Entry requirements and weighting

Prerequisites: BB104
Corequisites: Nil
Credit Points: 15 credit points
Level:  Year 2, Major Accounting Stream

Brief description

This unit builds on the basic accounting principles covered in BB104 Introductory Accounting. It assists student understanding of financial accounting information, and the regulatory accounting environment. The unit develops expertise in the accumulation, processing and presentation of financial information in relation to sole proprietorships and partnerships in the service and manufacturing sectors. This unit lays the foundation for further core accounting units.

This unit will cover the following topics:

  1. Review of accounting principles and the accounting equation
  2. Recording business transactions using the double entry system
  3. Adjusting entries
  4. Closing entries
  5. Preparation of financial statements
  6. Accounting for inventory
  7. Internal control & cash
  8. Property, plant & equipment
  9. Intangibles
  10. Accounting for partnerships
  11. Receivables – accounting for bills receivable & bad debts
  12. Liabilities – warranties & contingent liabilities

Learning outcomes

  1. a explain accounting concepts and principles
  2. discuss the importance of accounting standards
  3. identify and evaluate ethical issues in accounting
  4. record financial accounting transactions using the accrual method of accounting
  5. prepare general purpose financial statements