AFG1001

Introductory accounting A

J Maxfield and A Halabi

6 points
* First, second semester
* Gippsland
* Prohibition: GBU1001

Objectives The objective of this subject is to outline the purpose of accounting as a communication process where timely and relevant information is used for making decisions. Students will learn basic accounting concepts and practical techniques and be able to prepare and present the three main financial statements: the profit and loss statement; the balance sheet and the cash flow statement. Students will analyse these statements within the context of decision making.

Synopsis A conceptual understanding of financial statements, accounting systems and the recording process, reporting for service firms, accounting for inventory using the periodic and perpetual inventory systems, balance day adjustments, closing entry process and the use of work sheets, specialised journals and control accounts, internal control and bank reconciliation procedure, cash flows and reconstructions of accounts including projected reports, analysis and interpretation of financial information.

Assessment Four project assignments: 30%
* Examination (3 hours): 70%

Prescribed texts

Peirson G and Ramsay A Accounting: An introduction Longman, 1996
Australian Society of CPAs and The Institute of Chartered Accountants in Australia Accounting handbook 1997/98
Grose R Virtual reality: A computerised and manual accounting practice set using attache Prentice-Hall 1995