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Accounting 1 - ATAX0105
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Faculty: Faculty of Law
 
 
School:  Australian School of Taxation
 
 
Course Outline: See below
 
 
Campus: ATAX Campus
 
 
Career: Postgraduate
 
 
Units of Credit: 6
 
 
EFTSL: 0.12500 (more info)
 
 
Indicative Contact Hours per Week: 0
 
 
Enrolment Requirements:
 
 
Restricted to students enrolled in Program 5541 or 7541
 
 
Excluded: ATAX0005
 
 
Fee Band: 3 (more info)
 
 
Further Information: See Class Timetable
 
 

Description

This is the first course in a sequence of courses dealing with the profession and the practice of accounting and the literature associated with it. Students will be introduced to: the design of accounting information systems (classifications and chart of accounts, cash or accrual systems, concept and measurement selection, continuous or periodic recording); systems of accounting record (the accounting equation, document flows, accounts and ledgers, the double-entry systems, journals and subsidiary ledgers internal and accounting control); recording merchandising operations (sales, purchases, returns, allowances, receipts, payments, inventory effects); accounting for receivables and payables; inventories; and accounting for non-current assets.


Recommended Prior Knowledge

None

Course Objectives

On completion of the course, students will be practised in the use of conventional recording systems and procedures. Having completed this course you should be able to:
  • Outline the framework within which accountants operate and understand the purpose and rationale of the discipline of accounting
  • Understand the language and reasoning process of accounting
  • Have an extensive understanding of the accounting cycle and the operation of accounting information systems
  • Identify, define and record events affecting a business' financial position
  • Develop critical skills in analysing, communicating and presenting arguments based on accounting information to a professional standard in verbal and written contexts

Main Topics

  • Introduction to financial statements
  • The accounting information systems
  • Accrual accounting concepts
  • Reporting and analysing inventories
  • Accounting subsystems
  • Internal control, cash and receivables
  • Reporting and analysing non-current assets

Assessment

Assignment 1 20%
Assignment 2 20%
WebCT MCQ quizzes Two quizzes (5% each) 10%
Final exam Closed book, 2 hours duration 50%

Course Texts

Prescribed
Kimmel P, Carlon S, Loftus J, Mladenovic R, Kieso D & Weygandt J, Accounting: Building Business Skills (Brisbane: John Wiley & Sons Australia Ltd, 2nd ed, 2006)

Note that you will be required to purchase access to, and complete, an online practice set for Assignment 2 in this course. See Assignment 2 the Course Profile for details of how to do this.

Citation and Style Guides
The following is a selection of acceptable citation and style guides, which you may use as the basis for your written work. You must purchase or have access to one of the following publications:
  • Rozenberg P, Australian guide to uniform legal citation (Sydney: Lawbook Co, 2nd ed, 2003)
  • Stuhmcke A, Legal referencing (Sydney: Butterworths, 3rd ed, 2005)
  • Australian guide to legal citation (Melbourne University Law Review Association, 2nd ed, 2002) - Available from http://mulr.law.unimelb.edu.au/aglc.asp

Note that in disciplines other than law (ie, Accounting and Economics) the literature in these courses has, for the most part, been written in the Harvard style and in these courses you may prefer to use the Harvard style of referencing. Guides to using the Harvard style can be accessed at the following websites:

http://www.lc.unsw.edu.au/onlib/ref.html
http://www.usq.edu.au/library/infoabout/ref_guides/default.htm

In this course, it is acceptable to use either one of the prescribed legal styles, or the Harvard style. However, whatever style you adopt must be used consistently and correctly - you must not mix one style with another.

Recommended
Hoggett J, Edwards L & Medlin.J, Financial Accounting in Australia (Brisbane: John Wiley & Sons, 6th ed, 2006).

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© The University of New South Wales (CRICOS Provider No.: 00098G), 2004-2011. The information contained in this Handbook is indicative only. While every effort is made to keep this information up-to-date, the University reserves the right to discontinue or vary arrangements, programs and courses at any time without notice and at its discretion. While the University will try to avoid or minimise any inconvenience, changes may also be made to programs, courses and staff after enrolment. The University may also set limits on the number of students in a course.