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Unit of Study ACC00151 - Financial Accounting (2020)

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Unit Snapshot

  • Enrolment information

    N/A

Unit description

Provides an introduction to accounting systems and processes with a focus on recording routine business transactions, the preparation of financial statements and the use of accounting information to make business decisions in a variety of business contexts. The unit presupposes no prior knowledge of accounting. It provides the foundation knowledge and core skills for the upper level accounting units and equips other business majors with essential accounting tools.

Unit content

Topic 1 An introduction to the role of accounting in business

Topic 2 Recording transactions 1: Accounting equation 

Topic 3 Recording transactions 2: Double entry accounting

Topic 4 Completing the accounting cycle: Adjusting and closing the accounts

Topic 5 Accounting for retail operations including GST

Topic 6 Reporting and analysing inventory

Topic 7 Internal controls, cash & receivables

Topic 8 Non-current assets

Topic 9 Liabilities

Topic 10 Equity

Topic 11 Cash Flow Statement

Availabilities

Location Domestic International
China - TUST N/A
Session1
Gold Coast
Session1,2
Session1,2
Lismore
Session1
Session1
Melbourne N/A
Session1,2
Online
Session1,2
Session1
Papua New Guinea - IBSU Port Moresby N/A
Session1,3
Perth N/A
Session1,2
Sydney N/A
Session1,2

Learning outcomes and graduate attributes

Unit Learning Outcomes express learning achievement in terms of what a student should know, understand and be able to do on completion of a unit. These outcomes are aligned with the graduate attributes. The unit learning outcomes and graduate attributes are also the basis of evaluating prior learning.

On completion of this unit, students should be able to:

GA1: Intellectual rigour, GA2: Creativity, GA3: Ethical practice, GA4: Knowledge of a discipline, GA5: Lifelong learning, GA6: Communication and social skills, GA7: Cultural competence
Learning outcome count Learning outcome description GA1 GA2 GA3 GA4 GA5 GA6 GA7
1 Describe the key characteristics and underpinning theoretical principles of the regulatory framework that govern the measurement and disclosure of accounting information.
2 Apply routine accounting concepts and principles for recording business transactions using accrual accounting and the double entry system for the three main business structures.
3 Use accounting software to record business transactions and produce financial reports through an accounting cycle.
4 Prepare and interpret the four key financial statements using tools and techniques for decision-making purposes from a multiple stakeholders’ perspective.
5 Describe the role of internal controls in the context of a business’s operating environment.

On completion of this unit, students should be able to:

  1. Describe the key characteristics and underpinning theoretical principles of the regulatory framework that govern the measurement and disclosure of accounting information.
    • GA4:
  2. Apply routine accounting concepts and principles for recording business transactions using accrual accounting and the double entry system for the three main business structures.
    • GA4:
  3. Use accounting software to record business transactions and produce financial reports through an accounting cycle.
    • GA1:
    • GA4:
  4. Prepare and interpret the four key financial statements using tools and techniques for decision-making purposes from a multiple stakeholders’ perspective.
    • GA1:
    • GA5:
  5. Describe the role of internal controls in the context of a business’s operating environment.
    • GA4:

Prescribed learning resources

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Prescribed Learning Resources may change in future Teaching Periods.