Financial Accounting 1

Course code PACC6000
Available in 2015
2015 Course Timetables


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.


Sydney Bathurst Street

  • Semester 1 - 2015
  • Semester 2 - 2015

Learning Outcomes

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.


This 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
  12. Partnerships


This course is only available to students enrolled in the Master of Professional Accounting, Master of Professional Accounting (Advanced) and Master of Professional Accounting / Master of Business programs.

Assessment Items

Written Assignment: Online Assignment

Report: Assignment 2 Report

In Term Test: In-class Quiz

Formal Examination: Exam

Contact Hours


Face to Face On Campus 3 hour(s) per Week for Full Term