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

Synopsis

The  units  51002/51003 provide the necessary introductory  accounting
skills  and  knowledge  to  enable students to  undertake  all  majors
offered  by  the  Faculty  of Commerce.  A  mastery  of  the  material
contained in 51002/51003 is critical for successful further  study  in
Accounting, Finance and Banking.  The content and objectives  of  both
units  are  identical,  and  51002  (studied  over  one  semester)  is
recommended  for  those  students who have  some  previous  accounting
experience and/or knowledge.  51003 is studied over two semesters  and
is  recommended  for  students with limited or no previous  accounting
experience/knowledge.   It  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.  It  is  recommended  that
those students who do not intend undertaking further study within  the
areas  of Accounting, Finance and/or Banking should study unit  51190,
'Accounting Concepts'.

Units  51002/51003 introduce 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 analysis of financial information is also  addressed
throughout the course.