Subject details

On successful completion of this subject, students should be able to:

  1. Critically examine the effectiveness of internal controls within an organisation 
  2. Analyse the elements of accounting, as recognised in the International Financial Reporting Standards (IFRS), by applying the accounting treatment for complex business transactions over the complete accounting cycle using double entry bookkeeping
  3. Appraise the purpose of and prepare financial statements, in line with IFRS for various complex business structures 
  4. Critically evaluate, in a group setting or individually, a set of financial statements to assess the performance of an organisation 
  5. Elaborate on the fundamental and ethical role of accountants and accounting in economic decision-making and the manner in which accounting decision-making can promote common good for individuals, society and the environment 
    • Decision making and the roles of accounting
    • Financial statements for decision making
    • Recording transactions
    • Adjusting the accounts
    • Completing the accounting cycle
    • Presentation of financial statements
    • Analysis and interpretation of financial statements
    • Cash management and control
    • Receivables
    • Inventories
    • Accounting for partnership
  • Study resources

    • Instructional methods

      • Discussion forum/Discussion Board
      • Online Quizzes/Tests
      • Online assignment submission
      • Web links
    • Online materials

      • Online Assessment
      • Printable format materials
      • Resources and Links

In order to enrol in this subject, you must be accepted into one of the following degrees:

  • ACU-MBA-MAS-2019

Special requirements

No special requirements

This subject is integral to learning the complex discipline of accounting. A discipline that is becoming more and more in demand with the growth and evolution of the world economy. This subject provides an introduction to accounting and the application of these concepts in decision-making by a wide range of potential stakeholders. The knowledge gained from this subject is also of a benefit for those who will not pursue an accounting career as they will become more confident in communicating with accountants and have some idea of how financial reports are prepared and analysed.

The subject focuses on both theoretical and practical applications of fundamental accounting concepts; International Financial Reporting Standards (IFRS); recording transactions; accounting cycle; internal control; and preparing, analysing and interpreting financial reports. Emphasis is placed on utilising financial information for decision making in consideration of its ramifications on common good for individuals, society as a whole and the environment, and other stakeholders.

Hence, the aim of the subject is to provide students with a foundation in basic accounting concepts, preparation of financial statements, and the evaluation of organisational performance. The subject also aims to bolster students’ awareness about ethical decision making in accounting.

Assessments are used primarily to foster learning. ACU adopts constructivist approach to learning, which requires alignment of learning outcomes, teaching, learning and assessment and the environment in which learning occurs. Assessment is an integral part of the learning process. Assessment tasks in this unit are aimed at measuring and developing student’s achievement of the learning outcomes

  • Assignment 1 (30%)
  • Assignment 2 (20%)
  • Online Exam (50%)

Textbook information is pending.

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