Entry requirements and weighting

Prerequisites: Nil
Corequisites: Nil
Credit Points: 15 credit points
Level: Year 1, Core

Brief description

This is an introductory subject that focuses on the use of accounting information in making business decisions.  The unit assumes no prior knowledge of accounting. The unit provides students with fundamental accounting knowledge and skills which, as well as being of use in their own right, will provide a foundation for more advanced accounting studies.  This unit is designed to introduce students to the nature and function of accounting, provide an understanding of basic accounting processes and develop skill in using accounting information in business decision making. 

At the end of the unit students will be able to understand and apply basic principles and theories relating to the use of accounting information in a variety of business organisations.
This unit explores the process of accounting and the role of the manager in contributing to the long-term performance and viability of organisations.Completing this unit will enable students to develop sound skills in research and information gathering as well as a range of strategies for learning about accounting and its use for internal decision making purposes.
This unit will cover the following topics:

  1. The environment of accounting
  2. The accounting elements, transaction recognition and recording
  3. Financial reporting & presentation.
  4. The recording, measurement and control of the major asset groups and the identification of balance
  5. sheets, function and measurement of liabilities and owners' equity, account receivable and account
  6. payable.
  7. The basic accounting process in a variety of reporting entity activities and owners' equity structures.
  8. The cash flow statements and the techniques of analysing and interpreting the information displayed
  9. in accounting reports.
  10. The role of break-even analysis and budgeting in organisational planning.

Learning outcomes

  1. to understand and explore the foundations of the practice of accounting
  2. to provide an informed analysis of business propositions
  3. to prepare statements that recognize, measure, record and report accounting events
  4. analyse accounting reports
  5. use accounting information in a variety of business decision making contexts
  6. to appreciate the interrelationship of theory and practice in accounting
  7. to appreciate the importance of accounting information in the conduct of commercial activity
  8. to develop an ethical perspective on the use of accounting information