Available in 2021
Course code



10 units


6000 level

Course handbook


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.

Availability2021 Course Timetables

Sydney Elizabeth Street

  • Trimester 2 - 2021
  • Trimester 3 - 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 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.


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


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


Face to Face On Campus 3 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.