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.

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 sheets, function and measurement of liabilities and owners' equity, account receivable and account payable.
  5. The basic accounting process in a variety of reporting entity activities and owners' equity structures.
  6. The cash flow statements and the techniques of analysing and interpreting the information displayed in accounting reports.
  7. The role of break-even analysis and budgeting in organisational planning

Unit 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 to 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

Graduate Attributes

Ability to communicate Independ. Life-long Learner Ethics Problem Solving Cultural Global Awareness Teamwork Knowledge of Field
             

Legend

                                The standard  is covered by theory and practice, and addressed by assessed activities in which the students always play an active role, e.g. workshops, lab submissions, assignments, demonstrations, tests, examinations
  The standard is covered by theory or practice, and addressed by assessed activities in which the students mostly play an active role, e.g. discussions, reading, intepreting documents, tests, examinations
  The standard is discussed in theory or practice; it is addressed by assessed activities in which the students may play an active role, e.g. lectures and discussions, reading, interpretation, workshops, presentations 
  The standard is presented as a side issue in theory or practice; it is not specifically assessed, but it is addressed by  activities such as lectures or tutorials
  The standard  is not considered, there is no theory or practice or activities associated with this standard