BUSN1002 Financial Accounting Processes

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.

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

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