The University of Newcastle, Australia
Available in 2020
Course code

PACC6000

Units

10 units

Level

6000 level

Course handbook

Description

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.


Availability2020 Course Timetables

Sydney Elizabeth Street

  • Trimester 2 - 2020
  • Trimester 3 - 2020

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 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.


Content

This course includes the following topics:

  1. Framework of accounting and general principles of reporting / types of organisations
  2. Financial recording procedures
  3. Preparing income statement, statement of changes of equity and balance sheet for retailing operations
  4. Inventory costing methods
  5. Accounting information systems: subsidiary ledgers and special journals
  6. Internal control and cash
  7. Analysis and interpretation of financial statements
  8. Receivables and payables
  9. Non-current assets
  10. Partnerships

Requisite

This course is only available to students enrolled in the Master of Professional Accounting, M Prof Acct (Adv), M Prof Acct/M Bus, M Prof Acct/M Bus Admin, and Grad Cert Prof Acct.


Assessment items

In Term Test: In class test

Online Learning Activity: Online Assignment

Report: Written Report

Formal Examination: Final Exam


Contact hours

Sydney Elizabeth Street

Lecture

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