On successful completion of this subject, students should be able to:

1. Explain and apply the accounting elements (assets, liabilities, equity, revenues and expenses) and the underlying principles and relationships of the elements for the purpose of periodic financial reporting
2. Identify components of the accounting cycle
3. Prepare journalising and posting transactions to general and subsidiary ledgers and complete a trial balance
4. Prepare financial statements for simple business structures using manual based and computerised accounting systems
5. Apply the conceptual framework and accounting standards to account for different types of transactions.

1. Revision of material from subject 700274 Accounting in Context.
2. Extension of the accounting cycle and accounting processes.
3. Double entry accounting.
4. Accounting for GST
5. Transferring information from journal to the ledger.
6. Recording of inventory (perpetual and periodic systems), valuation methods, and depreciation of non-current assets.
7. Trial balance.
8. Bank Reconciliation
9. Preparation of simple financial statements.
10. Partnership formation.