Authorised by Academic Registrar, April 1996
Objectives On completion of this subject students should understand the definitions and recognition criteria for the elements of financial statements and be able to apply these to differing situations; understand the principles of financial mathematics and be able to apply these principles to accounting issues such as leases, be able to evaluate the accounting system in use in Australia and to implement and evaluate some basic alternative measurement systems; be able to analyse and interpret accounting information to assist in making decisions concerning management efficiency, financial structure and investment in shares.
Synopsis The subject involves a study of the following topics: a conceptual framework for accounting; definition and recognition of assets, liabilities, equity, revenues and expenses (including inventory valuation, depreciation and non-current assets); financial mathematics covering the time value of money, concepts of interest, valuation of financial instruments; price-level accounting, alternative accounting measurement systems; analysis and interpretation of financial statements.
Assessment Written (1500 words): 10% + Mid-semester test: 15% + Examination: (3 hours): 75%