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AC101 Accounting I

DESCRIPTION

This unit introduces students to the objectives and principles of underlying financial reporting. The unit specifically aims to provide the relevant accounting tools to assist management with those roles. Primarily this unit will examine the accounting cycle and how financial and non-financial transactions are used by accountants to compile financial information that is useful in assisting management and external stakeholders to make important decisions. Student will examine how accountants must act ethically in deciding how transactions are entered in the accounting cycle. Exposure to practical problems and case studies will facilitate students in deve loping analytical and problems solving skills that will prepare them for higher level accounting studies and practice as accountants.


RELEVANT COURSES

Bachelor of Accounting*

Bachelor of Agribusiness*

Diploma of Business* 

Diploma of Commerce*

Undergraduate Certificate in Business* 


*Core unit

Elective unit


CREDIT POINTS

10


DELIVERY MODE

On campus

Online


PREREQUISITE OR CO-REQUISITE

Nil


UNIT LEARNING OUTCOMES

LO1 Evaluate the objectives and principles of accounting

LO2 Demonstrate the use and applications of balance sheets, profit and loss accounts, and statements of cash flow

LO3 Correctly identify the characteristics involved in accounting for various common activities of firms and the nature and valuation of some specific types of common transactions

LO4 Interpret appropriate accounting transactions from a given economic event and relevant set of data

LO5 Demonstrate an understanding of the requirements for preparation of accounting reports and double entry book - keeping transactions

LO6 Analyse a given set of financial statements to evaluate organisational performance and communicate the results in a report


CONTENT

  • The role of accounting

  • Recording business transactions

  • Information systems

  • Cash receipts, payments, and reconciliations

  • Retailing operations and inventory

  • Receivables and payables

  • The adjusting process

  • Completing the accounting cycle

  • Financial statement analysis

  • Ethics and accounting decisions


ASSESSMENT METHODS

1. Online Quizzes - 20%

2. Practical and Written Assessment - 30%

3. Exam - 50%


PRESCRIBED READINGS

Miller-Nobles, T., Mattison, B. L., Matsumura, E. M., Best, P., Keene, D., & Tan, R. (2021). Financial Accounting (9th ed). Melbourne: Pearson


Check with the lecturer each semester before purchasing any textbooks

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