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 2014

Sydney Bathurst StreetSemester 1, Semester 2
Previously offered in 2013, 2012, 2011, 2010, 2009, 2008
ObjectivesOn successful completion of this 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. employ appropriate methods to record the purchase, valuation and disposal of inventory and non-current assets
3. investigate and employ methodologies to record receivables and bad debts
4. examine internal control particularly in the context of the verification of the cash account
5. identify, explain and critically appraise the principles underlying the procedures identified in 1-4 above
6. plan and construct financial reports (Income Statement and Balance Sheet) for non-manufacturing firms in accordance with relevant accounting standards
7. calculate and interpret financial ratios
8. examine issues associated with the accounting for partnerships
9. engage in effective written communication practices reflective of the essential professional standards, structures and systems.
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
Timetables2014 Course Timetables for PACC6000