Accounting

Objectives

• To introduce students to fundamental accounting tools so as to provide a basis for analysing and interpreting financial statements and internal management documents throughout their careers.
• To provide information for decision-making and allow students to become intelligent users of financial as well as non-financial information.

Course outline

Semester 1 topics include:

Understanding basic accounting concepts

• Process of capturing information in the accounting system
• Use of accounts, journals and ledgers

Summarising and reporting accounting information

• Balance sheet
• Income statement
• Assets
• Liabilities
• Owner’s equity
• Revenue
• Expenses

The measurement of profit

• Significant balance sheet and income statement relationships

Special aspects and applications

• Control over cash – bank reconciliation
• Accounting for retail operations

Decision making

• Sales decisions using cost, volume, profit analysis

Semester 2 topics include:

• Accounting for accounts receivable including bad and doubtful debts
• Alternative inventory valuation models
• Goods and services tax (GST)
• Valuation of non-current assets including depreciation expense
• Financing decisions
• Accounting for partnerships
• Accounting for companies
• Financial statement analysis
• Computerised accounting systems – Quickbooks
• Capital expenditure investment decisions
• Budgeting
• Cash flow statements

Assessment

Continuous assessment including:

• Tutorial performance and attendance - 10%
• Essays 2 x 5% - 10%
• Assignment - 10%
• Exams 2 x 35% - 70%

Class hours per week

• 1 x 1.5 hour lecture
• 1 x 1.5 hour tutorial

Required texts

• Horngren et al. (2007). Accounting (5th ed.) Pearson Education. Australia
• Quickbooks Pro (2008). To be advised in class
• Accounting Handbook (2009). TCFS