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Handbook 1997 : Faculty of Economics and Commerce : Accounting and Finance

306-103 Accounting 1A

Note:

Students who have passed VCE Accounting with a VBOS mark of 44 or more out of 50 will be exempt from this subject in first semester. Students completing the Trinity College Foundation Programme accounting course will be similarly exempted if they obtain a mark of 88 or more out of 100. Such students should select another subject offered by the Faculty. Any student electing to take Accounting1A may not subsequently avail themselves of the exemption in the event that they fail Accounting1A.

Timetable:

Semester 1

Contact:

A 1-hour tutorial and a 1-hour workshop each week and two 1-hour lectures each week

Objectives:

On completion of this subject a student should:

  • be able to define accounting and describe its role, as an information system, in making informed economic decisions;

  • be able to explain and use the double-entry accounting system to derive statements of financial performance and position;

  • be able to describe the nature of accounting systems and, in particular, the use of special-purpose journals;

  • be able to define Internal accounting control and describe its relevance to merchandising operations;

  • be able to state the objective of financial reporting and describe and illustrate general-purpose financial statements;

  • be able to describe and illustrate the accounting for short-term liquid assets, inventories and liabilities;

  • be able to describe and illustrate the accounting for long-term assets, natural resources and intangible assets.

  • be able to describe and illustrate partnership accounting;

  • be able to describe the uses of, and illustrate the preparation procedures of, the statement of cash flows.

Content:

Topics include: the nature and purpose of accounting and accounting reports; the role of accounting information in decisions of external users (shareholders, bankers and the like); understanding basic accounting concepts and conventions; the process of capturing information in the accounting system, the use of journals, ledgers and control accounts; summarising and reporting of accounting information; basic accounting reports.

Assessment:

A 3-hour end-of-semester examination (90%); a project of approx. 20 hours' work (10%).

Prescribed Texts:

Course material for Accounting 1A (Current year version).

  • Wise T W et. al., Accounting in Australia, Houghton Mifflin Melbourne 1990.
  • Wise T W et. al., Accounting in Australia - Study Guide, Houghton Mifflin Melbourne 1990.
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Handbook 1997 : Faculty of Economics and Commerce : Accounting and Finance 
Status:                   OFFICIAL 1997
Last Modified:            Wednesday March 12 3:36 pm
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Copyright © University of Melbourne 1997.