Accounting Practice

Course code ACFI1002Units 10Level 1000Faculty 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 2015

Callaghan CampusSemester 2
OurimbahSemester 2
UoN SingaporeTrimester 1
Previously offered in 2014
ObjectivesOn 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.
ContentThis 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
11.Partnerships
12.Accounting concepts, assumptions and principles.
TransitionThis course is not available to students who have successfully completed ACFI1010.
Industrial Experience0
Assumed KnowledgeACFI1001 Accounting for Decision Makers
Modes of DeliveryInternal Mode
Teaching MethodsLecture
Tutorial
Assessment Items
Essays / Written Assignments
Examination: Formal
Group/tutorial participation and contributionTutorial based tasks
Quiz - Class
Contact HoursTutorial: for 2 hour(s) per Week for 12 weeks
Lecture: for 2 hour(s) per Week for Full Term
Timetables2015 Course Timetables for ACFI1002