This unit extends the financial accounting material introduced in the prerequisite accounting unit. Students who complete this unit will have a broad understanding of the techniques and processes required to produce financial statements for a simple entity. Topics include the use of accrual accounting in preparing journal entries for a range of transactions and events, developing spreadsheets for decision support models, and utilizing principles of internal controls. These topics provide the basis necessary to complete the next unit in the financial accounting stream.

Learning outcomes

Upon successful completion of this unit, students will be able to:
1. Exercise judgment in the application of accounting standards when dealing with incomplete and/or ambiguous information;
2. Identify and critique specific examples of the subjective and flexible characteristics of extant financial accounting standards;
3. Analyse internal control systems and develop appropriate responses where weaknesses are identified;
4. Analyse and interpret the results of financial statements information for decision-making; and
5. Analyse and Interpret the impact a range of transactions and events will have on business resources.

Graduate attributes

1. UC graduates are professional - employ up-to-date and relevant knowledge and skills
1. UC graduates are professional - communicate effectively
1. UC graduates are professional - use creativity, critical thinking, analysis and research skills to solve theoretical and real-world problems
1. UC graduates are professional - display initiative and drive, and use their organisation skills to plan and manage their workload
2. UC graduates are global citizens - communicate effectively in diverse cultural and social settings
2. UC graduates are global citizens - make creative use of technology in their learning and professional lives
3. UC graduates are lifelong learners - adapt to complexity, ambiguity and change by being flexible and keen to engage with new ideas
3. UC graduates are lifelong learners - be self-aware
3. UC graduates are lifelong learners - evaluate and adopt new technology
3. UC graduates are lifelong learners - reflect on their own practice, updating and adapting their knowledge and skills for continual professional and academic development
1. UC graduates are professional - take pride in their professional and personal integrity
1. UC graduates are professional - work collaboratively as part of a team, negotiate, and resolve conflict
2. UC graduates are global citizens - think globally about issues in their profession
2. UC graduates are global citizens - understand issues in their profession from the perspective of other cultures
2. UC graduates are global citizens - adopt an informed and balanced approach across professional and international boundaries

Prerequisites

None.

Corequisites

None.

Incompatible units

6360 Accounting Systems and Practices AND 11212 Accounting Systems and Practices

Equivalent units

None.

Assumed knowledge

None.