This subject introduces students to fundamental accounting tools to provide a basis for analysing and interpreting financial statements and internal management documents throughout their careers. The educational philosophy used is based on the 'building blocks' approach as described in sequence (The Accounting Cycle) to reach the ultimate objective of financial reports. 

Course Description

Semester 1

  • understanding basic Accounting concepts

  • summarising and reporting Accounting information

  • the measurement of profit
  • special aspects and application of decision-making.

Semester 2

  • accounting for accounts receivable and bad debts
  • alternative inventory valuation models
  • Goods and Services Tax (GST)
  • valuation of non-current assets; financing decisions

  • Accounting for partnerships and companies

  • ethics and its relevance to business
  • financial statement and ratio analysis
  • management and manufacturing; application of costing the cash-flow statement.


Attendance and participation: 10%
Reports: 10%
Assignment: 10%
Exams: 70%

Subject Leader

Ms Mary Zafirakis
BEc, GradDip(Acc) Monash