Monash College Unit Guide

ACCOUNTING 1 (MCD2010)

Purpose

This unit is designed to introduce accounting principles and practice, based on a conceptual framework.

Prerequisites

Nil.

Learning outcomes

On completion of this unit, students should be able to:

1. Examine the role of accounting and reporting of financial information based on the concepts and elements defined in the Statement of Accounting Concepts.
2. Record accounting transactions using the basic assumptions underlying the double entry recording system.
3. Record inventory using perpetual and periodic methods.
4. Profit or loss distribution at the end of financial period.
5. Explain and demonstrate the impact (qualitative and quantitative), of the end of period procedure (balance day adjustments) on statements of Financial Performance, Financial Position and Cash Flow.
6. Analyse and interpret the short-term financial position of a typical entity.

Assessment

Essays, tests and other assignments: 30%

Examination: 70%

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