AC202 Financial Accounting

DESCRIPTION

In this unit students will study the concepts and standards that underpin financial accounting and the financial reporting process. The statement of financial position, statement of profit and loss and other comprehensive income, the statement of changes in equity will be examined in relation to the key accounting standards that govern their use when preparing general purpose and special purpose financial reports. Students will receive detailed assistance in the use of Excel to record business transactions and will then be required to synthesise their accounting knowledge and use Excel to record business transactions.

RELEVANT COURSES

Bachelor of Accounting*

*Core unit

CREDIT POINTS

10

DELIVERY MODE

On campus

Online

Extensive

PREREQUISITE OR CO-REQUISITE

AC101 Accounting I

UNIT LEARNING OUTCOMES

LO1 Describe the accounting conceptual framework as it applies to specific financial reports

LO2 Apply the concepts within the accounting framework to the problem of the measurement of assets and liabilities in an accounting context

LO3 Apply critical thinking to the accurate preparation of accounting records from the original business transaction through to specific financial statements for a partnership

LO4 Synthesise financial analytical skills to produce a comprehensive financial analysis and report of different forms of business entities

LO5 Work effectively when given a set of business transactions, to produce a set of accurate financial reports using specialised accounting software such as Excel

CONTENT

  • The financial accounting process, digital and cloud accounting information systems
  • Recording business transactions in special journals
  • Recording business transactions; Demonstration: Sample Practice set
  • Completing the accounting cycle and the accounting framework
  • Accounting for non-current assets including investments, property, plant and equipment and intangible assets and international accounting
  • Partnerships
  • Companies and share capital: Understanding company share capital and the balance sheet
  • Companies: Effects on retained earnings, share; splits and buy-backs, and the income statement
  • Current liabilities including payroll
  • Non-current liabilities, debentures payable and classification of liabilities on the balance sheet
  • Receivables
  • Inventory

ASSESSMENT METHODS

  1. Assessment 1 – 20%
  2. Assessment 2 – 10%
  3. Assessment 3 – 10%
  4. Assessment 4 – 10%
  5. Exam – 50%

PRESCRIBED READINGS

Miller-Nobles, T., Mattison, B. L., Matsumura, E. M., Best, P., Keene, D., & Tan, R. (2021). Financial Accounting (9th ed). Melbourne: Pearson

Check with the lecturer each semester before purchasing any textbooks