Credit Points 10

Legacy Code 200973

Coordinator Stanley James Opens in new window

Description Techniques in Financial Accounting is the third subject in the financial accounting stream and builds upon Financial Accounting Applications as part of the accredited accounting program. It introduces a company as a business structure and the accounting requirements for their formation and operations. Students develop skills in using tools required for accurate record keeping leading to compilation of financial statements, as well as how to account for receivables and payables, the disposal of non-current assets, and preparation of cash flow statements. Successful completion of the subject will equip participants with a practical and theoretical understanding of usefulness of general purpose financial reports.

School Business

Discipline Accounting

Student Contribution Band HECS Band 4 10cp

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Level Undergraduate Level 2 subject

Pre-requisite(s) ACCT 1007

Incompatible Subjects ACCT 2004 Intermediate Financial Accounting

Learning Outcomes

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

1. Indicate the purpose and outcomes of the accounting cycle in relation to reporting entities.
2. Prepare financial statements for a company business structure using a manual based accounting system.
3. Prepare general purpose financial reports for reporting entities by application of accounting principles.
4. Analyse basic accounting theory and how it is applied.

Subject Content

1. Revision of debit and credits and introducing company structure.
2. Companies: formation and operations.
3. Reconstruction of accounts and error correction.
4. End of period adjustments. Depreciation and amortisation.
5. Closing and reversing entries.
6. Ten column worksheet and financial statement compilation.
7. Accounting for receivables and payables.
8. Non-current asset disposal.
9. Preparation of cash flows.
10. Accounting theories.