Author(s): Russell Gordon
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Level 1 Accounting allows students to: apply financial knowledge and skills to given situations, develop communication skills, develop numeracy skills, develop problem-solving skills, develop self-management skills. An understanding of accounting as a financial language for individuals, community organisations and businesses will enable students to apply financial knowledge and skills in their daily lives. ACCOUNTING FOUNDATIONS FOR NCEA LEVEL 1 is a user-friendly textbook, in line with both current and proposed Level 1 Accounting Achievement Standards, that aims to guide students to success in NCEA Accounting. It covers the foundations of accounting for sole proprietors, community organisations and individuals: the conceptual basis of accounting, processing financial information for a sole proprietor, preparing financial statements for sole proprietors operating periodic inventory systems, analysing and interpreting financial statements, accounting systems for individuals and/or households, reporting financial information for community organisations, reporting financial information for sole proprietors operating perpetual inventory systems.
Demonstrating an understanding of accounting concepts for small entities Processing financial transactions for a small entity Preparing financial statements for sole proprietors Interpreting accounting information for sole proprietors Preparing financial information for a community organisation’s annual general meeting Making a decision for an individual or group Demonstrating an understanding of cash management for a small entity
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