Concepts and Method

Topics: Financial statements, Accounting software, International Financial Reporting Standards Pages: 11 (3295 words) Published: January 30, 2013



1.1 COURSE DETAILS Course: ACCTING 7019 Accounting Concepts and Methods (M) Coordinating Unit: Business School, Faculty of the Professions Teaching Period: Semester 1 Level: Postgraduate Coursework Location/s: North Terrace Units: 3 Contact: Up to 4 hours per week Prerequisites: Not applicable Corequisites: Not applicable Incompatible: ACCTING 7000 Assumed Knowledge: Not applicable Restrictions: Not applicable Quota: Not applicable Course Description: This course introduces students to the fundamentals of financial accounting practice. It develops students' understanding of key accounting concepts, recording methods and measuring and disclosing requirements. Topics include an introduction to accounting information in decision contexts, the conceptual framework (SAC 1, SAC 2, the Conceptual Framework), Statement of Comprehensive Income, Statement of Financial Position, Statement of Cash Flows, recording financial transactions, adjusting entries and the accounting cycle, inventory, cost of acquisition of non-current assets, depreciation, revaluation, introductory financial statement analysis, organisational structures (sole proprietors, partnerships, companies), and other selected issues relating to financial reporting standards. 1.2 COURSE STAFF Name: Michael Jones Location: Room 13.25, 10 Pulteney St Telephone: 8313 4512 (work) Email: Course Website: For all administrative queries, please email directly Nicole Moschakis. 1

Year: 2012

Mode: Internal

Nicole Moschakis Room 13.38, 10 Pulteney St 8313 6825 (work)

1.3 COURSE TIMETABLE Lecture: Thursdays 11.10 am to 1.00 pm Masonic Hall G10 Grand Hall, North Terrace The full timetable of all activities for this course can be accessed from the Course Planner at



2.1 COURSE LEARNING OBJECTIVES By the end of this course students should be able to: 1. explain and apply the concepts that underlie the preparation of general purpose financial statements; 2. explain the purpose of, and factors which influence the content of, a Statement of Financial Position, a Statement of Comprehensive Income and a Statement of Cash Flows; 3. prepare a simple Statement of Comprehensive Income, Statement of Financial position and statement of cash flows; 4. discuss the various business structures through which an entity can operate; 5. discuss the accounting system (source documents, journals, ledgers) used to record, classify and summarise transactions; 6. explain and apply the rules of debit and credit; 7. record transactions using the accounting system; 8. prepare adjusting entries and an adjusted trial balance; 9. prepare financial statements from an adjusted trial balance or using a worksheet; 10. record transactions and prepare a set of financial statements using the MYOB computer package; 11. discuss and account for various assets including inventory, receivables and non-current assets; 12. account for various organisation structures including sole proprietors, partnerships and companies; 13. analyse financial statements; 14. participate in tutorial discussions; 15. write analytical short answers; 16. be aware of ethical issues in business; and 17. be aware of the changing business environment, in particular in relation to accounting procedures and developments of the International Accounting Standards Board (IASB).


2.2 UNIVERSITY GRADUATE ATTRIBUTE(S) This course will provide students with an opportunity to develop the Graduate Attribute(s) specified below: UNIVERSITY GRADUATE ATTRIBUTE Knowledge and understanding of the content and techniques of a chosen discipline at advanced levels that are internationally recognised. The ability to locate, analyse, evaluate and synthesise information from a wide variety...
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