Introduction to Accounting

This subject has the following teaching availabilities in 2016:

170 hours

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 provides students with an introduction to the nature of accounting and its role in providing information for business decision making. Students will gain an overview of key financial and managerial accounting concepts and processes including the recording of business transactions, and an understanding of what the major financial statements are, and how the information produced assists in making decisions to manage and operate a business and evaluate future performance and value.

On completion of this subject students will be able to:

• Understand the main areas of accounting namely financial accounting, financial management and management accounting
• Apply accounting concepts to business scenarios
• Understand simple cost concepts and their relevance to small business management
• Explain the characteristics of successful businesses
• Apply basic management accounting techniques in order to provide solutions for simple business decisions
• Identify the key activities and processes used by businesses to achieve their goals and objectives
• Make business decisions and identify the financial consequences that flow from those decisions
• Evaluate the financial performance of businesses
• Make and justify accounting policy decisions in accordance with generally accepted accounting principles.

• A one-hour mid-semester test due Week 6 worth 25%
• An Assignment equivalent to 1000 words due Week 8 worth 25%
• A two-hour exam to be held in the end-of-semester exam period worth 50%

This subject is not available as a breadth subject.

This subject encompasses particular generic skills so that on completion of the subject students should have developed skills relating to:

• Begin developing an awareness of, and commitment to, the ethical behaviour expected of professional accountants
• Apply generic skills relevant to business and the accounting profession so as to make a contribution to lifelong learning
• The use of electronic forms of communication;
• The student's flexibility and level of transferable skills should be enhanced through improved time management
• Problem solving and critical thinking
• Enhanced ability to access, evaluate and present data