The subject material has been designed for those who will be working in the complex & diverse business environment. The introductory theoretical base and meaningful practical applications to business scenarios combine to make this subject a realistic and useful learning experience. This subject allows the student to examine and understand the basic framework of the accounting information system so that they can interpret and use this information to enhance the decision-making process.
The subject uses a practical approach and examines the way financial statements are formed from source data giving the student every opportunity to be familiar with the accounting processes and the assumptions, concepts and principles upon which the final financial statements are based.
Teaching and Learning Strategy
This subject utilises a mixture formal lectures and interactive tutorials with demonstrations, class discussions & exercises. These strategies will assist the student to understand the importance of the accounting information system and the basic framework used to prepare and analyse financial statements.
- Describe the accounting environment; the accounting concepts and financial accounting reports; forms of business and the users of accounting information.
- Manually classify, record, analyse and report accounting data under the accrual accounting system including month end bank reconciliations and adjustments for depreciation and movements in inventory.
- Prepare and present the three key financial statements; Income statement, Balance Sheet and Cash Flow statement.
- Analyse and evaluate the financial reports using ratios as a decision making tool.
- Use accounting software to record business transactions and produce financial reports.
Exams will take place in weeks 12 & 13. Please refer to the official Exam Timetable for further information.
Some assessment tasks will be undertaken in class.
Students must bring their textbook, a calculator, an internet capable device (laptop, tablet) and writing material to every lecture & tutorial unless otherwise advised, as students will be asked to work through some of the lecture demonstration problems & home assignments in class and discuss their answers.