Foundations of Financial Accounting (9516.1)
Please note these are the 2014 details for this unit
Available teaching periods | Delivery mode | Location |
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View teaching periods | ||
EFTSL | Credit points | Faculty |
0.125 | 3 | Faculty Of Business, Government & Law |
Discipline | Study level | HECS Bands |
School Of Information Systems & Accounting | Level 1 - Undergraduate Introductory Unit | Band 4 2021 (Commenced After 1 Jan 2021) Band 4 2021 (Commenced After 1 Jan Social Work_Exclude 0905) Band 5 2021 (Commenced Before 1 Jan 2021) |
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.
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.
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.
Prerequisites
3cpCorequisites
NoneIncompatible units
5617 Accounting for ManagersEquivalent units
NO.Assumed knowledge
NoneYear | Location | Teaching period | Teaching start date | Delivery mode | Unit convener |
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Not available