BUSN1001 Accounting Principles

2017

4.5

1 x 2-hour lecture weekly
1 x 50-minute tutorial weekly

1 Admission into BBUSIE-Bachelor of Business (Innovation and Enterprise)
1a Admission into BBUSWS-Bachelor of Business
1b Admission into BBUSMK-Bachelor of Business (Marketing)
1c Admission into BBUSMG-Bachelor of Business (Management)
1d Admission into BBUSIB-Bachelor of Business (International Business)
1e Admission into BBUSHR-Bachelor of Business (Human Resource Management)
1f Admission into BCOMAL-Bachelor of Commerce (Advanced Leadership)
1g Admission into BBUSAL-Bachelor of Business (Advanced Leadership)
1h Admission into BCOMAF-Bachelor of Commerce (Accounting/Finance)
1i Admission into BCOMAC-Bachelor of Commerce (Accounting)
1j Admission into BCOMFN-Bachelor of Commerce (Finance)
1k Admission into BCOMBE-Bachelor of Commerce (Business Economics)
1l Admission into BCOMWS-Bachelor of Commerce
1m Admission into BCOMACOL-Bachelor of Commerce (Accounting)
1n Admission into BACCT-Bachelor of Accounting
1o Admission into BAF-Bachelor of Accounting and Finance
1p Admission into BF-Bachelor of Finance
1q Admission into BFBE-Bachelor of Finance and Business Economics
1r Admission into BBEC-Bachelor of Business Economics
1s Admission into BACOL-Bachelor of Accounting
1t Admission into BBF-Bachelor of Banking and Finance
1u Admission into BBFAL-Bachelor of Banking and Finance (Advanced Leadership)
1v Admission into BCOM-Bachelor of Commerce
1w Admission into BFAL-Bachelor of Finance (Advanced Leadership)
1x Admission into BAFAL-Bachelor of Accounting and Finance (Advanced Leadership)
1y Admission into BBECAL-Bachelor of Business Economics (Advanced Leadership)
1z Admission into BACAL-Bachelor of Accounting (Advanced Leadership)
2 Admission into BEDSEC-Bachelor of Education (Secondary)
Must Satisfy: (((1 or 1a or 1b or 1c or 1d or 1e or 1f or 1g or 1h or 1i or 1j or 1k or 1l or 1m or 1n or 1o or 1p or 1q or 1r or 1s or 1t or 1u or 1v or 1w or 1x or 1y or 1z)) or (2))

1 of BUSN1011, BUSN1201, BUSN1202 has been successfully completed

This topic cannot be taken with BUSN1011 Accounting for Managers.

This topic's aim is to provide a solid grounding in accounting fundamentals including recording transactions, preparing financial statements and elementary analysis and interpretation of financial statements. A second aim is to equip students with a critical perspective on accounting information via an understanding of the underlying principles, doctrines and methods.

This topic introduces students to 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 and preparation of three financial statements.

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

1. Describe how the accounting profession is organised in Australia
2. Complete the accounting cycle, which comprises:
   • Explaining the accounting equation
   • Analysing the effects of business transactions on the accounting equation
   • Articulating the rules of debit and credit and how to apply these in analysing transactions
   • Recording transactions in the appropriate journal
   • Posting transactions from the journals to the appropriate ledger
   • Preparing adjusting entries and reversing entries
   • Using a worksheet to complete the accounting cycle
   • Preparing financial statements
3. Complete an accounting cycle for a merchandising organisation
4. Prepare accounting entries for inventory and receivables
5. Prepare a bank reconciliation.