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 (The Accounting Cycle), a sequence of steps or procedures related to a firm's accounts and account entries, which culminates in the ultimate objective of financial reports.
- understanding basic accounting concepts
- summarising and reporting accounting information
- the measurement of profit
- special aspects and application of decision-making
- 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%