WACE Accounting and Finance Year 12 Notes

These are the 20 revision notes inside the WACE Accounting and Finance Mastery Pack. Open any note to see what it covers before you buy.

1. Short- and long-term finance products and asset-management principles3 · Financial institutions and systems

   Financial institutions

2. Management vs financial accounting, internal vs external reporting and the role of the accountant3 · Financial institutions and systems

   Financial systems and fundamental principles

3. Cost concepts and classifications: behaviour, cost object, product/period, past/future3 · Financial institutions and systems

   Financial systems and fundamental principles

4. Job order costing: direct costs, predetermined overhead rates, unit cost and quotation price3 · Recording, using and evaluating financial information

   Recording, processing and communicating financial information

5. Standard costing and variance analysis: materials price/usage, labour rate/efficiency3 · Recording, using and evaluating financial information

   Recording, processing and communicating financial information

6. CVP for single and multi-product firms: contribution, break-even, margin of safety, target profit3 · Recording, using and evaluating financial information

   Recording, processing and communicating financial information

7. CVP decisions: make or buy, closing a segment, special orders, sensitivity and capacity3 · Recording, using and evaluating financial information

   Evaluating financial information for planning, coordinating, controlling and investing

8. Master budget, debtors' and creditors' schedules and the cash budget3 · Recording, using and evaluating financial information

   Recording, processing and communicating financial information

9. Budgeted income statements, cash vs accrual, performance reports and business planning3 · Recording, using and evaluating financial information

   Evaluating financial information for planning, coordinating, controlling and investing

10. Capital investment decisions: time value of money, net cash flows, NPV and payback3 · Recording, using and evaluating financial information

    Recording, processing and communicating financial information

11. Internal audit and control, insolvency, climate-related risks and ethical issues3 · Government and the community

    The role and influence of governments and other bodies

12. Company characteristics and the Corporations Act 20014 · Financial institutions and systems

    Financial systems and fundamental principles

13. Regulators (ASIC, IASB, ISSB, AASB, ASX), accounting standards and external audit4 · Government and the community

    The role and influence of governments and other bodies

14. The Conceptual Framework: reporting entity, qualitative characteristics, recognition criteria4 · Financial institutions and systems

    Financial systems and fundamental principles

15. Company equity transactions: share issues, issue costs, bonus issues, dividends, retained earnings4 · Recording, using and evaluating financial information

    Recording, processing and communicating financial information

16. Balance day adjustments, income tax and the statement of comprehensive income4 · Recording, using and evaluating financial information

    Recording, processing and communicating financial information

17. Statement of financial position, statement of changes in equity and notes to the accounts4 · Recording, using and evaluating financial information

    Recording, processing and communicating financial information

18. Statement of cash flows (AASB 107, direct method) and interpreting cash movements4 · Recording, using and evaluating financial information

    Recording, processing and communicating financial information

19. Ratio preparation and interpretation and the limits of financial statement analysis4 · Recording, using and evaluating financial information

    Evaluating financial information for planning, coordinating, controlling and investing

20. AASB S2 climate-related disclosures and sustainability reporting: greenwashing and bluewashing4 · Government and the community

    The influence of social, environmental and ethical factors