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Overview

This topic builds on and extends the accounting foundations studied in BUSN1001 Accounting Principles. It aims to introduce students to accounting for more complex transactions and forms of business organisations such as partnerships and companies. Students will learn to account for transactions involving liabilities and fixed assets as well as … For more content click the Read More button below.

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Tuition pattern

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Aims

This topic builds on and extends the accounting foundations studied in Accounting Principles. It aims to introduce students to accounting for more complex transactions and forms of business organisations, such as partnerships and companies. It includes accounting for receivables, liabilities, inventories and fixed assets. This will include an overview of the reporting entity concept, objectives of financial reporting and the definitions and recognition criteria of the elements of financial statements. In addition, the Australian conceptual framework will be examined and students will gain exposure to accounting using computerised accounting packages.

In addition, the topic aims to develop:

  • Generic cognitive skills (especially analytical and evaluative skills)
  • Behavioural skills (especially personal and interpersonal skills) which can be employed in an organisational work environment

Learning outcomes

On completion of this topic you will be expected to be able to:
1.
Articulate the conceptual framework upon which Australian Accounting Standards are developed and other related AASBs
2.
Prepare accounting entries for liabilities including accounts payable, bills payable, employee entitlements, provisions, contingent liabilities and long-term liabilities
3.
Prepare accounting entries for formation and profit distribution of partnerships
4.
Prepare accounting entries for the acquisition, depreciation, re-valuation and disposal of non-current assets
5.
Prepare accounts using computerised accounting procedures and prepare the Statement of Cash Flows

Assessments

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Requisites information

Pre-requisites: