ACFI1002
10 units
1000 level
Course handbook
Description
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.
Availability2021 Course Timetables
Newcastle City Precinct
- Semester 1 - 2021
- Semester 2 - 2021
PSB Singapore
- Trimester 2 - 2021 (Singapore)
- Trimester 3 - 2021 (Singapore)
Ourimbah
- Semester 2 - 2021
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.
Content
This course covers the following topics:
- Recording business transactions
- Measuring profit and the adjustment process
- Completing the accounting cycle
- Retailing operations
- Inventory costing methods
- Accounting information systems: subsidiary ledgers and special journals
- Internal control and cash
- Accounting for receivables
- Non-current assets
- Cash flow statement
- Partnerships
- Accounting concepts, assumptions and principles.
Assumed knowledge
ACFI1001 Accounting for Decision Makers
Assessment items
Tutorial / Laboratory Exercises: Workshop Focus Questions
Online Learning Activity: Practice Set
Quiz: Mid Semester Class Quiz
Formal Examination: Final Examination
Contact hours
Ourimbah
Integrated Learning Session
Face to Face On Campus 1 hour(s) per Week for Full Term
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.
Workshop
Face to Face On Campus 2 hour(s) per Week for Full Term
Newcastle City Precinct
Integrated Learning Session
Face to Face On Campus 1 hour(s) per Week for Full Term
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.
Workshop
Face to Face On Campus 2 hour(s) per Week for Full Term
PSB Singapore
Integrated Learning Session
Face to Face On Campus 1 hour(s) per Week for Full Term
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.
Workshop
Face to Face On Campus 2 hour(s) per Week for Full Term
The University of Newcastle acknowledges the traditional custodians of the lands within our footprint areas: Awabakal, Darkinjung, Biripai, Worimi, Wonnarua, and Eora Nations. We also pay respect to the wisdom of our Elders past and present.