Financial Accounting 1

Course code PACC6000Units 10Level 6000Faculty of Business and LawNewcastle Business School

Fundamental principles underpin accrual accounting and financial reporting. Financial Accounting 1 critically examines these principles providing students with the technical skills of accounting, including the analysis, recording, preparation and interpretation of accounting information.

Available in 2015

Sydney Bathurst StreetSemester 1, Semester 2
Previously offered in 2014
ObjectivesOn successful completion of this course, students will be able to:
1. Apply the double-entry system to a transaction data set, and proceed through the steps of the accounting cycle.
2. Prepare and analyse financial statements in accordance with conventional rules of accounting.
3. Resolve a financial accounting problem, and justify a solution using appropriate financial accounting concepts and principles.
4. Reflect on learning behaviours and identify strategies to improve learning.
ContentThis course includes the following topics:
1. Framework of accounting / general principles of reporting / types of organisations
2. Recording business transactions
3. Measuring profit/ the adjusting process
4. Completing the accounting cycle
5. Retailing operations
6. Analysis and interpretation of financial statements
7. Accounting information systems: subsidiary ledgers and special journals
8. Internal control and cash
9. Accounting for receivables
10.Inventory costing methods
11.Non-current assets
Replacing Course(s)Nil
Industrial Experience0
Assumed KnowledgeNil
Modes of DeliveryInternal Mode
Teaching MethodsLecture
Assessment Items
Essays / Written Assignments
Examination: Formal
Quiz - ClassMid trimester quiz
Contact HoursLecture: for 3 hour(s) per Week for Full Term
Compulsory Components
Requisite by EnrolmentAvailable to students enrolled in the Master of Professional Accounting, Master of Professional Accounting (Advanced) and Master of Professional Accounting/Master of Business only
Timetables2015 Course Timetables for PACC6000