Accounting Practice

Course code ACFI1002
Available in 2017
2017 Course Timetables


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.


UoN Singapore

  • Trimester 2 - 2017 (Singapore)
  • Trimester 3 - 2017 (Singapore)

Newcastle City Precinct

  • Semester 2 - 2017


  • Semester 2 - 2017

Learning Outcomes

On successful completion of the course students 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.


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
  11. Partnerships
  12. Accounting concepts, assumptions and principles.

Assumed Knowledge

ACFI1001 Accounting for Decision Makers

Assessment Items

Tutorial / Laboratory Exercises: Tutorial Focus Questions

Written Assignment: Practice Set

Quiz: Mid Semester Class Quiz

Formal Examination: Final Examination

Contact Hours

Callaghan, Ourimbah, Newcastle City Precinct and UoN Singapore

Integrated Learning Session

Face to Face On Campus 3 hour(s) per Week for Full Term starting in week 1

Students are expected to complete 4 hours of guided learning via online preparation, lectures, interactive workshops, tutorials, discussion groups or self-directed learning and an additional 6 hours of independent study per week.