Course Summary

This comprehensive study guide is designed to give you the opportunity to review information about the accounting cycle and basic accounting principles and practices. This course is a great tool you can reference if you scheduled to take the Victorian Certificate of Education (VCE) Accounting exam.

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Lesson Sample

Reasons for Creating a Small Business & Alternative Options

VCE Accounting: Exam Prep & Study Guide • 160 views • 0 min

About this course:

10 hours of educational videos

127 self-paced lessons

15 practice tests

Expert Contributor: Anthony Aparicio

Tony taught Business and Aeronautics courses for eight years; he holds a Master's degree in Management and is completing a PhD in Organizational Psychology

15 chapters in VCE Accounting: Exam Prep & Study Guide

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Course Practice Test

VCE Accounting: Exam Prep & Study Guide

Check your knowledge of this course with a 50 question practice test.

Comprehensive test covering all topics
Take multiple tests with new questions to assess your comprehension
Detailed video explanations for wrong answers

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Week {{::cp.getGoalWeekForTopic(0, 15)}}

Ch 1. Establishing a Small Business {{cp.topicAssetIdToProgress[327417].percentComplete}}% complete

	Best Score
Lesson 1 - Reasons for Creating a Small Business & Alternative Options Reasons for Creating a Small Business & Alternative Options	Text Lesson Take Quiz
		Take Quiz
Lesson 2 - Steps & Aspects for Starting a New Business Steps & Aspects for Starting a New Business	Video Take Quiz
Lesson 3 - Sole Trader & Partnership Business Structures in Australia Sole Trader & Partnership Business Structures in Australia	Text Lesson Take Quiz
Lesson 4 - Companies Limited by Shares Companies Limited by Shares	Text Lesson Take Quiz
Lesson 5 - Companies Not Limited by Shares Companies Not Limited by Shares	Text Lesson Take Quiz
Lesson 6 - The Role of Cooperatives in Business The Role of Cooperatives in Business	Video Take Quiz
Lesson 7 - Franchises: Opportunities and Challenges Franchises: Opportunities and Challenges	Video Take Quiz
Lesson 8 - Purchasing an Existing Business: Considerations, Pros & Cons Purchasing an Existing Business: Considerations, Pros & Cons	Text Lesson Take Quiz
Lesson 9 - Small Business in a Global Market Small Business in a Global Market	Video Take Quiz
Lesson 10 - Factors of Success or Failure of a Small Business Factors of Success or Failure of a Small Business	Text Lesson Take Quiz
Lesson 11 - How Different Professionals Contribute to Business Success How Different Professionals Contribute to Business Success	Text Lesson Take Quiz
Lesson 12 - Resources Required to Establish a Small Business Resources Required to Establish a Small Business	Text Lesson Take Quiz

Week {{::cp.getGoalWeekForTopic(1, 15)}}

Ch 2. Funding for Small Businesses {{cp.topicAssetIdToProgress[327429].percentComplete}}% complete

			Course Progress	Best Score
	Lesson 1 - Start-Up Budget: Definition & Example Start-Up Budget: Definition & Example			Video Take Quiz
	Lesson 2 - Funding Opportunities for Entrepreneurs Funding Opportunities for Entrepreneurs			Video Take Quiz
	Lesson 3 - Bootstrapping: Definition, Method, Techniques & Example Bootstrapping: Definition, Method, Techniques & Example			Video Take Quiz
	Lesson 4 - Asset-Based Lending: Definition & Uses Asset-Based Lending: Definition & Uses			Video Take Quiz
	Lesson 5 - Angel Investing: Definition, Benefits & Risks Angel Investing: Definition, Benefits & Risks			Video Take Quiz
	Lesson 6 - Sources of Short-Term Financing Sources of Short-Term Financing			Video Take Quiz
	Lesson 7 - Sources of Long-Term Financing Sources of Long-Term Financing			Video Take Quiz
	Lesson 8 - The Financial Planning Process The Financial Planning Process			Video Take Quiz
	Lesson 9 - Financial Institutions in Australia Financial Institutions in Australia			Text Lesson Take Quiz

Week {{::cp.getGoalWeekForTopic(2, 15)}}

Ch 3. Budgeting in Business {{cp.topicAssetIdToProgress[327431].percentComplete}}% complete

			Course Progress	Best Score
	Lesson 1 - Master Budget in Accounting: Definition, Components & Example Master Budget in Accounting: Definition, Components & Example			Video Take Quiz
	Lesson 2 - Budget Controls: Top-Down, Bottom-Up, Zero-Based & Flexible Budgeting Budget Controls: Top-Down, Bottom-Up, Zero-Based & Flexible Budgeting			Video Take Quiz
	Lesson 3 - How to Prepare a Budget for a Corporation How to Prepare a Budget for a Corporation			Video Take Quiz
	Lesson 4 - Variances in Budgets: Definition, Calculations & Analysis Variances in Budgets: Definition, Calculations & Analysis			Video Take Quiz

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Ch 4. Overview of Service & Trading Businesses {{cp.topicAssetIdToProgress[327435].percentComplete}}% complete

			Course Progress	Best Score
	Lesson 1 - Service & Trading Businesses: Definitions & Examples Service & Trading Businesses: Definitions & Examples			Video Take Quiz
	Lesson 2 - Channel Members in Marketing: Definition & Overview Channel Members in Marketing: Definition & Overview			Video Take Quiz
	Lesson 3 - Inventory Valuation Methods: Specific Identification, FIFO, LIFO & Weighted Average Inventory Valuation Methods: Specific Identification, FIFO, LIFO & Weighted Average			Video Take Quiz
	Lesson 4 - Making Balance Day Adjustments to Accounting Reports Making Balance Day Adjustments to Accounting Reports			Video Take Quiz

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Ch 5. Business Analysis Overview {{cp.topicAssetIdToProgress[327443].percentComplete}}% complete

			Course Progress	Best Score
	Lesson 1 - What Is Business Analysis? - Process, Methods & Example What Is Business Analysis? - Process, Methods & Example			Video Take Quiz
	Lesson 2 - What Is Financial Data? - Definition & Concept What Is Financial Data? - Definition & Concept			Video Take Quiz
	Lesson 3 - Defining and Applying Financial Ratio Analysis Defining and Applying Financial Ratio Analysis			Video Take Quiz
	Lesson 4 - Measuring Supply Chain Performance: Key Performance Indicators Measuring Supply Chain Performance: Key Performance Indicators			Video Take Quiz
	Lesson 5 - Total Quality Management (TQM): Definition, Principles & Examples Total Quality Management (TQM): Definition, Principles & Examples			Video Take Quiz
	Lesson 6 - What Is Quality Management System? - Definition & Examples What Is Quality Management System? - Definition & Examples			Video Take Quiz
	Lesson 7 - What are Performance Goals? - Definition & Examples What are Performance Goals? - Definition & Examples			Video Take Quiz
	Lesson 8 - Business Strategies: Market Advantages Provided by Information Systems Business Strategies: Market Advantages Provided by Information Systems			Video Take Quiz
	Lesson 9 - Interpreting Graphical Representations Interpreting Graphical Representations			Video Take Quiz
	Lesson 10 - Visual Representations of a Data Set: Shape, Symmetry & Skewness Visual Representations of a Data Set: Shape, Symmetry & Skewness			Video Take Quiz
	Lesson 11 - Understanding Bar Graphs and Pie Charts Understanding Bar Graphs and Pie Charts			Video Take Quiz

Week {{::cp.getGoalWeekForTopic(5, 15)}}

Ch 6. Price Setting Strategies for Business {{cp.topicAssetIdToProgress[327451].percentComplete}}% complete

			Course Progress	Best Score
	Lesson 1 - Pricing Strategy Methods: Types & Examples Pricing Strategy Methods: Types & Examples			Text Lesson Take Quiz
	Lesson 2 - Pricing Objectives: How Firms Decide on a Pricing Strategy Pricing Objectives: How Firms Decide on a Pricing Strategy			Video Take Quiz
	Lesson 3 - Price Selection: How Businesses Select the Correct Price for Products Price Selection: How Businesses Select the Correct Price for Products			Video Take Quiz
	Lesson 4 - Pricing Decisions: Profit-Oriented, Sales & Status Quo Pricing Decisions: Profit-Oriented, Sales & Status Quo			Video Take Quiz
	Lesson 5 - How to Calculate the Break-Even Point - Definition & Formula How to Calculate the Break-Even Point - Definition & Formula			Video Take Quiz
	Lesson 6 - Cost-Volume-Profit Analysis & Income Statements Cost-Volume-Profit Analysis & Income Statements			Video Take Quiz

Week {{::cp.getGoalWeekForTopic(6, 15)}}

Ch 7. Financial Statements Overview {{cp.topicAssetIdToProgress[242891].percentComplete}}% complete

			Course Progress	Best Score
	Lesson 1 - What Are Financial Statements? - Definition, Purpose & Importance What Are Financial Statements? - Definition, Purpose & Importance			Video Take Quiz
	Lesson 2 - The Purpose of Notes on Financial Statements The Purpose of Notes on Financial Statements			Video Take Quiz
	Lesson 3 - The Balance Sheet: Purpose, Components & Format The Balance Sheet: Purpose, Components & Format			Video Take Quiz
	Lesson 4 - What Is an Income Statement? - Purpose, Components & Format What Is an Income Statement? - Purpose, Components & Format			Video Take Quiz
	Lesson 5 - The Statement of Cash Flows: Purpose, Format & Examples The Statement of Cash Flows: Purpose, Format & Examples			Video Take Quiz
	Lesson 6 - Statement of Changes in Equity: Purpose & Examples Statement of Changes in Equity: Purpose & Examples			Video Take Quiz
	Lesson 7 - Integrated Reporting: Definition, Purpose & Framework Integrated Reporting: Definition, Purpose & Framework			Video Take Quiz

Week {{::cp.getGoalWeekForTopic(7, 15)}}

Ch 8. Overview of Accounting Basics {{cp.topicAssetIdToProgress[327457].percentComplete}}% complete

			Course Progress	Best Score
	Lesson 1 - What Is Accounting? - Purpose, Importance & Relationship to Business What Is Accounting? - Purpose, Importance & Relationship to Business			Video Take Quiz
	Lesson 2 - Accounting vs Bookkeeping: Differences and Similarities Accounting vs Bookkeeping: Differences and Similarities			Video Take Quiz
	Lesson 3 - Accounting Disciplines: Descriptions and Definitions Accounting Disciplines: Descriptions and Definitions			Video Take Quiz
	Lesson 4 - Basic Accounting Terms & Phrases Basic Accounting Terms & Phrases			Video Take Quiz
	Lesson 5 - The Fundamental Principles of Accounting The Fundamental Principles of Accounting			Video Take Quiz
	Lesson 6 - What Is GAAP? - The Generally Accepted Accounting Principles What Is GAAP? - The Generally Accepted Accounting Principles			Video Take Quiz
	Lesson 7 - The Accounting Cycle: Definition, Steps & Examples The Accounting Cycle: Definition, Steps & Examples			Video Take Quiz
	Lesson 8 - Business Transaction: Definition, Types & Analysis Business Transaction: Definition, Types & Analysis			Video Take Quiz
	Lesson 9 - Operating Expenses: Definition, Formula & Examples Operating Expenses: Definition, Formula & Examples			Video Take Quiz
	Lesson 10 - Difference Between Cash & Profit Difference Between Cash & Profit			Video Take Quiz

Week {{::cp.getGoalWeekForTopic(8, 15)}}

Ch 9. Overview of the Accounting Cycle {{cp.topicAssetIdToProgress[327459].percentComplete}}% complete

			Course Progress	Best Score
	Lesson 1 - The Accounting Equation: Definition & Components The Accounting Equation: Definition & Components			Video Take Quiz
	Lesson 2 - Source Documents in Accounting: Definition and Purpose Source Documents in Accounting: Definition and Purpose			Video Take Quiz
	Lesson 3 - Using the Accounting Equation: Adding Revenues, Expenses & Dividends Using the Accounting Equation: Adding Revenues, Expenses & Dividends			Video Take Quiz
	Lesson 4 - What Are Accounts? - Definition and Use to Categorize Transactions What Are Accounts? - Definition and Use to Categorize Transactions			Video Take Quiz
	Lesson 5 - Ledgers and Chart of Accounts: Definitions and Use Ledgers and Chart of Accounts: Definitions and Use			Video Take Quiz
	Lesson 6 - Understanding Debits and Credits in Accounting Understanding Debits and Credits in Accounting			Video Take Quiz
	Lesson 7 - Recording Business Transactions in Accounting Recording Business Transactions in Accounting			Video Take Quiz
	Lesson 8 - Using the Accounting Equation: Analyzing Business Transactions Using the Accounting Equation: Analyzing Business Transactions			Video Take Quiz
	Lesson 9 - Computing and Interpreting Return on Assets Computing and Interpreting Return on Assets			Video Take Quiz
	Lesson 10 - Journal Entries and Trial Balance in Accounting Journal Entries and Trial Balance in Accounting			Video Take Quiz
	Lesson 11 - Financial Statement Ratios: Determining Company Performance Financial Statement Ratios: Determining Company Performance			Video Take Quiz

Week {{::cp.getGoalWeekForTopic(9, 15)}}

Ch 10. Internal Control Use in Accounting {{cp.topicAssetIdToProgress[327461].percentComplete}}% complete

			Course Progress	Best Score
	Lesson 1 - Internal Controls in Accounting: Definition, Types & Examples Internal Controls in Accounting: Definition, Types & Examples			Video Take Quiz
	Lesson 2 - Financial Controls in Organizations Financial Controls in Organizations			Video Take Quiz
	Lesson 3 - Control of Cash: Definition & Methods Control of Cash: Definition & Methods			Video Take Quiz
	Lesson 4 - Control of Cash Receipts & Disbursements Control of Cash Receipts & Disbursements			Video Take Quiz
	Lesson 5 - What is Bank Reconciliation? - Definition, Purpose, Process & Examples What is Bank Reconciliation? - Definition, Purpose, Process & Examples			Video Take Quiz
	Lesson 6 - Typical Problems with Financial Information Typical Problems with Financial Information			Video Take Quiz
	Lesson 7 - Limitations of Internal Control in Financial Reporting Limitations of Internal Control in Financial Reporting			Video Take Quiz
	Lesson 8 - Technology's Impact on the Internal Control System Technology's Impact on the Internal Control System			Video Take Quiz

Week {{::cp.getGoalWeekForTopic(10, 15)}}

Ch 11. Technology in Accounting {{cp.topicAssetIdToProgress[327463].percentComplete}}% complete

			Course Progress	Best Score
	Lesson 1 - Technology in Accounting: The Growing Role of Technology in Accounting Technology in Accounting: The Growing Role of Technology in Accounting			Video Take Quiz
	Lesson 2 - What Is a Computerized Accounting System? - Types, Advantages & Disadvantages What Is a Computerized Accounting System? - Types, Advantages & Disadvantages			Video Take Quiz
	Lesson 3 - Manual Accounting System: Definition, Advantages & Disadvantages Manual Accounting System: Definition, Advantages & Disadvantages			Video Take Quiz

Week {{::cp.getGoalWeekForTopic(11, 15)}}

Ch 12. Double-Entry Accounting Overview {{cp.topicAssetIdToProgress[327465].percentComplete}}% complete

			Course Progress	Best Score
	Lesson 1 - What Is Double-Entry Accounting? - Basics & Examples What Is Double-Entry Accounting? - Basics & Examples			Video Take Quiz
	Lesson 2 - Account Adjustments: Types, Purpose & Their Link to Financial Statements Account Adjustments: Types, Purpose & Their Link to Financial Statements			Video Take Quiz
	Lesson 3 - How to Use Stock Cards for Sales & Purchases How to Use Stock Cards for Sales & Purchases			Video Take Quiz
	Lesson 4 - GST Clearing Accounts in Accounting: Definition & Examples GST Clearing Accounts in Accounting: Definition & Examples			Video Take Quiz

Week {{::cp.getGoalWeekForTopic(12, 15)}}

Ch 13. Journals in Accounting {{cp.topicAssetIdToProgress[327471].percentComplete}}% complete

			Course Progress	Best Score
	Lesson 1 - Cash Payments Journal: Definition & Example Cash Payments Journal: Definition & Example			Video Take Quiz
	Lesson 2 - Cash Receipts Journal: Definition & Examples Cash Receipts Journal: Definition & Examples			Video Take Quiz
	Lesson 3 - Purchases Journal: Definition & Example Purchases Journal: Definition & Example			Video Take Quiz
	Lesson 4 - Sales Journal in Accounting: Definition & Examples Sales Journal in Accounting: Definition & Examples			Text Lesson Take Quiz
	Lesson 5 - What Is a General Journal in Accounting? - Definition, Format & Examples What Is a General Journal in Accounting? - Definition, Format & Examples			Video Take Quiz
	Lesson 6 - Contra Account: Definition & Examples Contra Account: Definition & Examples			Video Take Quiz
	Lesson 7 - Uncollectible Accounts, the Allowance Method & Bad Debt Uncollectible Accounts, the Allowance Method & Bad Debt			Video Take Quiz
	Lesson 8 - Using a General Journal to Record Infrequent Transactions Using a General Journal to Record Infrequent Transactions			Text Lesson Take Quiz
	Lesson 9 - Non-Current Assets: Definition & Examples Non-Current Assets: Definition & Examples			Video Take Quiz
	Lesson 10 - What Is a General Ledger? - Definition & Examples What Is a General Ledger? - Definition & Examples			Video Take Quiz
	Lesson 11 - Control Accounts: Definition & Uses Control Accounts: Definition & Uses			Video Take Quiz
	Lesson 12 - Closing Entries: Process, Major Steps, Purpose & Objectives Closing Entries: Process, Major Steps, Purpose & Objectives			Video Take Quiz
	Lesson 13 - How to Prepare a Profit & Loss Summary How to Prepare a Profit & Loss Summary			Text Lesson Take Quiz
	Lesson 14 - Adjusted Trial Balance: Definition, Preparation & Example Adjusted Trial Balance: Definition, Preparation & Example			Video Take Quiz

Week {{::cp.getGoalWeekForTopic(13, 15)}}

Ch 14. Accrual-Based Accounting System {{cp.topicAssetIdToProgress[327481].percentComplete}}% complete

			Course Progress	Best Score
	Lesson 1 - Using Accrual Accounting to Make Financial Statements More Useful Using Accrual Accounting to Make Financial Statements More Useful			Video Take Quiz
	Lesson 2 - The Differences Between Accrual & Cash-Basis Accounting The Differences Between Accrual & Cash-Basis Accounting			Video Take Quiz
	Lesson 3 - Accrued Expenses & Revenues: Definition & Examples Accrued Expenses & Revenues: Definition & Examples			Video Take Quiz
	Lesson 4 - Accounting Liability Approach of Recording Prepaid Revenue Accounting Liability Approach of Recording Prepaid Revenue			Text Lesson Take Quiz
	Lesson 5 - Stock Valuation Models: Types & Overview Stock Valuation Models: Types & Overview			Video Take Quiz
	Lesson 6 - How to Purchase Non-Current Depreciable Assets How to Purchase Non-Current Depreciable Assets			Text Lesson Take Quiz
	Lesson 7 - Methods of Depreciation Methods of Depreciation			Video Take Quiz
	Lesson 8 - Accelerated Depreciation Methods Accelerated Depreciation Methods			Video Take Quiz
	Lesson 9 - Reporting Depreciation on the Balance Sheet Reporting Depreciation on the Balance Sheet			Video Take Quiz
	Lesson 10 - How to Account for Asset Disposal How to Account for Asset Disposal			Video Take Quiz
	Lesson 11 - Disposal of Non-Current Depreciable Assets in Accounting Disposal of Non-Current Depreciable Assets in Accounting			Text Lesson Take Quiz
	Lesson 12 - Period Costs in Accounting: Definition & Examples Period Costs in Accounting: Definition & Examples			Video Take Quiz
	Lesson 13 - Product Costs in Accounting: Definition & Examples Product Costs in Accounting: Definition & Examples			Video Take Quiz

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Ch 15. VCE Accounting Flashcards {{cp.topicAssetIdToProgress[560069].percentComplete}}% complete

			Course Progress	Best Score
	Flashcards - Establishing a Small Business			Flashcards
	Flashcards - Funding for Small Businesses			Flashcards
	Flashcards - Budgeting in Business			Flashcards
	Flashcards - Overview of Service & Trading Businesses			Flashcards
	Flashcards - Business Analysis Overview			Flashcards
	Flashcards - Price Setting Strategies for Business			Flashcards
	Flashcards - Overview of Accounting Basics			Flashcards
	Flashcards - Overview of the Accounting Cycle			Flashcards
	Flashcards - Internal Control Use in Accounting			Flashcards
	Flashcards - Journals in Accounting			Flashcards
	Flashcards - Accrual-Based Accounting System			Flashcards

Course Practice Test

VCE Accounting: Exam Prep & Study Guide Practice Test

About This Course

From common accounting tools and systems to accounting business applications, this course covers basic and more advanced details you would expect to be tested on when sitting for the VCE Accounting exam. Lessons cover such topics as financial statement preparation and analysis, accounting terminology, accounting documentation, internal controls, journals and ledgers, accounting computer systems and accrual-based systems. Business-related topics addressed in this course include establishing and funding a small business, budgeting, accounting for service- and trade-based businesses, and business analysis methods.

About the Exam

The VCE Accounting exam, like all VCE exams, is for 11th and 12th grade students attending a secondary school in Australia. The paper-based VCE Accounting exam consists of 11 short- and extended-answer questions worth between 5 and 19 marks each for a total of 100 marks. Students are allotted two hours and 15 minutes to complete this exam; 15 minutes are given to reading time and the remaining time for completing the exam. The maximum score for VCE exams is 50. A score of 23-37 places a student in the middle range and a score of 38 or over places them in the top 15%.

VCE Accounting Exam Preparation & Registration

Using this course provides a quick and convenient way you can review information you would need to know when taking the VCE Accounting exam. Lessons identify and explain specifics about cash flow, income and financial statements; accounting terms, disciplines and transaction details; accounting equations and recording tools; financial controls; double-entry accounting practices; and accounting methods used for depreciation, product costs, stock management and period costs. Other lessons cover details about small business development, budgeting and financial planning for small businesses, business market strategies and pricing decision-making strategies. Lessons are presented in video and text formats by expert instructors who make the material simple and engaging. Access these lessons at any time, on any device, and take brief self-assessment quizzes to help determine your readiness in taking the VCE Accounting exam.

Since VCE exams are automatically given as an assessment exam to 11th and 12th grade students in Australia, there is no formal registration process. Students take exams on a given date each year that is determined by the Victorian Curriculum and Assessment Authority.

The VCE Accounting exam is administered by the Victorian Curriculum and Assessment Authority (VCAA), which is not affiliated with Study.com.

Earning Credit

Earning College Credit

Did you know… We have over 220 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.

To learn more, visit our Earning Credit Page

Practice Tests in this course

Check your knowledge of this course with a 50 to 625 question practice test. Once you take the test, you will receive a detailed exam report complete with your personal statistics and even specific lessons to focus on! Take the practice test now