Spreadsheets. Taxes. Numbers. Being glued to a desk.

I’m sure that many of these would accurately describe the accounting world, and whilst there is some truth, our very own Whitefriars College students defied the common misconceptions about accounting and the difference it can make to our growing world.

As part of their studies, the VCE Unit 2 Accounting students were given an opportunity to tackle the High School Accounting Competition as part of the Monash Business School’s Accounting Month. Their task was to produce innovative and creative ways to raise $30,000 in profit for a local charity, Mothers Supporting Families in Need (MSFIN). Having gone through the brief, students analysed various possibilities and looked at their revenue and expense capacity to meet the desired target. In turn, rigorous debates were held, many mind maps were drawn, and various proposals were being pitched amongst groups to test. This challenge enabled students to have a powerful opportunity to see accounting in the classroom came to life! By the end of the submission period, ideas ranged from business conferences and networking events to movie and concert nights, as well as selling popular clothing items.

Out of the six reports and presentations submitted, four were shortlisted to present their findings to the panel earlier in August. Students were invited to Monash University and present to a panel of academics, business leaders and MSFIN representatives. Pitted against other prestigious schools, our Whitefriars students shone, with their detailed,  engaging and lively presentations. Each presentation highlighted what our VCE students have been covering in the past semester, including revenue streams, identification of possible expenses, profits, and cash flows. Although our college did not come out as victors in the competition, the Unit 2 Accounting students thoroughly enjoyed the experience as an opportunity to showcase their accounting knowledge and presentation skills.

Mr Kevin Nguyen

VCE Accounting Teacher