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Accounting professionals require a robust understanding of business transactions and their accounting treatment. Businesses are required to prepare multiple financial reports that provide stakeholders with valuable information. Understanding business structures, accounting techniques and financial statement conventions is a key component in meeting professional accreditation requirements.

The course will expand the student鈥檚 body of knowledge in accounting, integrate the use of appropriate business software and technology, and contribute to the development of the essential professional accounting skills of critical analysis and problem solving.

This course provides students with an introduction to processing accounting transactions. The course encourages students to understand accounting systems by exploring both manual and computerised applications of accounting tools. Students will also learn about fundamental accounting concepts and will have the opportunity to apply these to normal business transactions. Students will prepare financial statements applying the accounting standards to ensure that these reports meet legislative requirements. The course will also provide students with the skills to analyse the information content of the financial statements.

On successful completion of this course students should be able to:

1. explain the accounting principles and concepts underlying accounting and financial reporting including the principles of the Conceptual Framework of Accounting and generally accepted accounting principles;
2. explain the following in relation to financial accounting:
   a) The role and purpose of accounting, accounting processes and systems;
   b) The purpose of financial statements;
   c) The role and purpose of accounting standards;
   d) The regulatory environment for financial reporting;
3. explain the different business structures and record transactions to illustrate the activities of different types of businesses, including sole trader, partnerships and straightforward company accounts;
4. apply the accounting treatment to record basic business transactions and other events for different types of business using the principles of double entry accounting;
5. use accounting software to record business transactions;
6. apply International Financial Reporting Standards (IFRSs) or other relevant standards to transactions and other events (e.g. inventory and property, plant, and equipment).