Credit Points 10

Legacy Code 200396

Coordinator Yongqing Li Opens in new window

Description The aim of this subject is to provide a comprehensive introduction to contemporary financial accounting. This is an essential component in the understanding of the production and use of accounting information in business. This subject applies accounting concepts, standards and principles enabling students to be competent in the technical skills in accounting which is a fundamental tool for making economic decisions and for analysing and solving business problems. Students learn to apply such concepts, standards and principles through a range of individual and collaborative means using a blended learning design that draws on current and future trends in the broad international context.

School Business

Discipline Accounting

Student Contribution Band HECS Band 4 10cp

Level Postgraduate Coursework Level 7 subject

Incompatible Subjects ACCT 7007 - Accounting A Business Perspective (PG) ACCT 7015 - Financial Reports for Decision Making

Restrictions

Students must be enrolled in a postgraduate Business program. Students wishing to take this subject as an elective need approval from the program Advisor.

Learning Outcomes

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

1. Design an appropriately principled financial accounting information system.  
2. Use accounting concepts and techniques to analyse, record, process and prepare financial statements. 
3. Apply accounting principles to account for current and non-current assets and liabilities and critically evaluate different accounting policies. 
4. Apply recognition rules to recognise common revenue transactions. 
5. Assess profitability and financial strength of an organisation (sole trader, partnership and company) using accounting information. 
6. Appraise the accounting environment, the role of accounting and importance of ethics to the accounting profession.

Subject Content

1. The accounting environment and basics of financial reporting
2. The recording system: recording transactions, journal entries, posting to ledgers and trial balances 
3. The recording system: end of period adjustments, worksheet, and finalising accounts
4. Accounting cycle – closing and reversing entries and the accounting system
5. Reporting and measuring assets
6. Measuring and reporting inventories
7. Cash flows and bank reconciliations
8. Revenue recognition
9. Accounting for liabilities
10. Financial statement analysis