UniGeniusVCE Accounting

Independent preparation for VCE Accounting Units 3 and 4. Not affiliated with or endorsed by the Victorian Curriculum and Assessment Authority (VCAA).

VCE Accounting

What is in VCE Accounting Units 3 and 4

Unit 3 is financial accounting for a trading business owned by a sole trader: recording and analysing financial data, then preparing and interpreting accounting reports. Unit 4 extends recording and reporting with balance day adjustments and depreciation, then turns to budgeting and decision-making. The examination covers all of it.

Weeks before the examination
Hours a week for Accounting
The accounting framework
Recording transactions
Inventory
Receivables, payables and control
Balancing and closing the ledger
Classified accounting reports
Evaluating performance
Non-current assets and depreciation
Balance day adjustments
Budgeted reports
Variance reports and decision-making

26 weeks, 104 hours in all

Start with the accounting framework

Unit 3: 8.7 of your hours. Every topic is examinable and starts with the same share; your confidence moves hours to the weak ones.

Hours per topic
TopicUnitYour hours
The accounting frameworkUnit 38.7
Recording transactionsUnit 38.7
InventoryUnit 38.7
Receivables, payables and controlUnit 38.7
Balancing and closing the ledgerUnit 38.7
Classified accounting reportsUnit 38.7
Evaluating performanceUnit 38.7
Non-current assets and depreciationUnit 48.7
Balance day adjustmentsUnit 48.7
Budgeted reportsUnit 48.7
Variance reports and decision-makingUnit 48.7

Week by week

  1. Week 1The accounting framework
  2. Week 2The accounting framework
  3. Week 3The accounting framework, Recording transactions
  4. Week 4Recording transactions
  5. Week 5Recording transactions, Inventory
  6. Week 6Inventory
  7. Week 7Inventory, Receivables, payables and control
  8. Week 8Receivables, payables and control
  9. Week 9Receivables, payables and control, Balancing and closing the ledger
  10. Week 10Balancing and closing the ledger
  11. Week 11Balancing and closing the ledger, Classified accounting reports
  12. Week 12Classified accounting reports
  13. Week 13Classified accounting reports
  14. Week 14Classified accounting reports, Evaluating performance
  15. Week 15Evaluating performance
  16. Week 16Evaluating performance, Non-current assets and depreciation
  17. Week 17Non-current assets and depreciation
  18. Week 18Non-current assets and depreciation, Balance day adjustments
  19. Week 19Balance day adjustments
  20. Week 20Balance day adjustments, Budgeted reports
  21. Week 21Budgeted reports
  22. Week 22Budgeted reports, Variance reports and decision-making
  23. Week 23Variance reports and decision-making
  24. Week 24Variance reports and decision-making
  25. Week 25A timed paper on the clock, then review every lost mark
  26. Week 26A timed paper on the clock, then review every lost mark

Check your topics with the free test

ExaminationOne written examination at the end of the year: 15 minutes reading, 2 hours writing
Marks100 marks, all questions compulsory
QuestionsShort-answer and extended-response, many in several parts
Study scoreExamination 50%; School-assessed Coursework 25% in each of Units 3 and 4
EquipmentOne scientific calculator

The four areas of study

  • Unit 3, Area of Study 1: recording and analysing financial data, from the accounting framework and GST to the General Journal, the General Ledger, inventory cards and receivables.
  • Unit 3, Area of Study 2: balancing and closing the ledger, the classified Income Statement, Balance Sheet and Cash Flow Statement, and evaluating performance with the financial indicators.
  • Unit 4, Area of Study 1: non-current assets and depreciation, straight-line and reducing balance, disposals, and balance day adjustments.
  • Unit 4, Area of Study 2: budgeted reports, variance reports and decision-making, with strategies and ethical considerations.

School-assessed Coursework

Coursework in Unit 3 and Unit 4 makes up 25% of the study score each. It is set and marked by your school, and this course does not cover it.

How this course maps the study design

The course splits the four areas into eleven topics, each with a lesson, short questions and multi-part case questions, plus extended-response questions where figures are checked and written answers are read by Mia. Set the planner above with the weeks you have and how sure you are of each topic, and it splits your hours.

Try 2 questions

Question 1 · Short question · The framework2 marks

The accounting framework

The GST Clearing account of Northcote Nursery Supplies had a credit balance of $1,840 on 1 June 2026. That amount was paid to the ATO on 21 June 2026.

The other transactions for June 2026 are summarised below. GST is 10%.

Transactions in June 2026Amount ($)
Sales (cash and credit), including GST46,200
Sales returns, including GST1,320
Credit purchases of inventory, including GST27,500
Purchase returns, including GST550
Discount Revenue (settlement discounts from suppliers)300
Equipment bought for cash, including GST8,800
Wages paid (no GST)6,000

Calculate the balance of GST Clearing at 30 June 2026, the amount owed to the ATO ($). (2 marks)

Question 2 · Short question · Recording transactions2 marks

Recording transactions

Grace Okafor owns Fernhill Footwear. Capital was $60,000 on 1 July 2025. Before any corrections, the records for the year ended 30 June 2026 show a net profit of $35,200 and Drawings of $24,000. Three errors are then found:

1. Grace Okafor's private car insurance of $1,100 including GST, paid from the business bank account, was recorded as debit Insurance Expense $1,000, debit GST Clearing $100, credit Cash at Bank $1,100.

2. A vehicle Grace Okafor contributed to the business during the year was recorded as debit Vehicle $22,000, credit Capital $22,000, the price Grace Okafor paid for it privately. Its fair value when contributed was $15,000.

3. A settlement discount of $120 received from a supplier was not recorded.

Calculate Capital at 30 June 2026, after the errors are corrected and closing entries are made ($). (2 marks)

Next step

Take the free testTake the course tour

The VCAA's VCE Accounting study design page

Questions people ask

What does the examination count for?

The end-of-year examination is 50% of the study score. School-assessed Coursework in Unit 3 and Unit 4 is 25% each.

Which study design does the course follow?

The VCE Accounting Study Design accredited from 2025, Units 3 and 4.

What kind of business does the course use?

A trading business owned by a sole trader, as the study design sets it, with the perpetual inventory system and GST at 10%.