 
  Record a list of transactions in the General journal and General Ledger.
  
• Watch the program War on Waste​ on ABC iview to stimulate discussion about ethical considerations, in particular:
  • Season 1 – Episode 2: Plastic Waste
  • Season 1 – Episode 3: Coffee Cups and Fast Fashion
• 
  Discuss the ethical considerations involved in decisions made by owners of trading businesses.