Introductory Financial Accounting

This subject has the following teaching availabilities in 2015:

The following:

Please refer to Prerequisites and Corequisites.

For the purposes of considering request for Reasonable Adjustments under the Disability Standards for Education (Cwth 2005), and Student Support and Engagement Policy, academic requirements for this subject are articulated in the Subject Overview, Learning Outcomes, Assessment and Generic Skills sections of this entry.

It is University policy to take all reasonable steps to minimise the impact of disability upon academic study, and reasonable adjustments will be made to enhance a student's participation in the University's programs. Students who feel their disability may impact on meeting the requirements of this subject are encouraged to discuss this matter with a Faculty Student Adviser and Student Equity and Disability Support: http://services.unimelb.edu.au/disability

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.

• 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.

• 3-hour end-of-semester examination (70%)
• Assignment(s) totalling not more than 2000 words or equivalent due at regular intervals during the semester (25%)
• Tutorial assessment (5%)

Note: Successful completion of this subjects requires minimum 50% pass in the end of semester examination

You will be advised of prescribed texts by your lecturer.

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

• Bachelor of Arts
• Bachelor of Biomedicine
• Bachelor of Environments
• Bachelor of Music
• Bachelor of Science
• Bachelor of Engineering

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.

• 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.