Course overview
This course will provide the foundational framework of financial accounting that allow a student to progress to a major study of the discipline by developing an integrated understanding of fundamental accounting systems and the accounting cycle, and the ability to analyse and interpret accounting information. Students will experience and apply a variety of accounting processes influenced by the accounting standards and conceptual framework and be exposed to some of the fundamental theoretical and conceptual issues surrounding the practice of financial accounting. These include: confirmation and expansion of the knowledge pertaining to the complete accounting cycle with emphasis on double entry accounting systems as applied to manual and computerised formats; an introduction to the financial reporting environment including an exposure to various accounting standards used in financial accounting and their impact on different entities; an introductory investigation of the practical, theoretical and ethical issues underlying the application of accounting processes with particular reference to the acquisition, depreciation and disposal of non-current assets, inventories, accounts receivable, cash and funding alternatives; analysis and interpretation of financial statements and cash flows.
Course learning outcomes
- Discuss from an introductory perspective the theoretical, conceptual and ethical environments in the practice of financial accounting;
- Apply Accounting Standards to the basic practice of corporate financial accounting;
- Implement an integrated knowledge of the financial accounting process and recognise the procedures required for both manual and computer based accounting systems;
- Apply fundamental financial accounting practice to a variety of basic issues confronted by accountants;
- Analyse and interpret financial accounting information from a management and user perspective.
- Demonstrate Business Enterprise Skills in the context of the Accounting discipline: i) Teamwork (foundation level); ii) International Perspective (foundation level); and iii) Oral Communication (foundation level).