ACC1102 Financial Accounting (FOBUS)

Semester 1 (ONC)Toowoomba (EXT)Toowoomba

Semester 2 (ONC)Toowoomba (ONC)Fraser Coast (ONC)Springfield (EXT)Toowoomba

Units 1.0 (080101) Band 3A

Pre-requisite: ACC1101

The study resources for this course are provided on a CD and online via the course home page. Students are required to have access to a personal computer, e-mail capabilities and Internet access to UConnect. Current details of computer requirements can be found at <http://www.usq.edu.au/ict/students/standards/default.htm>.

Synopsis

In this course we will consider the information provided by reporting entities through their financial statements (balance sheet, statement of comprehensive income, statement of changes in equity and statement of cash flows). A number of specific accounting standards and generally accepted accounting principles (GAAP) will be examined in this course, including accounting for inventory, receivables, various non-current assets and liabilities. Students will be required to understand and apply the recognition, measurement and disclosure requirements of the standards and GAAP (for example, measure and record transactions and economic events) and be able to prepare each of the financial statements. From semester 2 onwards the course will include the popular business management software MYOB (Accounting Plus), which students will use to create a data file, set up a chart of accounts, record business transactions and adjusting entries, and produce financial reports. Formerly ACC2103.