ACC1102 Financial Accounting
We recommend that you have completed CIS1000 Information Systems Concepts as we expect you to have sound computer skills, and in particular, a good knowledge of Microsoft Excel. 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/current-students/support/computing/hardware.
This course follows on from ACC1101, in which you learnt about the accounting cycle through the use of a manual accounting system. In this course you will build upon your knowledge by studying the use of a computerised accounting system (MYOB AccountRight Enterprise v. 19). You will work on a detailed case study in which you create a company file, set up a chart of accounts, record business transactions and adjusting entries and produce financial reports. The emphasis in the case study is on the design of the system, which must be able to produce detailed information for managers, statutory reports (such as a Business Activity Statement) and summary financial statements. In this course you will also 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). You will study a number of specific accounting standards and generally accepted accounting principles (GAAP) in this course, including accounting for inventory, receivables and long-term assets, such as property, plant and equipment, intangible assets and goodwill. Finally, you will be required to prepare each of the financial statements and understand and apply the recognition, measurement and disclosure requirements of the accounting standards and GAAP (for example, revenue recognition). Formerly ACC2103.