ACCT 1007 Financial Accounting Applications
Credit Points 10
Legacy Code 200111
Coordinator Amir Hossain 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. Students learn key accounting concepts such as assets, liabilities, revenues and expenses used in financial reporting. Students produce for example profit and loss statements and balance sheets. Knowledge and skills developed in the subject are foundational to higher level financial and management accounting subjects.
School Business
Discipline Accounting
Student Contribution Band HECS Band 4 10cp
Check your fees via the Fees page.
Level Undergraduate Level 1 subject
Pre-requisite(s) ACCT 1005 - Accounting in Context
Equivalent Subjects ACCT 1008 - Financial Accounting Applications (WSTC)
Learning Outcomes
- Explain the role and purpose of accounting, accounting processes and systems.
- 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.
- Identify components of the accounting cycle.
- Prepare journalising and posting transactions to general and subsidiary ledgers and complete a trial balance.
- Prepare financial statements for simple business structures using manual based and computerised accounting software.
- Outline the conceptual framework and accounting standards to account for different types of transactions.
Subject Content
- Revision of key prior knowledge
- Extension of the accounting cycle and accounting processes
- Double entry accounting
- Accounting for GST
- Transferring information from journal to the ledger
- Recording of inventory (perpetual and periodic systems), valuation methods, and depreciation of non-current assets
- Trial balance
- Bank Reconciliation
- Preparation of simple financial statements
- Partnership formation
Assessment
The following table summarises the standard assessment tasks for this subject. Please note this is a guide only. Assessment tasks are regularly updated, where there is a difference your Learning Guide takes precedence.
Type | Length | Percent | Threshold | Individual/Group Task | Mandatory |
---|---|---|---|---|---|
Portfolio | Equivalent to 1,500 words | 15 | N | Individual | N |
Quiz | 60 minutes (per quiz) | 20 | N | Individual | N |
Practical | Equivalent to 1,000 words | 15 | N | Individual | N |
Final Exam | 2 hours | 50 | Y | Individual | Y |
Prescribed Texts
Carlon, S, Mladenovic-McAlpine, R, Palm, C, Mitrione, L, Kirk, N & Wong, L 2022, Financial accounting: reporting, analysis and decision making, 7th edn, John Wiley and Sons, Milton, QLD.
Teaching Periods
Autumn (2024)
Bankstown City
On-site
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Campbelltown
On-site
Subject Contact Mamun Billah Opens in new window
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Parramatta City - Macquarie St
On-site
Subject Contact Mamun Billah Opens in new window
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Sydney City Campus - Term 1 (2024)
Sydney City
On-site
Subject Contact Neelam Goela Opens in new window
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WSU Online TRI-2 (2024)
Wsu Online
Online
Subject Contact Amir Hossain Opens in new window
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Sydney City Campus - Term 2 (2024)
Sydney City
On-site
Subject Contact Amir Hossain Opens in new window
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Spring (2024)
Bankstown City
On-site
Subject Contact Mamun Billah Opens in new window
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Campbelltown
On-site
Subject Contact Mamun Billah Opens in new window
View timetable Opens in new window
Parramatta City - Macquarie St
On-site
Subject Contact Mamun Billah Opens in new window
View timetable Opens in new window
Sydney City Campus - Term 3 (2024)
Sydney City
On-site
Subject Contact Amir Hossain Opens in new window
View timetable Opens in new window
WSU Online TRI-1 (2025)
Wsu Online
Online
Subject Contact Amir Hossain Opens in new window
View timetable Opens in new window
Autumn (2025)
Bankstown City
On-site
Subject Contact Amir Hossain Opens in new window
View timetable Opens in new window
Campbelltown
On-site
Subject Contact Mamun Billah Opens in new window
View timetable Opens in new window
Parramatta City - Macquarie St
On-site
Subject Contact Mamun Billah Opens in new window
View timetable Opens in new window
Sydney City Campus - Term 1 (2025)
Sydney City
On-site
Subject Contact Neelam Goela Opens in new window
View timetable Opens in new window
Sydney City Campus - Term 2 (2025)
Sydney City
On-site
Subject Contact Amir Hossain Opens in new window
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Spring (2025)
Bankstown City
On-site
Subject Contact Mamun Billah Opens in new window
View timetable Opens in new window
Campbelltown
On-site
Subject Contact Mamun Billah Opens in new window
View timetable Opens in new window
Parramatta City - Macquarie St
On-site
Subject Contact Mamun Billah Opens in new window
View timetable Opens in new window
WSU Online TRI-3 (2025)
Wsu Online
Online
Subject Contact Lisa Rohanek Opens in new window
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Sydney City Campus - Term 3 (2025)
Sydney City
On-site
Subject Contact Amir Hossain Opens in new window