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In the business world it is essential to develop a thorough understanding of financial and management accounting fundamentals. Knowledge of the practical and functional nature of business decisions from the perspective of financial accounting; managerial costing and budgetary policies; investing; and financing of business operations provides the basis on which more advanced business acumen skills are developed. This course introduces you to the profession of accounting as well as tools accountants need to analyse financial information and to inform business decision making.  This course is a required technical and profession competency component of CPA and CAANZ accreditation and specifically addresses Technical Competency Area 1.

This course introduces you to the world of accounting. It has been designed to provide a solid foundation for further study in the accounting discipline; the course provides a logical introduction to the accounting environment and the common financial accounting (external) reports and management accounting (internal) tools used for decision-making purposes. This course uses real-world examples and a case study to develop practical, professional skills.

On completion of this course students should be able to:

1. explain generally accepted accounting principles and concepts underlying accounting and financial reporting including the principles of the conceptual framework (TCA1 LO6);
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  (TCA1LO2);
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 (TCA1 LO3, TCA1 LO1);
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 (TCA1 LO4);
5. Use accounting software to record business transactions (TCA1 LO5);
6. Integrate theoretical and technical accounting knowledge in a business context (ALS2).