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Unit Summary
Unit type
UG Coursework Unit
Credit points
12
AQF level
Level of learning
Intermediate
Former School/College
Unit aim
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
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: | 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:
-
Describe the key characteristics and underpinning theoretical principles of the regulatory framework that govern the measurement and disclosure of accounting information.
- GA4:
-
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:
-
Use accounting software to record business transactions and produce financial reports through an accounting cycle.
- GA1:
- GA4:
-
Prepare and interpret the four key financial statements using tools and techniques for decision-making purposes from a multiple stakeholders’ perspective.
- GA1:
- GA5:
-
Describe the role of internal controls in the context of a business’s operating environment.
- GA4:
Prescribed texts
- Prescribed text information is not currently available.
- Australian paperback edition: Carlon, S, McAlpine-Mladenovic, R, Palm, C, Mitrione, L, Kirk, N & Wong, L, 2018, Financial Accounting, 6th edn, John Wiley & Sons Australia, Brisbane. ISBN: 9780730363279.
- Available in e-Book format: Carlon, S, McAlpine-Mladenovic, R, Palm, C, Mitrione, L, Kirk, N & Wong, L, 2018, Financial Accounting, 6th edn, John Wiley & Sons Australia, Brisbane. ISBN: 9780730356141.
- Australian paperback edition: Carlon, S, McAlpine-Mladenovic, R, Palm, C, Mitrione, L, Kirk, N & Wong, L, 2018, Financial Accounting, 6th edn, John Wiley & Sons Australia, Brisbane. ISBN: 9780730363279.
- Available in e-Book format: Carlon, S, McAlpine-Mladenovic, R, Palm, C, Mitrione, L, Kirk, N & Wong, L, 2018, Financial Accounting, 6th edn, John Wiley & Sons Australia, Brisbane. ISBN: 9780730356141.