Level 2 Accounting

Level 2 Accounting

Dig deeper. Track the money. Make better business decisions.

In Level 2 Accounting, you’ll move beyond the basics and learn how real businesses use systems and financial information to make smart decisions. You’ll analyse key parts of a business like inventory and accounts receivable, and explore real-world issues that accountants deal with today.

This course is for students who enjoy working with numbers, making sense of patterns, and using financial data to explain what’s happening in a business.

Internal – Accounts Receivable Subsystem

AS91179 | 3 credits | Internal

You’ll explore how businesses manage money owed to them by customers (called accounts receivable). You’ll learn how this system works, how to track overdue payments, and what happens when customers don’t pay on time.

You’ll:

• Process source documents (invoices, credit notes, receipts)

• Record entries into journals and ledgers

• Explain how this system helps businesses maintain cash flow

Every business needs to get paid — this standard teaches you how that process works behind the scenes.

Internal – Inventory Subsystem

AS91386 | 3 credits | Internal

This standard is about managing the goods a business sells — its inventory. You’ll learn how businesses track stock levels, avoid losses, and ensure accurate records.

You’ll:

• Understand FIFO (first-in, first-out) inventory methods

• Process inventory transactions

• Explain why managing stock correctly is crucial for profitability

This is essential knowledge for anyone interested in retail, supply chain, or business management.

Internal – Contemporary Accounting Issue

AS91481 | 4 credits | Internal

This is a research-based standard where you choose a modern accounting issue (e.g. AI in accounting, ethical concerns, sustainability reporting) and explain how it affects business decision-making.

You’ll:

• Research a real accounting issue

• Explain how it impacts decisions for businesses, accountants, or investors

• Show your understanding using real-world examples

This standard bridges the gap between theory and the real world.

External – Interpreting Accounting Information

AS91177 | 4 credits | External

This exam is about reading and interpreting financial information from real businesses. You’ll analyse ratios, trends, and statements to make conclusions about performance and financial health.

You’ll:

• Work with income statements and balance sheets

• Calculate and interpret financial ratios (e.g. profitability, liquidity, financial stability)

• Make recommendations based on real data

This standard teaches you to see the story behind the numbers — a key skill in business.

External – Accounting Concepts

AS91174 | 4 credits | External

You’ll learn and apply key accounting concepts that guide how businesses record and report their financial data. These include things like accrual basis, consistency, and going concern.

You’ll:

• Explain accounting concepts using business scenarios

• Apply concepts to support financial decisions

• Use real examples in your exam

These concepts are the foundation of all good accounting — and are used in the real world every day.

Level 2 Accounting prepares you for Level 3 Accounting, Commerce at university, or careers in:

• Accounting and finance

• Business management

• Retail and inventory control

• Entrepreneurship

• Banking and financial advisory

If you enjoy working with real-world data, spotting trends, and understanding how money flows in and out of a business — this course is for you.