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Unit of Study ACCT1002 - Financial Accounting (2021)

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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 1a An introduction to the role of accounting in business

Topic 1b Recording transactions 1: Accounting equation 

Topic 2a Recording transactions 2: Double entry accounting

Topic 2b Completing the accounting cycle: Adjusting and closing the accounts

Topic 3a Accounting for retail operations including GST

Topic 3b Reporting and analysing inventory

Topic 4a Internal controls, cash & receivables

Topic 4b Non-current assets

Topic 5a Liabilities

Topic 5b Equity

Topic 6 Cash Flow Statement

Availabilities

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

Learning outcomes

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:

Describe the key characteristics and underpinning theoretical principles of the regulatory framework that govern the measurement and disclosure of accounting information.

Apply routine accounting concepts and principles for recording business transactions using accrual accounting and the double entry system for the three main business structures.

Use accounting software to record business transactions and produce financial reports through an accounting cycle.

Prepare and interpret the four key financial statements using tools and techniques for decision-making purposes from a multiple stakeholders’ perspective.

Describe the role of internal controls in the context of a business’s operating environment.

Prescribed learning resources

Prescribed Texts
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Prescribed Texts
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Prescribed Texts
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Prescribed Learning Resources may change in future Teaching Periods.