Course overview
This course extends the understanding of the method of double-entry accounting. It is designed to provide students with advanced accounting skills required to be able to prepare classified financial statements (in particular the Income Statement and the Balance Sheet) from initial transactions through to adjusting entries and next period entries. In addition are specific topics including inventories, accounts receivables, non-current assets, liabilities and equity. There is an emphasis on the understanding of the connection between topics and the Framework for the Preparation and Presentation of Financial Statements and relevant accounting standards (AASBs).
Course learning outcomes
- Demonstrate the nature and processes of accrual accounting and demonstrate the accounting processes from initial transactions through to preparing the Income Statement and Balance Sheet.
- Demonstrate a comprehensive and applied knowledge of accounting for GST, equity, inventories, accounts receivable, non-current assets and liabilities.
- Prepare a Statement of Changes in Equity.
- Examine the Framework for the Preparation and Presentation of Financial Statements and accounting standards (AASBs) as they relate to the topics covered.