Accounting and Decision-making for a Trading Business - Unit 2

In this unit students develop their knowledge of the accounting process for sole proprietors operating a trading business, with a focus on inventory, accounts receivable, accounts payable and non-current assets. Students use manual processes and ICT, including spreadsheets, to prepare historical and budgeted accounting reports.

Students analyse and evaluate the performance of the business relating to inventory, accounts receivable, accounts payable and non-current assets. They use relevant financial and other information to predict, budget and compare the potential effects of alternative strategies on the performance of the business. Using these evaluations, students develop and suggest to the owner strategies to improve business performance.

Areas of study

• Accounting for inventory

• Accounting for and managing accounts receivable and accounts payable

• Accounting for and managing non-current assets

Outcomes

• Record and report for inventory and discuss the effect of relevant financial and non-financial factors, and ethical considerations, on the outcome of business decisions.

• Record and report for accounts receivable and accounts payable, and analyse and discuss the effect of relevant decisions on the performance of the business including the influence of ethical considerations.

• Record and report for non-current assets and depreciation.

Financial Accounting for a Trading Business - Unit 3

This unit focuses on financial accounting for a trading business owned by a sole proprietor, and highlights the role of accounting as an information system. Students use the double entry system of recording financial data and prepare reports using the accrual basis of accounting and the perpetual method of inventory recording. Students interpret reports and information presented in a variety of formats and suggest strategies to the owner to improve the performance of the business.

Areas of study

• Recording and analysing financial data

• Preparing and interpreting accounting reports

Outcomes

• 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.

• Record transactions and prepare, interpret and analyse accounting reports for a trading business.

Recording, Reporting, Budgeting and Decision-making - Unit 4

In this unit students extend their understanding of the recording and reporting process for a trading business owned by a sole proprietor, with the inclusion of balance day adjustments and alternative depreciation methods. They investigate both the role and importance of budgeting in decision-making for a business. They analyse and interpret accounting reports and graphical representations to evaluate the performance of a business. From this evaluation, students suggest strategies to business owners to improve business performance.

Areas of study

• Extension of recording and reporting

• Budgeting and decision-making

Outcomes

• Record financial data and balance day adjustments using a double entry system, report accounting information using an accrual-based system and evaluate the effect of balance day adjustments and alternative methods of depreciation on accounting reports.

• Prepare budgeted accounting reports and variance reports for a trading business using financial and other relevant information, and model, analyse and discuss the effect of alternative strategies on the performance of a business.

Economic Issues and Living Standards

A core principle of economics is maximising the living standards
of society through economic decisions that optimise the use of resources
to produce goods and services that satisfy human needs and wants.
Students consider the link between economic activity and economic growth
and investigate the importance of economic growth in raising living
standards. They evaluate the benefits and costs of continued economic
growth and consider the extent to which our current measurements of
living standards are adequate.

Students are equipped with the tools to investigate contemporary issues
that inspire debate and wide differences in opinion, by undertaking an
applied economic analysis of two contemporary economics issues from a
local, national, and international perspective. They do this through
investigating the economic factors influencing the issue, examining its
economic importance and considering the perspectives of relevant
economic agents

Areas of study

• Economic activity

• Applied economic analysis of local, national and international economic issues

Outcomes

• Explain living standards and the facts that may affect levels of
  economic growth, discuss the costs and benefits of economic growth and
  examine the impact of economic activity on living standards.

• Explain the factors that affect two economic issues at a local, national
  and international level and evaluate actions to address the issues.

Australia’s Living Standards

In this unit students investigate the role of the market in allocating resources and examine the factors that are likely to affect the price and quantity traded for a range of goods and services. They develop an understanding of the key measures of efficiency and how market systems can result in efficient outcomes. They investigate the factors that influence the level of aggregate demand and aggregate supply in the economy and use models and theories to explain how changes in these variables might influence the achievement of the Australian Government’s domestic macroeconomic goals and affect living standards. Students investigate the importance of international economic relationships in terms of their influence on Australia’s living standards.

Areas of study

• An introduction to microeconomics: the market system, resource allocation and government intervention

• Domestic macroeconomic goals

• Australia and the international economy

Outcomes

• Explain how markets operate to allocate resources, and discuss the effect of government intervention on market outcomes.

• Analyse key contemporary factors that may have influenced the Australian Government’s domestic macroeconomic goals over the past two years and discuss how achievement of these goals may affect living standards.

• Explain the factors that may influence Australia’s international transactions and evaluate how international transactions and trade liberalisation may influence the current account balance, the Australian Government’s domestic macroeconomic goals and living standards in Australia.

Managing the Economy

The ability of the Australian Government to achieve its domestic macroeconomic goals has a significant effect on living standards in Australia. The Australian Government can utilise a wide range of policy instruments to influence these goals and to positively affect living standards. Area of Study 1 focuses on the role of aggregate demand policies in stabilising the business cycle to achieve the Australian Government’s domestic macroeconomic goals. In Area of Study 2 students consider how the Australian Government utilises aggregate supply policies to manage the Australian economy.

Areas of study

• Aggregate demand policies and domestic economic stability

• Aggregate supply policies

Outcomes

• Discuss the nature and operation of aggregate demand policies and analyse how the policies may influence the Australian Government’s domestic macroeconomic goals and living standards.

• Discuss the nature and operation of aggregate supply policies and analyse how the policies may influence the Australian Government’s domestic macroeconomic goals and living standards.

Modern History - The Changing World Order - Unit 2

In Unit 2, students explore the nature and impact of the Cold War and the challenges and changes to existing political, economic and social arrangements in the second half of the 20th Century.

Areas of study

• Causes, course and consequences of the Cold War)

• Challenge and Change (with a case study focus on the US Civil Rights movements)

Outcomes

Satisfactory completion and assessment grades for both Unit 2 will be determined by students’ demonstration of outcomes based on the Areas of Study. Assessment across Unit 2 may include:

• an historical enquiry

• an analysis of sources

• extended responses

• an essay

Australian History - Units 3 and 4

In VCE Australian History, student will explore ideas and events that have created modern Australia. Unit 3 focuses on Foundations, while Unit 4 examines Transformations. Two Areas of Study will be selected for close examination.

Areas of study

• From Custodianship to the Anthropocene (60,000 BC to 2010)

• Creating a Nation (1834-2008)

• Power and Resistance (1788-1998)

• War and Upheaval (1909-1992)

Outcomes and assessment

Satisfactory completion and assessment grades for Units 3 and 4 will be determined on students’ demonstration of outcomes based on each Area of Study. There are four Student Assessed Coursework tasks (SACs) across the year:

• an historical enquiry

• an analysis of sources

• extended responses

• an essay

These four SACs account for 50 percent of the overall grade, with an end-of-year examination also contributing to 50 percent of the final study score.

The Global Citizen - Unit 2

This unit focuses on the contemporary international community. Students examine their place within this community through considering the debate over the existence of the ‘global citizen’. In Area of Study 1 they explore the myriad ways their lives have been affected by the increased interconnectedness – the global threads – of the world through the process of globalisation. In Area of Study 2 students consider the extent to which the notion of an international community exists, and investigate its ability to manage areas of global cooperation and respond to issues of global conflict and instability. This unit is concerned with contemporary issues and events. While these may have antecedents in issues and events before contextualise contemporary global situations, focus needs to be on the twenty-first century when choosing particular examples and case studies.

Areas of study

• Global threads

• Global cooperation and conflict

Outcomes and assessment

• Identify the ways in which the lives of citizens in the twenty-first century are interconnected globally.

• Describe and analyse the extent to which the international community is cohesive, and whether it can effectively manage cooperation, conflict and instability in relation to selected case studies.

Global Actors - Unit 3

In this unit students investigate the key global actors in twenty-first century global politics. They use contemporary evidence to analyse the key global actors and their aims, roles and power. They develop an understanding of the key actors through an in-depth examination of the concepts of national interest and power as they relate to the state, and the way in which one Asia-Pacific state uses power within the region to achieve its objectives. For the purposes of this study, the term ‘non-state actors’ covers a range of global actors: altruistic non-governments organisations (NGOs), for example Amnesty International and Greenpeace; organised religions; terrorist movements and organised crime syndicates. This unit is concerned with contemporary issues and events. While these may have antecedents in issues and events before the twenty-first century, that students need to understand to contextualise contemporary global situations, focus needs to be on the twenty-first century when choosing particular examples and case studies.

Areas of study

• Global actors

• Power in the Asia-Pacific region

Outcomes and assessment

• Evaluate the power and influence of key global actors in the twenty-first century and assess the extent to which they achieve their aims.

• Analyse and evaluate of power as used by a specific Asia-Pacific state in the region in pursuit of its national interests.

Global Challenges - Unit 4

In this unit students investigate key global challenges facing the international community in the twenty-first century. They examine and analyse the debates surrounding two ethical issues, which are underpinned by the contested notion of global citizenship. They then evaluate the effectiveness of response to these issues. Students also explore the context and causes of global crises, and consider the varying effectiveness of responses and challenges to solving them. This unit is concerned with contemporary issues and events. While these may have antecedents in issues and events before the twenty-first century, that students need to understand to contextualise contemporary global situations, focus needs to be on the twenty-first century when choosing particular examples and case studies.

Areas of study

• Ethical issues and debates

• Crises and responses

Outcomes and assessment

• Analyse two global political issues from a range of perspectives and evaluate the effectiveness of global actors’ responses to these issues.

• Explain two contemporary global crises and evaluate the effectiveness of response to these.

Establishing a Business - Unit 2

This unit focuses on the establishment phase of a business. Establishing a business involves compliance with legal requirements as well as decisions about how best to establish a system of financial record keeping, staff the business and establish a customer base. In this unit students examine the legal requirements that must be met to establish a business. They investigate the essential features of effective marketing and consider the best way to meet the needs of the business in terms of staffing and financial record keeping. Students analyse management practices by applying key knowledge to contemporary business case studies from the past four years.

Areas of study

• Legal Requirements and Financial Considerations

• Marketing a Business

• Staffing a Business

Outcomes

• Outline the key legal requirements and financial record-keeping considerations when establishing a business, and explain the importance of establishing effective policies and procedures to achieve compliance with these requirements. Explain how establishing a customer base and a marketing presence supports the achievement of business objectives, analyse effective marketing and public relations strategies and apply these strategies to business-related case studies.
• Explain how establishing a customer base and a marketing presence supports the achievement of business objectives, analyse effective marketing and public relations strategies and apply these strategies to business-related case studies.
• Discuss the importance of staff to a business, discuss the staffing needs for a business, and evaluate staff-management strategies from both an employer and staff perspective.

Managing a Business - Unit 3

In this unit students explore the key processes and considerations for managing a business efficiently and effectively to achieve business objectives. Students examine different types of businesses and their respective objectives and stakeholders. They investigate strategies to manage both staff and business operations to meet objectives, and develop an understanding of the complexity and challenge of managing businesses. Students compare theoretical perspectives with current practice through the use of contemporary Australian and global business case studies from the past four years.

Areas of study

• Business Foundations

• Human Resource Management

• Operations Management

Outcomes

• Analyse the key characteristics of businesses, their stakeholders, management styles and skills, and corporate culture. Explain theories of motivation and apply them to a range of contexts, and analyse and evaluate strategies related to the management of employees.
• Explain theories of motivation and apply them to a range of contexts, and analyse and evaluate strategies related to the management of employees. Analyse the relationship between business objectives and operations management, and propose and evaluate strategies to improve the efficiency and effectiveness of business operations.
• Analyse the relationship between business objectives and operations management, and propose and evaluate strategies to improve the efficiency and effectiveness of business operations.

Transforming a Business - Unit 4

Businesses are under constant pressure to adapt and change to meet their objectives. In this unit students consider the importance of reviewing key performance indicators to determine current performance and the strategic management necessary to position a business for the future. Students study a theoretical model to undertake change and consider a variety of strategies to manage change in the most efficient and effective way to improve business performance. They investigate the importance of effective management and leadership in change management. Using one or more contemporary business case studies from the past four years, students evaluate business practice against theory.

Areas of study

• Reviewing performance – the need for change

• Implementing Change

Outcomes

• Explain the way business change may come about, analyse why managers may take a proactive or reactive approach to change, use key performance indicators to analyse the performance of a business, explain the driving and restraining forces for change, and evaluate management strategies to position a business for the future.Discuss the importance of effective management strategies and leadership in relation to change, evaluate the effectiveness of a variety of strategies used by managers to implement change, and discuss the effect of change on the stakeholders of a business.
• Discuss the importance of effective management strategies and leadership in relation to change, evaluate the effectiveness of a variety of strategies used by managers to implement change, and discuss the effect of change on the stakeholders of a business.

Sanctions, Remedies and Rights - Unit 2

Criminal law and civil law aim to protect the rights of individuals. When rights are infringed, a case or dispute may arise which needs to be determined or resolved, and sanctions or remedies may be imposed. This unit focuses on the enforcement of criminal law and civil law, the methods and institutions that may be used to determine a criminal case or resolve a civil dispute, and the purposes and types of sanctions and remedies and their effectiveness. Students undertake a detailed investigation of criminal cases and civil cases from the past to form a judgment about the ability of sanctions and remedies to achieve the principles of justice. Students develop their understanding of the way rights are protected in Australia and in another country, and possible reforms to the protection of rights.

Areas of study

• Sanctions
• Remedies
• Rights

Outcomes

• Explain key concepts in the determination of a criminal case, and discuss the principles of justice in relation to the determination of criminal cases, sanctions and sentencing approaches.
• Explain key concepts in the resolution of a civil dispute, and discuss the principles of justice in relation to the resolution of civil disputes and remedies.
• Evaluate the ways in which rights are protected in Australia, compare this approach with that adopted by another country and discuss the impact of an Australian case on the rights of individuals and the legal system.

Rights and Justice - Unit 3

The Victorian justice system, which includes the criminal and civil justice systems, aims to protect the rights of individuals and uphold the principles of justice: fairness, equality and access. In this unit students examine the methods and institutions in the justice system and consider their appropriateness in determining criminal cases and resolving civil disputes. Students explore the rights available to an accused and to victims, the roles of the judge, jury, legal practitioners and the parties, and the ability of sanctions and remedies to achieve their purposes. They discuss recent reforms from the past four years and recommended reforms to enhance the ability of the justice system to achieve the principles of justice.

Areas of study

• The Victorian criminal justice system
• The Victorian civil justice system

Outcomes

• Explain the rights of the accused and of victims in the criminal justice system, discuss the means used to determine criminal cases and evaluate the ability of the criminal justice system to achieve the principles of justice.
• Analyse the factors to consider when initiating a civil claim, discuss the institutions and methods used to resolve civil disputes and evaluate the ability of the civil justice system to achieve the principles of justice.

The People and Law - Unit 4

The study of Australia’s laws and legal system involves an understanding of institutions that make and reform our laws, and the relationship between the Australian people, the Australian Constitution and law-making bodies. In this unit, students explore how the Australian Constitution establishes the law-making powers of the Commonwealth and state parliaments, and protects the Australian people through structures that act as a check on parliament in law-making. Students develop an understanding of the significance of the High Court in protecting and interpreting the Australian Constitution. They investigate parliament and the courts, and the relationship between the two in law-making, and consider the roles of the individual, the media and law reform bodies in influencing law reform.

Areas of study

• The people and the Australian Constitution
• The people, the parliament and the courts

Outcomes

• Discuss the significance of High Court cases involving the interpretation of the Australian Constitution and evaluate the ways in which the Australian Constitution acts as a check on parliament in law-making.
• Discuss the factors that affect the ability of parliament and courts to make law, evaluate the ability of these law-makers to respond to the need for law reform, and analyse how individuals, the media and law reform bodies can influence a change in the law.