792-167 Accounting I

Credit Points

HECS Band

Coordinator

Semester

Contact

Subject Description

The objective of this subject is to extend participants' ability to:

• name the types of business enterprises and list the forms of ownership of these enterprises;

• list and briefly explain the underlying principles of accounting and explain simple and expanded versions of the accounting equation;

• construct and explain a simple business balance sheet, a profit and loss statement, a trial balance and the purpose of a ledger;

• recognise and explain the purpose of the various types of business documents usually issued and received in business transactions.

The content includes: Types of business enterprises; retail, manufacturing, service wholesale, government, not for profit; forms of business ownership: single proprietorship, partnership, incorporated bodies, cooperatives; accounting conventions and doctrines: business entity, historical cost, monetary unit, going concern, accounting period, conservatism, consistency, materiality; financial information requirements of various user categories; the accounting process and flow of accounting information; construction of simplified profit and loss statement and balance sheet including the classifications used therein; accounting equation; methods to learn rules of double entry accounting; general ledger: columnar and 'T' account; chart of accounts; trial balance; business documents that record business transactions.

Assessment

Internal students - two x 2 hour tests (50% each). External students - four assignments (10%; 3 x 30%).