Introductory Financial Accounting

Subject ACCT10002 (2014)

Note: This is an archived Handbook entry from 2014.

Credit Points: 12.50
Level: 1 (Undergraduate)
Dates & Locations:

This subject is not offered in 2014.
Time Commitment: Contact Hours: One 2-hour lecture and a 1-hour tutorial
Total Time Commitment: Not available
Prerequisites:

The following:

Subject
Study Period Commencement:
Credit Points:
Summer Term, Semester 1, Semester 2
12.50
Corequisites:

None
Recommended Background Knowledge:

Please refer to Prerequisites and Corequisites.
Non Allowed Subjects: None
Core Participation Requirements:

For the purposes of considering requests for Reasonable Adjustments under the Disability Standards for Education (Cwth 2005), and Students Experiencing Academic Disadvantage Policy, academic requirements for this subject are articulated in the Subject Description, Subject Objectives, Generic Skills and Assessment Requirements for this entry.

The University is dedicated to provide support to those with special requirements. Further details on the disability support scheme can be found at the Disability Liaison Unit website: http://www.services.unimelb.edu.au/disability/

Contact

gjcusack@unimelb.edu.au

Subject Overview:

This subject focuses on the nature of accounting from the perspective of a preparer of financial reports. The method of recording and reporting transactions in an accounting system to ultimately provide the foundation for judgements and decisions in preparation of financial reports will be covered. The importance of accounting within the Australian external reporting environment is explained as well as an introduction to the Conceptual Framework for accounting that provides a theoretical underpinning of accounting standards and reporting.
Learning Outcomes:
  • Identify the principal regulatory authorities that influence the framework for external financial reporting in Australia and explain their roles and functions in this process.
  • Describe the nature and objectives of General Purpose Financial Reporting
  • Explain the key components of the Conceptual Framework for accounting as it applies to the preparation of general purpose financial statements.
  • Record accounting transactions and prepare the Balance Sheet and the Income Statement.
  • Explain the main issues to be considered in relation to reporting of key transactions and balances reported in the Balance Sheet and Income Statement.
  • Describe the nature of company transactions and account for various capital transactions and profit distribution.
  • Construct and analyse a Cash Flow Statement.
Assessment:

A 3-hour end-of-semester examination (70%), assignments totalling not more than 2000 words, or equivalent, due at regular intervals during the semester (20%), and tutorial assessment (10%). Successful completion of this subject requires a minimum 50% pass in the end-of-semester examination.
Prescribed Texts:

You will be advised of prescribed texts by your lecturer.
Breadth Options:

This subject potentially can be taken as a breadth subject component for the following courses:

You should visit learn more about breadth subjects and read the breadth requirements for your degree, and should discuss your choice with your student adviser, before deciding on your subjects.

Fees Information: Subject EFTSL, Level, Discipline & Census Date
Generic Skills:

  • High level of development: problem solving; use of computer software.

  • Moderate level of development: written communication; collaborative learning; team work; application of theory to practice; interpretation and analysis; critical thinking; synthesis of data and other information; evaluation of data and other information; accessing data and other information from a range of sources; receptiveness to alternative ideas.

  • Some level of development: oral communication; statistical reasoning.
Related Breadth Track(s): Forensic Accounting

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