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Unit Summary
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 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
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: | |
|---|---|
| 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, double entry system and accounting software to produce financial reports. |
| 3 | prepare and interpret the four key financial statements using tools and techniques for decision-making purposes from a multiple stakeholders’ perspective. |
| 4 | analyse and 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.
- apply routine accounting concepts and principles for recording business transactions using accrual accounting, double entry system and accounting software to produce financial reports.
- prepare and interpret the four key financial statements using tools and techniques for decision-making purposes from a multiple stakeholders’ perspective.
- analyse and describe the role of internal controls in the context of a business’s operating environment.
Prescribed texts
- 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.
- 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.