792-173 Accounting II

Credit Points

HECS Band

Coordinator

Prerequisites

Accounting I.

Semester

Contact

Subject Description

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

• enter transactions into specialised journals for both a trading business and a service business;

• complete general journal entries to record transactions that cannot be recorded in the specialised journals;

• post all of the journals to the general ledgers and complete schedules reconciling these ledgers with control accounts in the general ledger;

• reconcile the cash records of a business with a statement of account received periodically from the bank;

• complete the records necessary to maintain a petty cash system in a business;

• prepare an informative profit and loss statement and a balance sheet;

• adequately record the transactions of a business in a cash books and reconcile those books with bank statements;

• forecast cash flow for a business given a basic business plan.

The content includes: Specialised journals: cash payments, cash receipts, purchases, sales, purchases returns and allowances, sales returns and allowances, general journal; posting of journals into the general ledger; balancing of general ledger, accounts, subsidiary ledgers, reconciliation of cash accounts; maintenance of a petty cash system; preparation of classified final reports; preparation of single entry accounting systems; preparation of cash flow budgets including monitoring of these budgets, forecasting budgets for sales.

Assessment

Internal students - two hour examination (50%); one test (20%); accounting practice set (30%). External students - Four assignments (10%; 3 x 30%).