|Short Description:||Financial Accounting|
|Faculty or Section :||Faculty of Business, Education, Law and Arts|
|School or Department :||School of Commerce|
|Student contribution band :||Band 3|
|ASCED code :||080101 - Accounting|
|Grading basis :||Graded|
|Version produced :||1 June 2020|
Enrolment is not permitted in ACC2102 if ACC1102 has been previously completed.
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.
In this course, students will study various sources of authority as they relate to the recording transactions and events and the preparation of financial statements and business reports. Students will investigate a number of specific accounting standards and generally accepted accounting principles (GAAP) in this course; topics include accounting for assets (e.g. financial assets, property, plant and equipment and leased assets), liabilities (provisions, debentures and leases), equity accounts for companies (share capital and reserves) and income, revenue and expense (e.g. recognition and measurement). Students will prepare and analyse financial statements for reporting entities (statement of financial position, statement of profit and loss and other comprehensive income, statement of changes in equity, statement of cash flows), record journal entries for complex business transactions and events and complete a team-based business report.