Accounting Unit 2 Pickup

[Einstein]

Hi everyone, I'm currently in Year 11 and was strongly considering picking up Unit 2 accounting - haven't done unit 1. Will i be behind by heaps, taking into the fact i missed a unit. What topics do i need to go over in holidays etc to catch up.. balance sheets, owners equity etc?

thanks

[TheWackyCheese]

Hello Skyline, I'm currently doing 3/4 accounting. I came into Unit 2 accounting without doing Unit 1 and you definitely have to pick up a lot of information. I used the Cambridge textbook and my teacher set out Chapters 1,2,5,6 over the holidays although I no longer have it with me so I can't go and check what those chapters cover. Maybe you can aim to go through a chapter a day on the holidays. You'll need to learn the Accounting Principles and Qualitative Characteristics as well as definitions and classifications of Assets, Liabilities, Owners Equity, Revenues and Expenses.
The Accounting equation is very important as well. (Assets = Liabilities + Owners Equity). Its basically the idea that every transaction will affect at least two accounts and Assets will always equal the total of Liabilities and Owners Equity. Also know the stages of the accounting process. Transactions will occur and source documents collected. These will be recorded into the journals and stock cards (Ledgers will occur in 3/4). The information in the journals will be reported into the Balance Sheet, Income Statement and Cash Flow Statement and then, advice can be given to the business.
With the reports, they don't teach the Cash Flow Statement until Unit 2 but you'll definitely need to know the Balance Sheet and Income Statement. The Balance Sheet contains all the Assets, Liabilities and Equities for the Business while the Income Statement contains the revenues and expenses in order to determine net profit. The theory behind all this is very important as well (We have Balance Sheets and Income Statements but why? And how does taking the time to prepare all these help the business?)
As always, ask your teacher and they'll be more than happy to help. There's a few helpful guides and tips on this forum for you to browse and everyone here will be able to answer your questions. It's definitely a worthwhile subject to take if you are willing to persist and take the time to do well.

[Einstein]

Thanks, the accounting teacher told me to exactly do those chapters as well.

Do you recall if it is hard to pick up? And is their heaps to remember?

Thanks

[Zealous]

Hey Sky,
I picked up Accounting units 3/4 this year without doing units 1/2 last year. I'd say it's a good choice when looking for a subject to pick up - it's very logical and straightforward. I have found students who did 1/2 last year have a slight advantage over me because they've been exposed to the theory questions before, but with a bit of extra work I've been able to bring myself up to their level.

In terms of how much you have to remember, the theory questions in the exams are the ones which separate students because the practical component is not too challenging. If you do all the set work given by your teachers you should be able to remember all the theory required.

[Einstein]

Thanks Zealous,

If you can, what sort of things did you do over the summer break to prepare for units 3/4, because I may try that and continue in physics if it gets better.

Thanks

[chasej]

I highly recommend picking up accounting at unit 2 if you want to the 3/4.

I picked up at unit 2 after hating viscomm and after skimming through the first couple of chapters I caught up and now at 3/4 level I feel no disadvantage for having missed unit 1 and I'm one of the top in my class, despite having done less accounting than most.

If you decide to pick it up, I can check in my old book what areas my teacher told me to go over to prepare.

[Einstein]

I see where your coming from, if its no bother would you be able to check with your book.

Just like i messaged Zealous, ive figured that id be more interested in Accounting. Based on my school rules i need to get above 40 in my two 3/4s this year to only do 4 3/4s next year, if i dont get both 40+ ill have to do english, methods, chem, specialist and physics/accounting, but if i do get above 40, im doing methods chem spesh and english.

So accounting and physics are more fillers for semester 2, but if i dont get 40+ i have to do either one i choose.

[Einstein]

Is their lots of remembering in accounting ?

[chasej]

Is their lots of remembering in accounting ?

Some people say there is. But personally I don't think so, of course there's some definitions you have to learn but not much more than other subjects, and I find accounting much more understanding based than say, legal studies, or even a quote heavy subject like English.

That's just my opinion though, I know there's a few people that would vehemently disagree with me.

[ella.nolan]

Hey!
A boy in one of the accounting classes at my school only picked up accounting units 3

[alexishancock]

I'm doing accounting 1/2 right now and they're aren't a lot of definitions only about 25 but they're the exact same definitions you need to know in 3/4! There's a lot of content that we've covered in unit 1 and I personally would find it hard to catch up!