BUSN9113 Accounting Fundamentals

Dr Wee Ching Pok

2011

4.5

1 x 3-hour workshop weekly

1 Admission into MACC-Master of Accounting
1a Admission into MAF-Master of Accounting and Finance
1b Admission into MAM-Master of Accounting and Marketing
Must Satisfy: ((1 or 1a or 1b))

BUSN9101 has been successfully completed

Master of Accounting; Master of Accounting (Advanced)

Accounting Fundamentals deals with the technical aspects of recording and reporting accounting information for sole trader business entities, focusing on the importance of financial information in business practice. The topic includes introductory financial accounting, introductory management accounting, preparation of financial statements, and elementary financial statement interpretation and analysis.

This topic aims to introduce the technical aspects of recording and reporting accounting information for the relatively less complex sole proprietorship form of business organisation. It also aims to provide students with an understanding of the importance of financial information in business practice. The topic includes introductory financial accounting, introductory management accounting, preparation of the three financial statements, and elementary financial statement interpretation and analysis.

Upon successful completion of this topic students should be able to:

Understand how the accounting profession is organised in Australia
Complete the Accounting Cycle, comprising:
- explain the accounting equation
- analyse the effects of business transactions on the accounting equation
- define the rules of debit and credit and how to apply these in analysing transactions
- record transactions in the appropriate journal
- post transactions from the journals to the appropriate ledger
- understand accrual accounting
- prepare adjusting entried and reversing entries
- use a worksheet to complete the accounting cycle
- prepare financial statements for a sole trader and a retailer
- accounting for partnerships
Complete an accounting cycle for a merchandising organisation
Prepare a bank reconciliation statement
Understand the difference between financial accounting and management accounting
Undertake costing techniques such as job costing and cost-volume profit analysis
Prepare simple budgets
Conduct basic financial statement analysis

Key dates and timetable

Timetable details for 2011 are no longer published.

This information is from current details held on the Student Information System. Please report any errors or omissions to the relevant College Office.