|Course code ACFI1002||Units 10||Level 1000||Faculty of Business and LawNewcastle Business School|
Accounting Practice extends both the knowledge and skills developed in Accounting for Decision Makers (ACFI1001). It examines the fundamental principles underpinning accrual accounting and financial reporting providing you with the technical skills of accounting, including the analysis, recording, preparation and interpretation of accounting information. Your understanding of the accounting professions' standards of practice will be further enhanced.
Available in 2014
|Objectives||On successful completion of this course, you will be able to:|
1. Apply the double-entry system to a transaction data set, and manually proceed through the steps of the accounting cycle
2. Apply the double-entry system to problems involving the purchase, valuation and recognition, and disposal of inventory and non-current assets
3. Employ appropriate methods to record receivables and bad debts
4. Prepare a bank reconciliation and related journal entries
5. Identify, explain and critically appraise the principles underlying the procedures identified in 1-4 above
6. Prepare financial reports (Income Statement, Balance Sheet and Cash Flow Statement) for non-manufacturing firms in accordance with relevant accounting standards
7. Demonstrate a developing awareness of the ethical practices and conduct of the accounting profession.
8. Demonstrate an understanding of, and communication in, accounting terminology and contexts.
|Content||This course covers the following topics:|
1. Recording business transactions
2. Measuring profit and the adjustment process
3. Completing the accounting cycle
4. Retailing operations
5. Inventory costing methods
6. Accounting information systems: subsidiary ledgers and special journals
7. Internal control and cash
8. Accounting for receivables
9. Non-current assets
10.Cash flow statement
12.Accounting concepts, assumptions and principles.
|Transition||This course is not available to students who have successfully completed ACFI1010.|
|Assumed Knowledge||ACFI1001 Accounting for Decision Makers|
|Modes of Delivery||Internal Mode|
|Contact Hours||Tutorial: for 2 hour(s) per Week for 12 weeks|
Lecture: for 2 hour(s) per Week for Full Term
|Timetables||2014 Course Timetables for ACFI1002|