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 - 2018 (Sydney Elizabeth Street)
Semester 2 - 2018 (Sydney Elizabeth Street)
Learning Outcomes

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 and general principles of reporting / types of organisations
  2. Financial recording procedures
  3. Preparing income statement, statement of changes of equity and balance sheet for retailing operations
  4. Inventory costing methods
  5. Accounting information systems: subsidiary ledgers and special journals
  6. Internal control and cash
  7. Analysis and interpretation of financial statements
  8. Receivables and payables
  9. Non-current assets
  10. Partnerships
  • This course is only available to students enrolled in the Master of Professional Accounting, M Prof Acct (Adv), M Prof Acct/M Bus, M Prof Acct/M Bus Admin, and Grad Cert Prof Acct.
Assessment Items
  • In Term Test: In class quiz
  • Online Learning Activity: Online Assignment
  • Report: Assignment 2
  • Formal Examination: Exam

Contact Hours

Sydney Elizabeth Street


Face to Face On Campus 3 hour(s) per Week for Full Term

Timetable 2018 Course Timetables for PACC6000
Got a question?

Contact us for advice on how to apply, enrol, or for more information.

Ready to start?

Once you’ve read our Application guide you’re ready to apply