Business Studies. Business Studies Secondary Curriculum Statement

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1 Business Studies Business Studies Secondary Curriculum Statement 1

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3 Business Studies Years 9 11 with Accounting Years Economics Years SÄMOA SECONDARY SCHOOL CURRICULUM Curriculum Materials and Assessment Division Ministry of Education, Sports and Culture This curriculum statement was prepared by the Business Studies Subject Committee: Faapuea Afoa Fuarosa Ieru Rufo Maka Abraham Matthew Terisa Repuleai Honolina Smith Silika Ah Chong Teleuli Mafoa Monalisa S Malietoa Taefalaula Meleisea Lene Selulo Ene G Hosea was the CMAD Subject Adviser and Lili Tuioti the New Zealand Adviser. Funding provided by NZAID under the Sämoa Official Development Assistance Programme. Managing Contractor: Auckland UniServices Ltd. February 2004 Business Studies Secondary Curriculum Statement 3

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5 CONTENTS INTRODUCTION Curriculum Principles 7 Scope of the Curriculum Statement 7 Organisation 8 General Aim 8 Specific Aims 8 Structure of the Business Studies Curriculum 9 Approaches to Teaching and Learning 10 Language and Learning 11 Language Functions Across Subject Areas 10 Communication Skills 12 Language and Communication Achievement Objectives 12 Learning Programmes in Business Studies 13 Gender issues 13 Assessment and Evaluation 14 Effective Assessment 15 STRANDS, AIMS AND ACHIEVEMENT OBJECTIVES Strand 1: Accounting Applications 18 Strand 2: Financial Accounting 20 Strand 3: The Accounting Process 24 Strand 4: Production 32 Strand 5: Consumption 36 Strand 6: The Market 38 Strand 7: Communication - Oral 44 Strand 8: Communication - Written 46 BUSINESS STUDIES ACHIEVEMENT OBJECTIVES YEARS 9-11 Year 9 50 Year Year ACCOUNTING ACHIEVEMENT OBJECTIVES YEARS Year Year Business Studies Secondary Curriculum Statement 5

6 CONTENTS (CONT) ECONOMICS ACHIEVEMENT OBJECTIVES YEARS Year Year GLOSSARY Glossary 85 6 Business Studies Secondary Curriculum Statement

7 INTRODUCTION CURRICULUM PRINCIPLES This Business Studies curriculum is based on the Principles of the Sämoa Secondary School Curriculum stated in the Sämoan Secondary School Curriculum Overview Document. The Principles are that the curriculum: provides a challenge for all students, reflects the need to be inclusive and allows for individual differences; fosters and enhances the self-concept of all learners, and encourages them to be self-directed in their learning; provides all learners with a broad and balanced general education; will be based on what is best in Sämoan tradition: fa asämoa; will be responsive to change so that it is relevant to the needs of the individual learner, to the well-being of the community, and ultimately to national development; provides for flexibility taking into account the context in which schools operate and the resources available to them; establishes a direction for learning and ensures each learner s school experience progresses in a systematic and coherent way; promotes the presentation of essential knowledge by means of a systematic bilingual methodology; promotes language learning in all areas of the curriculum; encourages the use of good assessment practice. SCOPE OF THE CURRICULUM STATEMENT The National Curriculum is made up of: the Sämoa Secondary School Curriculum Overview document, which outlines the framework of underpinning principles and required learning areas; and a set of subject curriculum statements which define the learning principles and achievement aims and objectives which all Sämoan schools are required to follow. The Business Studies curriculum sets out progressions of skills and knowledge for students in secondary schools in Sämoa. This curriculum statement applies to: all secondary schools in Sämoa; all students irrespective of gender, ethnicity, belief, ability, social or cultural background; Years 9-13 of secondary schooling. Business Studies Secondary Curriculum Statement 7

8 Each school provides programmes of learning, which may be part, or all of the national curriculum in response to local needs, priorities, and resources. The Business Studies Curriculum Statement provides a basis for teachers to plan programmes for teaching Business Studies in secondary schools. The learning programmes developed by schools must provide the experiences and opportunities for students to achieve the standards that are included in the National Curriculum. ORGANISATION This Business Studies Curriculum Statement begins with Business Studies in Years 9 to 11 with specialisation in Economics and Accounting at Year 12. It provides information for teachers, students, parents, families and the wider community on what students are expected to be able to do in each year of secondary schooling. All national subject curriculum statements are organised to show the: 1. General Aim of the subject curriculum; 2. Organising Strands of the curriculum; 3. Specific Aims that organise the learning within the strands; 4. Achievement Objectives to be achieved at each year level. GENERAL AIM Business Studies aims to enable students to participate effectively in economic activities and cope with the complexities of modern financial resource management. Students will achieve this aim by developing knowledge and understandings about society as they study the seven Business Studies strands of: 1. Accounting Applications 2. Financial Accounting 3. The Accounting Process 4. Production 5. Consumption 6. The Market 7. Communication SPECIFIC AIMS Each strand has specific aims that develop the general aim of Business Studies. The specific aims of each strand establish a clear and structured progression of Achievement Objectives that span the years 9 11 for Business Studies and years 12 and 13 for Economics and Accounting. 8 Business Studies Secondary Curriculum Statement

9 STRUCTURE OF THE BUSINESS STUDIES CURRICULUM STRAND Specific Aim Specific Aim Achievement Objective Achievement Objective Year 9 Year 9 Year 13 Year 10 Year 10 Year 13 Year 12 Year 11 Year 11 Year 12 Knowledge Skills Attitudes Knowledge Skills Attitudes Knowledge Skills Attitudes Knowledge Skills Attitudes ECONOMICS BUSINESS STUDIES ESSENTIAL SKILLS BUSINESS STUDIES ACCOUNTING Business Studies Secondary Curriculum Statement 9

10 APPROACHES TO TEACHING AND LEARNING The National Curriculum is aimed at enabling students to learn. Learning is a process by which new understandings are constructed. Students learn best when they take action themselves to generate and create meaning, and to apply the new knowledge in meaningful situations. Teaching practices must aim for effective learning. Students are more likely to be engaged in effective learning if teachers use activities such as discussion, investigation and reflection, problem solving, and peer work. These types of activities help students to think more deeply about the content they are learning. LANGUAGE AND LEARNING The language associated with learning in subject areas is often abstract and demanding for any learner. Learning is even more complex for students who must learn through the medium of their second language English. They are required to develop their English language for school learning at the same time as learning the subject content. They are expected to use English to reason through to conclusions, read and understand expository texts, develop arguments, analyse, synthesise and evaluate ideas. Furthermore they are assessed in English on how well they express themselves either orally or in writing. Students who learn English as their second language may take at least 5 to 7 years to develop English language skills for academic learning compared to those students whose first language is English. LANGUAGE FUNCTIONS ACROSS SUBJECT AREAS Language functions refer to the purposes for which language is being used. For example, language can be used to express and respond to greetings, give reasons, give instructions, ask for help and so on. There are a number of language functions necessary for understanding content across the curriculum. A lot of language functions are common to all subjects. For example, whether students are learning about soil erosion in Agricultural Science, or food spoilage in Food and Textiles Technology, central to both topics is the concept of cause and effect, and the language function involved is Expressing Cause and Effect. The words and sentence structures used to express the same language function e.g., cause and effect, in different subjects will be the same. The table on the next page lists examples of language functions as required in the achievement objectives within and across the applied subject areas. 10 Business Studies Secondary Curriculum Statement

11 Language Agricultural Food and Business Design and Functions Science Textiles Studies Technology Defining Ì Ì Ì Ì Expressing cause and effect Ì Ì Ì Ì Classifying Ì Ì Ì Ì Describing Features Behaviours Properties Functions Roles Comparing and contrasting Ì Ì Ì Ì Ì Ì Ì Ì Giving reasons Ì Ì Ì Ì Giving instructions Asking questions as in interviews Ì Ì Ì Ì Ì Ì Ì Describing change Ì Ì Ì Ì Explain how: a natural process, a mechanical process etc. Ì Ì Ì Stating principles Ì Ì Expressing relative importance Making a judgement Explain why: e.g. a phenomenon Ì Ì Ì Ì Ì Ì Ì Ì Ì Ì Giving examples Ì Ì Ì Ì Expressing conclusions Expressing requirements Ì Ì Ì Ì Ì Ì Ì Predicting Ì Ì Ì Hypothesising Ì Ì Ì Business Studies Secondary Curriculum Statement 11

12 The curriculum statements require students to be able to understand and produce oral and written texts that are: descriptions; explanations; reports e.g., of field trips, experiments, investigations or research; summaries, recipes, design briefs, instructions, arguments. The production of these texts requires students to be able to use one or a number of language functions as outlined in the table on the previous page. For example, to produce an explanation of a process such as preparing a Trial Balance, students will need to be able to use language to define, express cause and effect, describe change and classify. All students must develop the language associated with learning in Business Studies. Teachers in all subject areas are teachers of language. In practice it requires Business Studies classroom programmes to have specific language objectives. The language that students will need in order to understand and talk about content, and to participate effectively in learning activities in Business Studies, should be identified and taught together with the appropriate content. In this way language is developed in relevant and meaningful contexts. COMMUNICATION SKILLS Communication skills are essential for all students to develop. Students need to be able to interpret and critically evaluate information that is received either by listening, reading or viewing. They also need to be able to communicate clearly, confidently, and appropriately through speaking and writing, and through other forms of communication and technologies. The development of these skills needs to be supported in all areas of the curriculum. Like language skills, communication skills required in the Achievement Objectives need to be identified and taught together with the appropriate content. LANGUAGE AND COMMUNICATION ACHIEVEMENT OBJECTIVES The language and communication Achievement Objectives highlighted in this curriculum statement are based on the types of texts students are required to understand and produce during a year s programme in Business Studies. Although the achievement objectives are subject related, they are linked to language and communication skills being developed through the Sämoan Language Curriculum and English Language Curriculum. They are highlighted here because in addition to language being developed during Sämoan and English classes, there is a very real need for subject teachers to give attention to the language requirements of their subjects. Guidelines for teaching the language of different types of texts are included in the teachers manuals. 12 Business Studies Secondary Curriculum Statement

13 The achievement objectives are organised under two broad strands: Oral Language Communication and Written Language Communication. The achievement objectives for each year level are determined by the content objectives of all the other strands. Students should achieve these objectives through the learning activities undertaken for the other strands in the year level. LEARNING PROGRAMMES IN BUSINESS STUDIES Learning programmes, therefore, should have these features: a planned integration of content and language learning in interesting contexts; the provision of opportunities for students to use language for both social and academic purposes; a balanced use of listening and speaking, reading and writing, viewing and presenting through a range of activities that promote learning and the skills of communication; focused instruction on language structures found in Business Studies from word forms and meanings to sentence patterns, to the way information or ideas are grouped and connected into longer texts; opportunities in learning activities for students to interact with others in both Sämoan and English; frequent opportunities for meaningful interaction between teachers and students; teachers providing good models of language use and a balanced use of Sämoan and English separately. GENDER ISSUES The Sämoa Secondary School Curriculum Overview document requires education to be gender-inclusive. This means that students should not be excluded from developing good self-esteem or from participating fully and successfully in learning because of narrow gender stereotypes. Materials used with this curriculum must give learners the opportunities to understand how men and women and girls and boys can have a wide range of occupations, tasks and responsibilities. Materials must also use gender-neutral language where possible. Business Studies Secondary Curriculum Statement 13

14 School programmes and classroom learning tasks should reflect the diversity of roles available to women and men and girls and boys. Teachers need to ensure that gender is not an obstacle to learning, success, or individual value. To ensure this Business Studies programmes will: include the interests, perspectives, and contributions of both females and males in programme content, resources and methods of teaching; ensure that both females and males take active and valued leadership roles in activities; ensure females and males have equitable access to resources (including teachers time), learning assistance and technological equipment. ASSESSMENT AND EVALUATION Assessment is the process of gathering meaningful information which is used to make judgements on aspects of the learning cycle such as learners performance against the achievement objectives and the quality and effectiveness of learning programmes. Assessment and evaluation of Business Studies teaching and learning must reflect the principles in the Sämoa Secondary School Curriculum Overview document. The National Curriculum recognises the relationship between the principles and purposes of the curriculum and methods of assessment. Assessment methods are an important factor in influencing and constraining teaching methods. The things that are assessed are seen as important. The way assessment is conducted emphasises the need to gain the skills that are assessed. Written examinations focus on the narrow range of knowledge and skills that can be assessed in written forms. The domination of assessment by pen and paper examinations legitimises the focus on a narrow range of skills and, as a result, confirms a range of teaching methods. It is important therefore that: a range of assessment procedures is used to provide useful information on students progress against the Achievement Objectives stated in the curriculum; skills and knowledge such as independent inquiry, oral language, and many practical skills are assessed. These are not easily assessed by examination and need assessment through school based activities; assessment and evaluation be ongoing and help improve the ways in which Business Studies programmes are meeting the students needs; where appropriate, families and communities be involved as participants in the assessment and evaluation process; students be involved in the assessment of their own progress in learning Business Studies. 14 Business Studies Secondary Curriculum Statement

15 EFFECTIVE ASSESSMENT Effective assessment in Business Studies seeks to: be valid, reliable and authentic; help students and teachers focus better on learning; engage students in worthwhile activities; be rewarding in terms of offering guidance about progress and skills; give feedback. Teachers evaluating their programmes can use information from assessment. Evaluation is used to judge the success or otherwise of a programme. It requires a teacher to judge what worked well, how well the teaching improved students learning, and what needs changing to improve the unit for next time. Teachers should involve colleagues and students in the process of evaluation, by asking them for their feedback on how well the teaching programme/unit met their learning needs. Business Studies Secondary Curriculum Statement 15

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17 STRANDS, AIMS AND ACHIEVEMENT OBJECTIVES PROGRESSION FOR YEARS 9 13 Business Studies Secondary Curriculum Statement 17

18 STRAND 1 ACCOUNTING APPLICATIONS AIM: From their study of ACCOUNTING APPLICATIONS in everyday life students will understand how accounting concepts and principles can be used in making decisions. Year 9 Year 10 Year 11 Achievement Objectives: Students will investigate and develop their skills and undertanding of : 1. How accounting serves their everyday life when they: Define the term Accounting and its purpose; Describe the relationship between accounting and economics; Identify various situations where a system of accounting would be useful in terms of managing and recording use of resources. 1. How to manage personal finances when they: Describe the different parts which make up a Personal / Family Budget; Prepare a budget for an individual and family; Identify the source documents which are evidence of income and expenditure items of a budget; (d) Utilise budgets to control and manage individual / family spending; (e) Prepare a Statement of Affairs for an individual. 1. Managing finances related to individual and family events when they: Classify the different expenditure relevant to different events which affect individuals living in Sämoa; Recognise and discuss the conflict between the principles of good financial management and values upon which decisions are made; Evaluate the benefits and costs of a non-financial nature which influence decisionmaking for such events; (d) Recognise and interpret different entries in a bank statement; (e) Reconcile bank statements with personal cheque records. 2. The role of accountants in society when they: Identify the role of accountants in the business sector; Investigate the areas of specialisation within accounting. 2. Methods of payment when they: Describe the function of cheques; Identify the different parts of a cheque and how to safe-guard against misuse or theft; Compare the advantages and disadvantages of using cash rather than cheques for payment of expenses; (d) Compare and contrast different methods used for payment of expenses such as EFTPOS, credit card; (e) Describe the features of electronic banking (ebank). 2. Establishing a small business in Sämoa when they: Describe different small business financing options such as small loans for businesses, micro-financing; Investigate the possibility of setting up a small business in a village, e.g. costs, sources of capital, availability of products; Prepare a business plan for a small business; (d) Establish a case for setting up a small business in an urban part of Sämoa. 18 Business Studies Secondary Curriculum Statement

19 STRAND 1 ACCOUNTING APPLICATIONS Year 12 Year The nature, purpose and functions of accounting: Identify and recall the purposes of different financial documents consumers use in everyday life; Identify ways to organise and store personal accounting documents; Recognise different areas of specialisation in Accounting as a career (1) ; (d) Identify users of accounting information; (e) Recognise the importance of non-financial information. 1. How accounting concepts and principles are applied by individuals and business and community organisations when they: Collect, interpret and analyse household source documents; Review the importance and relevance of accounting concepts (2) ; Identify and describe the qualitative characteristics of accounting information (3) ; (d) Determine tertiary education opportunities and qualifications available in the area of accounting in the Pacific region. (1). Cost accountant, management, taxation, auditing, financial accountant. (2). Accounting entity, monetary measurement, going concern, accounting period, matching, accrual basis, historical cost, materiality, prudence (conservatism), consistency, disclosure. (3). Relevance, reliability, understandability, comparability, timeliness, neutrality, verifiability, objectivity. Business Studies Secondary Curriculum Statement 19

20 STRAND 2 FINANCIAL ACCOUNTING AIM: From their study of FINANCIAL ACCOUNTING and reporting business activity students will understand how accounting concepts and principles are used in reporting financial information. Year 9 Year 10 Year 11 Achievement Objectives: Students will investigate and develop their skills and undertanding of : 1. The purpose of Accounting when they: Explain the concepts of the accounting entity; Identify different organisations / entities which use accounting to record financial information. 1. The need to expand the Accounting Equation when they: Define the different elements of the Accounting Equation (A, L, O.E, R, E); Classify the changes in the Accounting Equation; Define and understand the difference between Revenue and Capital transactions. 1. How financial information is reported by small businesses when they: Define and determine how accounting concepts affect the reporting requirements of financial information; Explain the significance of different revenue and expenditure items for different entities, e.g. trade and service businesses, clubs and other community organisations, farms; Draw up simple Statements of Financial Performance and Statements of Financial Position for Sole Proprietors; (d) Analyse and interpret simple accounting data from the Statements of Financial Performance and Statements of Financial Position for Sole Proprietors. 20 Business Studies Secondary Curriculum Statement

21 STRAND 2 FINANCIAL ACCOUNTING Year 12 Year Different types of business ownership entities when they: Compare and contrast the different ownership characteristics - sole proprietorships, partnerships, limited liability companies and clubs and societies; Compare the alternative accounting methods and presentation (vertical, T - form and narrative) for different types of business organisations. 1. The reporting requirements for the financial statements of business and community organisations when they: Describe the features, functions and limitations of financial statements for business and community organisations; Prepare a columnar worksheet incorporating balance day adjustments; Prepare financial statements for business and community organisations incorporating balance day adjustments (4). (4). Financial statements for business organisations to include: Statement of Accounting Policies, Statement of Financial Performance, Statement of Financial Position and Statement of Changes in Cash Position. Financial statements for community organisations to include: Statement of Accounting Policies, Statements of Changes in Cash Position (Statement of Receipts and Payments), supplementary trading and activity statements (Canteen, Refreshments, Raffle, etc), Statement of Financial Performance (Statement of Income and Expenditure) and Statement of Financial Position. Business Studies Secondary Curriculum Statement 21

22 STRAND 2 FINANCIAL ACCOUNTING AIM: From their study of FINANCIAL ACCOUNTING and reporting business activity students will understand how accounting concepts and principles are used in reporting financial information. Year 9 Year 10 Year 11 Achievement Objectives: Students will investigate and develop their skills and undertanding of : 2. The Accounting Equation when they: Use the accounting equation to record basic cash and credit transactions which only affect Assets, Owner's Equity and Liability items; Describe the different elements in the accounting equation A = O.E. + L; Classify items into categories and show in a Statement of Financial Position. 2. The interpretation of financial transactions when they: Identify and interpret the changes to the Accounting Equation after each transaction; Interpret the transactions that have occurred from the changes to the Accounting Equation; Classify items into categories and show in a Statement of Financial Position. 2. How financial information is reported for clubs and community groups when they: Define and understand accounting for subscriptions; Define and understand accounting for special activities; Prepare simple financial statements for clubs or other community groups; (d) Analyse and interpret simple accounting data for clubs and community groups. 22 Business Studies Secondary Curriculum Statement

23 STRAND 2 FINANCIAL ACCOUNTING Year 12 Year How financial information is reported for different accounting entities when they: Recognise different components included in the Owner's Equity section of the Statement of Financial Position for different entities; Identify and apply accounting concepts to determine financial statements for different entities (5) ; Draw up fully classified financial statements for sole proprietors; (d) Analyse and interpret accounting data from the financial statements for Sole Proprietorships and other entities. 2. How financial and nonfinancial information of Sole Proprietors is used to make informed decisions when they: Categorise relevant ratios and percentages into measures of profitability, financial stability, liquidity and management effectiveness; Analyse financial and nonfinancial data; Interpret and explain the trends shown by the analysis of data (comparing ratios over at least 3 years); (d) Make recommendations appropriate for different interested parties; (e) Report on trends identified under the different categories given in above. (5). Accounting concepts to be covered: Accounting entity, legal entity, monetary measurement, going concern, accounting period, matching concept, accrual basis, cash basis and historical cost concept Business Studies Secondary Curriculum Statement 23

24 STRAND 3 THE ACCOUNTING PROCESS AIM: From their study of THE ACCOUNTING PROCESS students will understand the function of books of first entry in the Accounting Process: Year 9 Year 10 Year 11 Achievement Objectives: Students will investigate and develop their skills and undertanding of : 1. The process of recording entries to commence business when they: Describe the term transaction and the function of source documents; Describe the function of Journals and their role within the Accounting Process; Record entries in the General Journal to describe commencement of business for a Sole Proprietor (opening balances of Assets and Liabilities); (d) Calculate opening capital by using the basic accounting equation A = L + O.E. 1. The process of recording more complex cash transactions when they: Recall the role and use of Cash Journals; Record complex transactions into the Cash Journals; Describe the purpose of Petty Cash; (d) Record petty cash transactions from source documents in the appropriate manner and transfer to the Payments Journal. 1. The function of the General Journal when they: Recall the role and use of Cash and Goods Journals; Identify and describe the transactions which cannot be recorded in cash or the goods and returns and allowances journals; Describe the function of the General Journal (including how it can be the only journal used); (d) Differentiate between posting all the transactions in the General Journal only and to appropriate journals. 24 Business Studies Secondary Curriculum Statement

25 STRAND 3 THE ACCOUNTING PROCESS Year 12 Year The function of Journals within the Accounting Process when they: Identify entries and relevant sources required on balance date to record Revenue and Expenditure relating to different accounting periods; Identify and describe the straight line and diminishing value methods of accounting for depreciation; Describe the different methods for accounting for and recording of VAGST; (d) Record VAGST for Cash Journal entries only; (e) Classify information from various source documents and record accurately into the appropriate journals; (f) Prepare journals for posting to the relevant General Ledger accounts. 1. The significance of the input and recording stage of the Accounting Process when they: Identify source documents that are used to record transactions in the financial records; Design source documents with necessary features; Review the function of the different journals and categorise the types of transactions recorded in each. Business Studies Secondary Curriculum Statement 25

26 STRAND 3 THE ACCOUNTING PROCESS AIM: From their study of THE ACCOUNTING PROCESS students will understand the function of books of first entry in the Accounting Process: Year 9 Year 10 Year 11 Achievement Objectives: Students will investigate and develop their skills and undertanding of : 2. The process of recording cash transactions for a Sole Proprietor when they: Identify and describe the source documents for cash transactions (receipts, CRR, sales docket and cheque butts); Record relevant information in the Cash Journals from source documents; Interpret transactions recorded in the different Cash Journals; (d) Prepare Cash Journals for posting to the relevant Ledger Accounts (CRJ - sales, debtors, sundry; CPJ - purchases, creditors, sundry). 2. The process of recording credit purchase or sale and returns and allowances of goods for a Sole Proprietor when they: Describe the function of the four Goods Journals; Identify and describe the source documents for the purchase, sale and returns and allowances of goods on credit; Record information in the Goods Journals from relevant source documents; (d) Prepare Cash and Goods Journals for posting to relevant General Ledger Accounts. 2. Record appropriate transactions in the General Journal (other than balance day adjustments) when they: Identify and describe the source documents for transactions in the General Journal; Record information in the General Journal and other journals from relevant source documents; Interpret transactions recorded in the General Journal; (d) Prepare journals for posting to the relevant Ledger Accounts. 26 Business Studies Secondary Curriculum Statement

27 STRAND 3 THE ACCOUNTING PROCESS Year 12 Year Record transactions for clubs and other community organisations when they: Identify the process for recording transactions for Clubs and Societies; Record simple transactions for Clubs and Societies in appropriate and relevant style (Trading Account, Receipts and Payments, Income and Expenditure Statement and Balance Sheet); Record transactions related to the collection of and accounting for subscriptions including subscriptions in advance and subscriptions in arrears. 2. Necessary journal entries at balance day to meet requirements of the Matching Concept when they: Identify and record closing journal entries as required to prepare final statements; Identify and record reversal entries as required for the start of the new accounting period; Identify, calculate and record balance day adjustments as required for the matching concept. Business Studies Secondary Curriculum Statement 27

28 STRAND 3 THE ACCOUNTING PROCESS AIM: From their study of THE ACCOUNTING PROCESS students will understand the function of ledgers and drawing up of financial statements within the accounting process. Year 9 Year 10 Year 11 Achievement Objectives: Students will investigate and develop their skills and undertanding of : 3. The procedures to post Cash Journals to the General Ledger accounts when they: Describe the different stages of the Accounting Process; Describe the function of the Ledger with the accounting process; Accurately post the relevant information from the Cash Journals to the General Ledger (T form). 3. The procedures to post Goods Journals to the General Ledger accounts when they: Recall the function of the Ledger with the Accounting Process; Accurately post the relevant information from the Goods and Cash Journals to the General Ledger (T form); Draw up the Trial Balance from the details recorded in the Ledger. 3. The procedures to post journal entries to the General Ledger when they: Compare and contrast the different methods of recording information in the Ledger and use accordingly (T form and columnar) to process accounting information; Classify ledger accounts into different accounting equation categories (A,L,O.E, R,E) in preparation for drawing up the financial statements; Identify the function for a Chart of Accounts; (d) Develop a Chart of Accounts useful at this information processing stage. 28 Business Studies Secondary Curriculum Statement

29 STRAND 3 THE ACCOUNTING PROCESS Year 12 Year The function of Subsidiary Ledgers when they: Describe the different stages of the Accounting Process to identify its application to non-profit entities and small businesses; Discuss the function of Subsidiary Ledger within the Accounting Process; Record information for Accounts Receivable and Accounts Payable in the appropriate Subsidiary Ledgers; (d) Post relevant information from the journals to the General Ledger and Subsidiary Ledgers; (e) Compare manual and computer processing methods that can be used for recording, processing and reporting financial information. 3. The significance of recording and processing information through Ledgers when they: Review the recording of financial information in the General Ledger, Accounts Receivable Ledger and Accounts Payable Ledger and balancing these at balance date; Utilise a worksheet to assist in the preparation of final statements from ledger account balances including balance day adjustments; Review the use of a Chart of Accounts by business organisations; (d) Compare and contrast manual and computer processing methods used in the accounting process. Business Studies Secondary Curriculum Statement 29

30 STRAND 3 THE ACCOUNTING PROCESS AIM: From their study of THE ACCOUNTING PROCESS students will understand the function of ledgers and drawing up of financial statements within the accounting process. Year 9 Year 10 Year 11 Achievement Objectives: Students will investigate and develop their skills and undertanding of : 4. The function of a Trial Balance when they: Explain the need for a Trial Balance and its function; Draw up a Trial Balance from the details recorded in the General Ledger for cash transactions. 4. Drawing up of Financial Statements when they: Describe the different stages of the Accounting Process to identify the need for Financial Statements; Identify and describe the different Financial Statements; Draw up Financial Statements for Sole Proprietors (Statement of Financial Position and Statement of Financial Performance). 30 Business Studies Secondary Curriculum Statement

31 STRAND 3 THE ACCOUNTING PROCESS Year 12 Year Preparation and interpretation of Financial Statements of different business organisations when they: Identify information from the ledgers and use to accurately draw up financial statements for service industries, trading firms and community organisations; Analyse and interpret final accounts for Sole Proprietorship entities; Identify and explain general procedures for internal control as a means for managing financial resources of organisations; (d) Describe the features of internal control systems for cash receipts and payments. 4. The development and use of Accounting Sub-systems as appropriate control measures by business organisations when they: Identify and explain the principles and procedures of internal control for business organisations; Describe essential features for internal control systems for cash receipts and payments, inventory, accounts receivable, accounts payable, fixed assets and payroll systems; Identify the accounting concepts and principles relevant to each sub-system described in above; (d) Describe and record the necessary accounting entries required for each of the subsystems. Business Studies Secondary Curriculum Statement 31

32 ECONOMICS STRAND 4 PRODUCTION AIM: From their study of PRODUCTION students will understand the diversity and goals of producers.. Year 9 Year 10 Year 11 Achievement Objectives: Students will investigate and develop their skills and undertanding of : 1. Producers in the economy when they: Describe the economic problem and its relevance to producers; Identify and describe individuals / groups who participate in the production of goods and services; Investigate what goods and services are produced locally and why. 1. Different types of Economic Systems when they: Identify and describe features of the four different types of economic systems; Describe the features of the economic system of Sämoa; Compare and contrast the economic system of Sämoa to that of other nations; (d) Explain why different countries have different economic systems. 1. Business types in the Sämoa economy when they: Compare the three different business organisations present in Sämoa - private, government, and non-profit; Describe the different ownerships, financial and management structures of private organisations; Describe the role that government organisations play in satisfying the needs and wants of consumers. 2. The structure and goals of community organisations when they: Describe the role that clubs and other community organisations play in satisfying the needs and wants of consumers; Describe the structure and procedures of clubs and other community organisations; Demonstrate the use of appropriate procedures to chair various types of meetings. 2. Business management when they: Explain the different goals for businesses; Describe the strategies used by businesses to maximise profits; Identify reasons why businesses can fail or succeed; (d) Compare and contrast structures and procedures of different enterprises. 32 Business Studies Secondary Curriculum Statement

33 ECONOMICS STRAND 4 PRODUCTION Year 12 Year The role of service industries in Sämoa when they: Compare and contrast the different structures of producers in Sämoa; Describe the concepts of interdependence and infrastructure to explain the relationships between individual firms and the service industries of transport, marketing, banking, insurance, accounting and communication. 1. The role of government in the economy when they: Describe the structure of the Sämoan government; Identify and explain the major functions of government; Investigate the economic aims of governments. 2. The concept of productivity and how it can be improved when they: Apply the concepts of specialisation, division of labour, investment and economies and diseconomies of scale in the use of resources for production; Describe how increasing, diminishing and constant returns affect productivity. 2. The main economic issues faced by government when they: Identify and describe economic issues governments commonly face; Investigate different measures and policies developed by governments to address economic issues of employment, growth, trade, inflation and inequality (6) ; Analyse how government measures and policies impact on different economic issues; (d) Categorise the measures used as monetary, fiscal or other. (6) Include types and principles of taxation when looking at different measures developed by governments. Business Studies Secondary Curriculum Statement 33

34 ECONOMICS STRAND 4 PRODUCTION AIM: From their study of PRODUCTION students will understand the concepts related to making economic choices. Year 9 Year 10 Year 11 Achievement Objectives: Students will investigate and develop their skills and undertanding of : 2. Different types of goods and services when they: Define goods and services; Define production and the role of producers in the economy; Distinguish between renewable and non-renewable resources used in production with particular focus on village and national resources. 3. The production of goods and services when they: Determine how the decision is made as to what is produced, how they are produced and for whom they are produced; Identify the three stages of production - primary, secondary and tertiary; Describe the chain of production. 3. How businesses operate in the market place when they: Describe the characteristics of primary, secondary and tertiary sectors; Identify and explain the problems related to the supply of raw materials for production in Sämoa. 3. Factors of production when they: Identify and describe the four factors of production; Describe the features of factors of production for Sämoa; Recognise the combination of factors of production required to produce goods and services. 4. Producers in the Sämoa economy when they: Identify different village and national producers; Determine factors that influence producers' decisions to operate, e.g. location, transport, distribution, other services etc.; Investigate methods used by producers to sell their products / services. 4. Supply of goods and services for individual producers when they: Identify causes (determinants of supply and other influences) that affect the supply of goods and services; Define the Law of Supply; Construct a supply schedule and graph a supply curve for an individual firm; (d) Predict and illustrate how change in price affects quantity supplied. 34 Business Studies Secondary Curriculum Statement

35 ECONOMICS STRAND 4 PRODUCTION Year 12 Year Factors influencing the market supply of goods and services when they: Define market supply; Construct a market supply curve; Identify causes (determinants of supply) for a change in supply; (d) Predict and illustrate how these changes will affect the supply curve. 3. Economic concepts applicable to international trade when they: Explain the relationship of specialisation and exchange to international trade; Distinguish between absolute and comparative advantage; Use simple mathematical examples to illustrate comparative advantage by calculating opportunity cost; (d) Distinguish between terms of trade and gains of trade; (e) Use simple mathematical examples to illustrate gains from trade following specialisation. 4. The importance of markets when they: Recall and distinguish between different types of markets which exist in the economy, such as goods and services and factor markets; Identify and describe features of different market structures of perfect and imperfect competition. Business Studies Secondary Curriculum Statement 35

36 ECONOMICS STRAND 5 CONSUMPTION AIM: From their study of CONSUMPTION students will understand the concepts related to making economic decisions. Year 9 Year 10 Year 11 Achievement Objectives: Students will investigate and develop their skills and undertanding of : 1. How consumers and households make economic decisions when they: Define the terms consumers and households; Describe the economic problem - There are never enough resources available to satisfy all our needs (essential) and wants (non-essential); Distinguish between needs and wants; (d) Investigate the relationship between the concepts of scarcity and choice; (e) Determine factors that influence individuals' decisions (include values, beliefs and attitudes). 2. Consumers as producers when they: Recognise that consumers can also be producers; Describe the relationship between consumers and producers (using a simple circular diagram). 1. How consumers earn their income when they: Describe the different sources of income (earned and unearned) for individuals and households; Interpret documents related to sources of income (incl. Tax) (7) ; Explain the importance that remittances from overseas have on household incomes. 2. The benefits of spending income wisely when they: Construct a budget for spending income wisely; Evaluate different alternatives of spending using the decision making process; Identify opportunity costs related to making specific decisions; (d) Identify the factors which influence decision making such as income levels, personal values, beliefs and priorities; (e) Interpret documents related to the spending of income (incl. VAGST) (8) ; (f) Identify and explain methods for spending income wisely such as buying in bulk, conserving and recycling. 1. Consumption possibilities available to consumers when they: Recall the steps involved in the decision making process; Recognise and describe the costs related to making a choice (opportunity cost); Investigate how government policies affect consumer decisions (9). 2. Demand for goods and services when they: Define the Law of Demand; Identify factors that affect demand for goods and services; Construct a demand schedule and graph a demand curve for an individual; (d) Predict and illustrate how change in price affects quantity demanded. 36 Business Studies Secondary Curriculum Statement

37 ECONOMICS STRAND 5 CONSUMPTION Year 12 Year Factors influencing the market demand for goods and services when they: Define market demand; Construct a market demand curve; Identify causes (determinants of demand) for changes in demand; (d) Predict and illustrate how determinants of demand affect the demand curve. 1. How government earns and spends its income when they: Identify and describe the major sources of government revenue; Identify and describe the major areas of government expenditure; Investigate the components and aims of a government budget. (7). Documents to include payslips, remittance receipts, bank statement entries. (8). Documents to include invoices for household expenses such as telephone, electricity, water meter, shopping dockets, receipts for other payments. (9). Government policies related to import duty, excise tax, subsidies, interest rates, direct tax and indirect tax such as VAGST. Business Studies Secondary Curriculum Statement 37

38 ECONOMICS STRAND 6 THE MARKET AIM: From their study of THE MARKET students will understand the interaction of households and firms in the market. Year 9 Year 10 Year 11 Achievement Objectives: Students will investigate and develop their skills and undertanding of : 1. The development of money when they: Explain the relationship between the concepts of specialisation, interdependence and exchange; Describe the development of money including different forms of money (10). 1. Ways of maximising an individual's income when they: Identify the advantages and disadvantages of borrowing; Compare and contrast the costs of buying on credit and buying with cash; Define the concept of markets; (d) Identify the different markets from which individuals can buy goods and services, e.g. local shop or supermarket, newspaper advertisement, mini-markets, internet, etc. 1. The rights and obligations of consumers and producers in the market when they: Recognise and describe conditions that need to exist for a market; Recall what groups are involved in the economy; Define the term contract and identify the rules or conditions under which contracts exist; (d) Identify the rights and responsibilities of consumers and sellers; (e) Investigate the consumer laws of Sämoa. 38 Business Studies Secondary Curriculum Statement

39 ECONOMICS STRAND 6 THE MARKET Year 12 Year The Circular Flow diagram when they: Identify the relationship of major sectors in the economy - households, producers, government, financial sectors and the overseas sector; Construct and interpret a circular flow diagram to show the inter-dependence of the major sectors in the economy; Define and distinguish between the concepts of GNI, GNE and GDP as measures of circular flows; (d) Recognise and classify different markets - goods and services market, the factor market (11), money market and the overseas market; (e) Identify different markets in Sämoa. 1. The supply of money and its components when they: Recall the functions and characteristics of money; Describe the common measures and components of the money supply; Investigate the functions of central banks, commercial banks and development banks; (d) Explain the quantity theory of money (MV=PT) and use it to illustrate the relationship between the supply of money and prices; (e) Describe the separate effect that these factors will have on the supply of money: government borrowing from the public, overseas and the central bank, foreign aid, remittances and increased lending by commercial banks. (10). Cheques, EFTPOS, credit card payments (11). Include derived demand and final demand as features of the factor market. Business Studies Secondary Curriculum Statement 39

40 ECONOMICS STRAND 6 THE MARKET AIM: From their study of THE MARKET students will understand the interactions between the different sectors in the economy. Year 9 Year 10 Year 11 Achievement Objectives: Students will investigate and develop their skills and undertanding of : 2. Functions of money in the economy when they: Identify the role of money in the economy; Describe the purchasing power of money and its relationship to inflation in simple terms; Describe the qualities of money; (d) Apply the qualities of money to the Sämoan Tälä. 2. The different forms of contracts when they: Describe the different elements of a contract; Distinguish between formal and informal contracts; Describe the principles of insurance as an example of a formal contract and the different forms of insurance available in Sämoa; (d) Investigate which insurance types are the most popular in Sämoa; (e) Investigate the informal contracts that exist to protect the rights of consumers. (12). Include changes in the money supply, demand pull, cost push, government deficit, imported inflation, inflationary expectations, national disasters and wage increases. (13). Balance of visibles (trade), balance of invisibles, current account, capital account, foreign reserves. (14). Include economic effect of embargoes imposed for non-economic reasons. 40 Business Studies Secondary Curriculum Statement