Credit Points 10

Legacy Code 200972

Coordinator Daniel Yeung Opens in new window

Description Accounting in Context is the first core subject required in the accredited accounting program, but can be included as an elective in other programs. It is designed to provide an overarching context about the purpose and usefulness of accounting information and explain a range of definitions and terms used in accounting and business. Accounting in Context will introduce accounting reports and their interpretation, and explore the impact of policy and measurement methods on accounting information and business decisions. Successful completion of the subject will equip participants with an understanding of the importance of accounting to society and allow them to engage with the next core accounting subject; Financial Accounting Applications.

School Business

Discipline Accounting

Student Contribution Band HECS Band 4 10cp

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Level Undergraduate Level 1 subject

Equivalent Subjects ACCT 1006 - Accounting in Context (WSTC) ACCT 1004 - Accounting Reports and Decisions

Incompatible Subjects ACCT 1001 - Accounting Information for Managers ACCT 1003 - Accounting Information for Managers (WSTC)

Restrictions

This subject is not available to students enrolled in programs 2607 Bachelor of Construction Management, 2769 Bachelor of Construction Management Studies/Bachelor of Laws, 3692 Bachelor of Construction Technology, 3727 Bachelor of Building Design Management. Students enrolled in these programs must complete subject ACCT 1001 - Accounting Information for Managers.

Learning Outcomes

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

1. Examine the usefulness of accounting for decision making.
2. Analyse the ethical, regulatory and sustainability dimensions of accounting.
3. Demonstrate through real-world examples how accounting concepts apply to businesses in the 21st century.
4. Analyse how different accounting techniques impact on accounting information.
5. Demonstrate skills in research and communication.

Subject Content

1. What is accounting and its purpose?
2. Who uses accounting information and how is it used for decision making?
3. What does accounting information look like for different business structures?
4. The regulatory, ethical and sustainability dimensions of accounting.
5. Accounting terms, principles and concepts.
6. Applying the definition and recognition of balance sheet items (assets, liabilities and equity) to a business case study.
7. Applying the definition and recognition of income statement items (income and expenses) to a business case study.
8. Business transactions - recognising, classifying and recording.
9. Exploring the accounting equation.
10. Accounting Techniques: the impact of policies and measurement methods on accounting information and business decisions.
11. Interpreting financial statements.