Year
2021
Units
4.5
Contact
2 x 50-minute lectures weekly
1 x 50-minute tutorial weekly
1 x 50-minute computer lab once-only
Prerequisites
1 of COMM1006, COMM1004, BUSN1001
Topic description

This topic builds on and extends the accounting foundations studied in BUSN1001 Accounting Principles. It aims to introduce students to accounting for more complex transactions and forms of business organisations such as partnerships and companies. Students will learn to account for transactions involving liabilities and fixed assets as well as preparing the cash flow statement. In addition, the Australian conceptual framework will be examined. This will include an overview of the reporting entity concept, objectives of financial reporting and the definitions and recognition criteria of the elements of financial statements. Finally, students will gain exposure to accounting using a computerised accounting package.

Educational aims

This topic builds on and extends the accounting foundations studied in Accounting Principles. It aims to introduce students to accounting for more complex transactions and forms of business organisations, such as partnerships and companies. It includes accounting for receivables, liabilities, inventories and fixed assets. This will include an overview of the reporting entity concept, objectives of financial reporting and the definitions and recognition criteria of the elements of financial statements. In addition, the Australian conceptual framework will be examined and students will gain exposure to accounting using computerised accounting packages.

In addition, the topic aims to develop:

  • Generic cognitive skills (especially analytical and evaluative skills)
  • Behavioural skills (especially personal and interpersonal skills) which can be employed in an organisational work environment
Expected learning outcomes
On completion of this topic you will be expected to be able to:

  1. Articulate the theoretical framework upon which Australian Accounting Standards are developed
  2. Prepare accounting entries for liabilities including accounts payable, bills payable and employee entitlements
  3. Prepare accounting queries for partnerships
  4. Account for the acquisition, depreciation, re-valuation and disposal of non-current assets
  5. Prepare accounts using both manual and computerised accounting procedures

Key dates and timetable

(1), (2)

Each class is numbered in brackets.
Where more than one class is offered, students normally attend only one.

Classes are held weekly unless otherwise indicated.

FULL

If you are enrolled for this topic, but all classes for one of the activities (eg tutorials) are full,
contact your College Office for assistance. Full classes frequently occur near the start of semester.

Students may still enrol in topics with full classes as more places will be made available as needed.

If this padlock appears next to an activity name (eg Lecture), then class registration is closed for this activity.

Class registration normally closes at the end of week 2 of each semester.

Classes in a stream are grouped so that the same students attend all classes in that stream.
Registration in the stream will result in registration in all classes.
  Unless otherwise advised, classes are not held during semester breaks or on public holidays.