This course enables students to develop the knowledge and skills to manage the financial affairs of individuals, communities and businesses. It teaches the personal skills of budgeting and bank reconciliation, as well as the basic accounting cycle of source documents through to analysis of financial reports for a small business. The course is a useful introduction to the skills needed for personal financial management and an understanding of the financial side of business.
In term 1 we start with some basic personal financial literacy concepts, exploring decision-making. Also learners will learn to identify various types of source documents and to record transactions and balance their accounts.
Learners will be introduced to the concept and purpose of a community organisation; they will learn to process transactions within the organisation and prepare financial statements and present their results in the form of a Treasurer's Report at the organisation's Annual General Meeting.
Learners will explore how to understand and create financial statements for a small business using their knowledge of recording financial transactions. Then follow up this learning with a deeper, in-depth analysis and interpretation of the finances of a small business. Both of these are external achievement standards.