Subject Code: AACC100

Rationale

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 you to examine and understand the basic framework of the accounting information system so that you 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 you every opportunity to be familiar with the accounting processes and the assumptions, concepts and principles upon which the final financial statements are based.

Aim

This subject aims to provide you with the accounting knowledge to understand the principles of accounting & how it relates to the internal and external decision making of an economic entity. It focuses on the development of an understanding of accounting generally, the fundamental accounting processes & issues, as well as critical,
analytical & quantitative skills. You will be presented with the knowledge & skills to enable them to demonstrate the application of accounting concepts & principles when they analyse & process business activity then prepare & present that accounting information in financial statements.
The aim of the subject is to provide you with the basic information and skills relevant to understanding and evaluating accounting as an information system and process. It includes the processing of financial data, the completion of the accounting cycle and the preparation of basic financial reports from the trial balance. This should enable you to deal with accounting information systems in the complex & diverse business environment in Australia & internationally. In addition to this, the subject helps you develop an awareness of the ethical issues facing business & understand the ethical framework in which accounting operates.

Teaching and Learning Strategy

This subject utilises a mixture formal lectures and interactive tutorials with demonstrations, class discussions & exercises. These strategies will assist you to understand the importance of the accounting information system and the basic framework used to prepare and analyse financial statements.

Learning Outcomes

  1. Describe the accounting environment; the accounting concepts and financial accounting reports; forms of
    business and the users of accounting information
  2. 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.
  3. Prepare and present the three key financial statements; Income statement, Balance Sheet and Cash Flow statement
  4. Analyse and evaluate the financial reports using ratios as a decision making tool

Assessment

Exams will take place in weeks 12 & 13. Please refer to the official Exam Timetable for further information.

Weekly lectures will be dedicated to providing you with introductory information & illustrations about the topics listed in the Subject Outline. During the lectures, the main concepts & a broad outline of the technical knowledge will be presented together with a demonstration of the practical skills required. Deep understanding comes from both technical knowledge and the ability to follow the rules of accounting. It is important to attend all lectures as the material for each lecture topic is different each week & in many instances will follow the previous lecture topic.
(The lecture material can be found on MOODLE).

Weekly tutorials will be dedicated to providing further explanation and clarification about each topic.

It is intended that home assignments be reviewed as well as revision of the lecture material. A high degree of direct interaction and student participation is expected in tutorial classes. Students are required to complete weekly activities as per the week by week Subject Outline.

Students must bring their textbook, a calculator 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.

NoTypeWeightingLearning Outcomes
1Quiz20.00%1,2
2Individual Assignment30.00%1,2,3
3Final Exam50.00%1,2,3,4