This unit introduces the fundamental principles of financial and management accounting and covers the basic concepts of accounting and financial statement analysis, together with the uses of management accounting in planning, control and decision making.

While the focus is primarily on Australian accounting practice, the accounting issues considered in the unit may be relevant to other contexts. It is nevertheless necessary to establish relevance prior to undertaking an intercompany comparison. Ethics also form an integral part of the unit.

The unit highlights effective use of financial resources as key element in successful management and explores some of the tools that are available through the financial system of a business organisation.