• Semester 12 (Day)
• Semester 12 (External)

Synopsis

The  units  51002/51003 provide the necessary skills and knowledge  to
enable  students  to undertake all majors offered by  the  Faculty  of
Commerce.   The  content and objectives of both units  are  identical,
however,  51003  is  studied over two semesters (as  compared  to  one
semester for 51002).  The unit 51003 is recommended for students  with
limited or no previous accounting experience/knowledge.  A mastery  of
the  material  contained  in 51002/51003 is  critical  for  successful
further   study.   51003  offers  students  with  limited   accounting
knowledge  greater time to assimilate the concepts and regulations  of
accounting,   the   accounting   process,   and   the   analysis   and
interpretation of accounting information.

The   unit  introduces  students  to  the  conceptual  and  regulatory
framework  of accounting. This includes the environment of accounting,
the accounting elements, the accounting equation, transaction analysis
and  recording,  trial  balance and reports.  Particular  emphasis  is
placed  on  the recording, measurement and control of the major  asset
groups   (cash,  inventories,  accounts  receivable  and   non-current
assets),   and  liabilities.   An  introduction  to  various  business
structures  is  also  provided  (ie: sole  trader,  partnerships,  and
companies).   The  unit forms the basis from which further  accounting
studies may be pursued.