Clarification details
Updated May 2015. This document has been updated to address issues that have arisen from moderation.
Task design
The standard requires students to use an appropriate chart of accounts and to process frequent transactions (for Achieved), plus infrequent transactions (for Merit), plus complex transactions (for Excellence).
Explanatory Note (EN) 2 lists the transactions that need to be included in an assessment task to enable students to achieve Excellence.
Guidance for grades
- Achieved: majority of cash receipts, cash payments, sales and purchase transactions.
- Merit: Achieved plus majority of all infrequent transactions, plus set-up of inventory, plus present a majority of correctly classified new accounts (except equity) in the chart of accounts.
- Excellence: Merit plus two of the three complex transactions, plus banking function (the banking should be completed at the end of the day or week/fortnight).
Any errors made by a student when processing transactions must be reversed correctly before the entry can be completed correctly. If the student ignores their errors, the Income Statement, Balance Sheet and Cash Flows would be significantly different from the expected output, and therefore the student would not demonstrate a comprehensive understanding of processing using software.