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March 29, 2024, 04:12:22 pm

Author Topic: Picking up 3/4 Accounting  (Read 3474 times)  Share 

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The Progenitor

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Picking up 3/4 Accounting
« on: July 25, 2021, 11:46:42 am »
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Hey all,

It's nearing the time that year 10s at our school start to pick their VCE subjects- I'm relatively keen on doing 3/4 accounting in yr 11, but I just wanted to know if there was anything super important (things they don't tell you in the information booklet) I should be aware of before making that decision. Other than having to learn 1/2 content- is there any prior information/education on economics/business I should have learned before taking accounting? (like year 10 science for physics/chem/bio)

Any help would be appreciated greatly.

Thanks!


arnavg2207

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Re: Picking up 3/4 Accounting
« Reply #1 on: July 25, 2021, 09:09:06 pm »
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I actually wouldn't recommend learning all the 1/2 content first. There is actually quite a big difference between 1/2 and 3/4. This is because in 1/2 you will use special journals for each transaction (cash receipts journal/ sales journal etc) and in 3/4 everything goes through the general journal. Where they are similar is in the theory ( which can often be harder than the practical questions). So I would recommend starting off by learning your QCs, AAs and definitions of all the accounting elements. Apart from that there will be very little assumed knowledge (though it will be useful if you can learn the formats of the three reports- balance sheet, income statement and cash flow statement).
There isn't any assumed knowledge from anywhere else.
2021: Methods 3/4 [42] Accounting 3/4 [43] Chemistry 1/2 Physics 1/2 English 1/2

2022: Legal 3/4 Physics 3/4 Chemistry 3/4 English 3/4

The Progenitor

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Re: Picking up 3/4 Accounting
« Reply #2 on: July 26, 2021, 01:49:23 pm »
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Thanks for the reply. What do you think is the most challenging thing about accounting? What do you think is the most rewarding thing about accounting? If you could go back to when you started accounting 1/2, what would you do differently.

arnavg2207

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Re: Picking up 3/4 Accounting
« Reply #3 on: July 30, 2021, 06:58:27 pm »
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The most challenging thing is probably getting your head around the concepts. Most things are pretty new so practise is important. Also VCAA in the past few years has started asking questions in different way to test your understanding, instead of your rote learned answers,. so this can often be challenging.

The most rewarding thing by far is when everything balances!.it's so satisfying to see trial balance or balance sheet balance, especially during Sacs.

In terms of what I would change: not much. I'm actually pretty happy with my progress, but there is always room for improvement.
2021: Methods 3/4 [42] Accounting 3/4 [43] Chemistry 1/2 Physics 1/2 English 1/2

2022: Legal 3/4 Physics 3/4 Chemistry 3/4 English 3/4

Gokart#5

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Re: Picking up 3/4 Accounting
« Reply #4 on: August 10, 2021, 05:04:28 pm »
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I accelerated into 1/2 accounting in year 10, doing 3/4 currently in year 11.

Accounting is a lot about repetition, so 1/2 certainly helps. However, it is not necessary.

It is not as easy as picking up say busman 3/4, but it is possible. I would recommend you go over just the main concepts of accounting before you do so though.

Should be fine as long as you put in the work.