Financial Accounting 1

10 Units

Fundamental principles underpin accrual accounting and financial reporting. Financial Accounting 1 critically examines these principles providing students with the technical skills of accounting, including the analysis, recording, preparation and interpretation of accounting information.

Faculty Faculty of Business and Law
School Newcastle Business School
Availability Semester 1 - 2014 (Sydney Bathurst Street)
Semester 2 - 2014 (Sydney Bathurst Street)

Previously offered in 2013, 2012, 2011, 2010, 2009, 2008


On successful completion of this course, students will be able to:
1. Apply the double-entry system to a transaction data set, and proceed through the steps of the accounting cycle. 2. Prepare and analyse financial statements in accordance with conventional rules of accounting. 3. Resolve a financial accounting problem, and justify a solution using appropriate financial accounting concepts and principles. 4. Reflect on learning behaviours and identify strategies to improve learning.


This course includes the following topics: 1. Framework of accounting / general principles of reporting / types of organisations 2. Recording business transactions 3. Measuring profit/ the adjusting process 4. Completing the accounting cycle 5. Retailing operations 6. Analysis and interpretation of financial statements 7. Accounting information systems: subsidiary ledgers and special journals 8. Internal control and cash 9. Accounting for receivables 10.Inventory costing methods 11.Non-current assets 12.Partnerships

Replacing Course(s) Nil
Transition Nil
Industrial Experience 0
Assumed Knowledge Nil
Modes of Delivery Internal Mode
Teaching Methods Lecture
Assessment Items
  • Essays / Written Assignments -
  • Examination: Formal -
  • Quiz - Class - Mid trimester quiz
Contact Hours
  • Lecture: for 3 hour(s) per Week for Full Term
Compulsory Components
  • Requisite by Enrolment: Available to students enrolled in the Master of Professional Accounting, Master of Professional Accounting (Advanced) and Master of Professional Accounting/Master of Business only
Course Materials None listed
Timetable 2014 Course Timetables for PACC6000

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