This unit provides graduates of other disciplines with an introduction to accounting and lays the foundation for further accounting units. Students will gain an understanding of the fundamental accounting concepts and principles and apply them to prepare and interpret financial statements. The unit focuses on developing the technical skills to account for sole proprietorship, partnership, and corporate forms of business entities at an introductory level.

On successful completion of this unit, students should be able to:

1. apply appropriate accounting concepts, assumptions and principles to the analysis of business transactions;
2. generate financial statements for sole proprietorship, partnership and corporation at an introductory level;
3. process the accounting records for a small business using manual and computerised accounting information systems;
4. analyse and interpret financial statements using financial ratio analysis; and
5. evaluate financial performance of a small business and provide a written report to management.

1. Overview of financial accounting as an information system and an introduction to accounting standards.
2. Completion of the accounting cycle, including the rules of double entry, the use of special journals and balance day adjustments in manual and computerised accounting information systems.
3. Preparation of a statement of profit or loss and other comprehensive income, statement of financial position, statement of changes in equity and statement of cash flows.
4. Accounting for inventory, including the use of periodic and perpetual inventory systems and valuing inventory using FIFO, LIFO and weighted average valuation methods. 
5. Accounting for non-current assets, including purchase, sale, revaluation and depreciation of non-current assets.
6. Accounting for partnerships and corporations.
7. Cash management and control, including bank reconciliation and preparation of a basic cash flow statement.
8. Application of accounting concepts and basic computer knowledge for critical analysis and interpretation of financial reports.

On-campus students are expected to participate actively in a weekly seminar of three hours duration and access online materials regularly through Blackboard. Each seminar will comprise of activities such as lectures, group discussions and class presentations. Group discussions are carried out in the weekly seminar to provide students the opportunity to work in teams. Critical thinking and problem solving skills are developed when students apply accounting concepts and techniques to work examples in weekly seminars. Communication and presentation skills are enhanced through students’ presentations. The assignment requires students to apply appropriate accounting concepts and basic computer knowledge such as Word, Excel and MYOB accounting software to analyse and interpret financial reports.
 
Off-campus students work through an online study program with resources provided via Blackboard. Students are required to review learning materials each week and to complete assigned questions on each topic. Regular online access is required. The assignment enables students to work in teams and is also aimed at improving students’ problem solving and critical thinking skills when they apply accounting concepts and techniques to work examples. Students are expected to demonstrate clarity of communication and analytical skills in the written report of the assignment.
 

• ability to communicate
• ability to work in teams
• critical appraisal skills
• ability to generate ideas