3ZACC

NCEA Level 3 Accounting

Course Description

Head of Faculty - Kaihautuu: Mr B. Silk.

The level three course assumes a good knowledge of accounting processing.  It covers the application of skills to manufacturing and job costing enterprises where the entity must cost their service or product for clients. This involves a local visit and a report based on their cost system. 

Level 3 does not cover sole traders- we introduce partnerships as a new type of business. Related topics include partnership agreements, formation of a partnership, profit distributions and theory.

The external standards extend financial statement preparation to a company with an introduction to taxation, dividends, share equity, cash flow statements and theory. This is both valuable general knowledge and an ideal base for tertiary accounting studies. 

A management decision making standard provides tools for management to make informed financial decisions in the running of their entity.

The course has widespread applications and will greatly benefit self employed business owners, career accountants and managers to the highest levels of business administration. 

Course Overview

Term 1
We start with the 4 credit job costing standard. This identifies how a manufacturing or service entity calculates costs for their products and services. A case study is built around a visit to a local manufacturer. The assessment involves a closed book processing component and a digital report.
All four standards use the student workbook to support classroom learning.

At the end of term one we begin the 4 credit partnership standard

Term 2
We continue with partnership accounting with a processing component (open book) and digital report as in term one.

We then work through the 5 credit financial reporting standard. This involves many sub topics leading to the preparation of an income statement, balance sheet and cash flow statement.

Term 3
We complete the 5 credit standard with the aim that students achieve highly in the school derived grade exams (week 5?) Two hours are allowed in closed book formal conditions.

After the exam we begin the 4 credit external management accounting topic. A very high achiever may opt to concurrently attempt the optional Reporting standard. This would aid students targeting Scholarship and/or endorsement.

Term 4
We complete management accounting with a derived grade exam under formal closed book conditions.

After clearance workshops can be arranged based on demand.

Recommended Prior Learning

Students must have completed level one and two accounting. However high achievers in level one, with HOD approval, may opt to miss level 2 accounting.

The course requires both literacy and numeracy skills given the level of processing and reporting.

Contributions and Equipment/Stationery

2B5, 1R8 - or digital device and calculator for all assessments.

A student workbook is supplied by PHS - there are no course costs.

Pathway

An ideal base for degree course level one accounting in any tertiary commerce or management course

Assessment Information

91409 4 credit internal includes a closed book processing task and a digital report based on a local business visit.
91405 4 credit internal with open book processing component and digital report.
For both of the above the processing has a re-sit opportunity and the report has a resubmission opportunity (limited to Achieved)

91406 5 credit external will be assessed in the derived grade exam week and 91409 4 credit external will be assessed for a derived grade in term 4. Both are in the NZQA exams with three hours allowed for the two..

Credit Information

You will be assessed in this course through all or a selection of the standards listed below.

This course is eligible for subject endorsement.

This course is approved for University Entrance.

Total Credits Available: 22 credits.
Externally Assessed Credits: 9 credits.
Internally Assessed Credits: 13 credits.

Assessment
Description
Level
Internal or
External
Credits
L1 Literacy Credits
UE Literacy Credits
Numeracy Credits
A.S. 91405 v2
NZQA Info
Accounting 3.2 - Demonstrate understanding of accounting for partnerships
Level: 3
Internal or External: Internal
Credits: 4
Level 1 Literacy Credits: 0
University Entrance Literacy Credits: 0 *
Numeracy Credits: 0
A.S. 91406 v2
NZQA Info
Accounting 3.3 - Demonstrate understanding of company financial statement preparation
Level: 3
Internal or External: External
Credits: 5
Level 1 Literacy Credits: 0
University Entrance Literacy Credits: 0 *
Numeracy Credits: 0
A.S. 91407 v2
NZQA Info
Accounting 3.4 - Prepare a report for an external user that interprets the annual report of a New Zealand reporting entity
Level: 3
Internal or External: Internal
Credits: 5
Level 1 Literacy Credits: 0
University Entrance Literacy Credits: 5r,5w *
Numeracy Credits: 0
A.S. 91408 v2
NZQA Info
Accounting 3.5 - Demonstrate understanding of management accounting to inform decision-making
Level: 3
Internal or External: External
Credits: 4
Level 1 Literacy Credits: 0
University Entrance Literacy Credits: 0 *
Numeracy Credits: 0
A.S. 91409 v2
NZQA Info
Accounting 3.6 - Demonstrate understanding of a job cost subsystem for an entity
Level: 3
Internal or External: Internal
Credits: 4
Level 1 Literacy Credits: 0
University Entrance Literacy Credits: 0 *
Numeracy Credits: 0
Credit Summary
Total Credits: 22
Total Level 1 Literacy Credits: 0
Total University Entrance Literacy Credits: 5
Total Numeracy Credits: 0

Approved subject for University Entrance

Number of credits that can be used for overall endorsement: 22

Only students engaged in learning and achievement derived from Te Marautanga o Aotearoa are eligible to be awarded these subjects as part of the requirement for 14 credits in each of three subjects.