Course overview
This course introduces students to identifying, recording, and reporting business events and transactions for decision-making. Students will develop an understanding of principles and concepts in the conceptual framework which sets students up for success in later accounting courses. Students will learn the fundamentals of the double entry accounting system and preparing financial statements alongside the practical aspects of using a computerised accounting system. Specific topics include accounting for inventories, accounts receivable, non-current assets, liabilities and equity.
Course learning outcomes
- Explain the nature, role and purpose of financial accounting in accordance with the Conceptual Framework.
- Describe the main features of the institutional and regulatory context in which financial accounting is practiced in Australia.
- Explain and apply the concepts of definition, recognition, measurement, and disclosure outlined in the Conceptual Framework and across selected accounting standards.
- Perform tasks involved in accounting cycle manually and using accounting software (for example recording transactions in journals, ledgers, adjusting and closing entries and generating income statement and balance sheet from trial balance)
- Display professional behaviour consistent with business expectations