Credit Points 10

Legacy Code 700029

Coordinator Abdullah Al Aabed Opens in new window

Description This subject gives students the practical skills necessary to analyse the accounting transactions of an entity, and then be able to measure and record these transactions in a systematic manner for the preparation of simple financial statements.

School Business

Discipline Accounting

Student Contribution Band HECS Band 4 10cp

Check your HECS Band contribution amount via the Fees page.

Level Undergraduate Level 1 subject

Pre-requisite(s) ACCT 1006

Equivalent Subjects ACCT 1007 - Financial Accounting Applications

Restrictions

Students must be enrolled at Western Sydney University, The College. Students enrolled in extended diplomas must pass 40 credit points from the preparatory subjects listed in the program structure prior to enrolling in this University level subject.

Learning Outcomes

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.

Subject Content

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.