NCEA Level 2 Accounting study guide
NCEA Level 2 Accounting · Work through your exam, one topic at a time.
Accounting at NCEA Level 2 is the study of how an entity's financial information is prepared and communicated, so that its performance and position can be understood by owners, managers and other users. The subject sits within the Social Sciences learning area of the New Zealand Curriculum and is delivered through achievement standards at Level 2 and Level 3, plus a New Zealand Scholarship standard; Accounting is no longer offered at Level 1, where the newer Commerce subject now sits. Level 2 Accounting suits learners who want to build practical skills in recording, reporting and interpreting financial information, and who may be considering further study or a career in business, finance or management. Assessment is split between internal assessment, where evidence is gathered and judged in school against internally assessed standards, and external assessment (exams) at the end of the year. Topics on this exam: Accounting achievement standards (Level 2 standards) and Internal assessment (internally assessed Accounting standards). The NCEA Level 2 Accounting study guide has 2 sections and about 759 words.
01Level 2 Accounting Achievement Standards: Concepts, Processing and Financial Information
Level 2 Accounting achievement standards reward accurate use of the conceptual framework and double-entry processing, then require you to turn that into financial information and interpretation. Expect questions on accounting entity, reporting period, going concern, accrual basis, monetary measurement and historical cost; on elements and recognition; on journals, ledgers, trial balance and adjustments; and on the income statement, statement of financial position and simple ratio or trend interpretation.
366 words, about 2 min02Internal Assessment: Accounting Processing Using Accounting Software
Internally assessed Level 2 Accounting standards, particularly accounting processing using accounting software, are assessed through a portfolio of evidence. You set up an entity, enter opening balances, process transactions from source documents, reconcile the bank account, correct errors and generate reports.
393 words, about 2 min