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
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