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Foundations of Financial Accounting (9516.1)

Level: Level 1 - Undergraduate Introductory Unit
Credit Points: 3
HECS Bands:

Band 3 2013-2020 (Expires 31 Dec 2020) Band 4 2021 (Commenced After 1 Jan 2021) Band 5 2021 (Commenced Before 1 Jan 2021)

Faculty: Faculty of Business, Government & Law
Discipline: School of Information Systems & Accounting




    This unit introduces students to financial accounting in preparation for more advanced business topics within the Bachelor of Business Studies. Recording financial information in a standard format allows managers, investors, lenders, stakeholders, and regulators to make appropriate decisions regarding their respective interests. In this unit, the formats of focus will be identified as the Incomes Statement, the Balance Sheet, Statements of Cash Flows, and Statement of Shareholders' Equity. In this unit, students will learn how to compile and analyse these financial statements, determine the value of a firm, and compare the firm to its competitors.

    Learning Outcomes

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

    1. Demonstrate an understanding of the foundational principles and objectives of accounting;

    2. Discuss and demonstrate the use of the accounting worksheet as a means of preparing financial statements;

    3. Explain and execute the closing process for a specified accounting cycle;

    4. Identify the foundational accounting concepts, assumptions, and principles through the analysis of specific business situations;

    5. Read and interpret financial statements;

    6. Identify and analyse accounting transactions of a merchandising company;

    7. Define and solve for specific business events involving various inventory methods;

    8. Define and apply the accounting elements associate with receivables and payables;

    9. Describe the types of business transactions that are included in operating, investing, and financing activities on the statement of cash flows; and

    10. Prepare a statement of cash flows.

    Contact Hours

    150 learning hours in online self-paced mode.





    Assumed Knowledge


    Incompatible Units

    5617 Accounting for Managers

    Equivalent Units


    Referenced Courses

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