Unit 4 - Area of Study 1: Extension of recording and reporting

Outcome 1

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.

Examples of lear​ning activities

• Provide some financial decisions that are made when recording financial data and balance day adjustments and reporting accounting information using an accrual-based system. Construct a mind map that evaluates the ethical implication of these financial decisions.
• Brainstorm ideas with class before designing a poster that highlights the different types of non-financial information that could be used.
• Draw a table to compare and justify the different methods of depreciation.
• With the class divided into five groups, each one is allocated one of the balance day adjustments (prepaid expenses, accrued expenses, payment of accrued expenses in subsequent reporting period, unearned revenue, accrued revenue, receipt of accrued revenue). Each group produces a poster/mind map/visual aid that provides a transaction, demonstrates the recording of their transaction in General Journal and General Ledger, and analyses the effect of their financial transaction on the accounting reports.
• Produce a Kahoot​ or other form of online quiz related to determining the cost price of a non-depreciable asset and balance day adjustments.
• 
  Discuss and evaluate the ethical considerations relating to business decision-making and the recording and reporting of financial information.