Accounting for Decision Making (ACC101)
This subject introduces students to the concepts of Accounting and an understanding of how it can be used in decision making. Topics include financial accountability and sustainability, business structures and transactions, an introduction to financial recording and statements, analyzing financial/business ratios, budgeting, costing and capital investment. The course is designed as an introduction and therefore will entail a blend of theory and application so that the students can understand the practicalities of accounting. Throughout the course, consideration of business ethics and practices within a Christian worldview is taken in relation to accounting for businesses, churches and not-for-profit organizations.
This subject introduces students to the concepts of Accounting and an understanding of how it can be used in decision making. Topics include financial accountability and sustainability, business structures and transactions, an introduction to financial recording and statements, analysing financial/business ratios, budgeting, costing and capital investment. The course is designed as an introduction and therefore will entail a blend of theory and application so that the students can understand the practicalities of accounting. Throughout the course, consideration of business ethics and practices within a Christian worldview is taken in relation to accounting for businesses, churches and not-for-profit organisations.
- Understand the basic terminology of accounting practice:
- Assets, liabilities, and equities
- Current and non-current assets and liabilities
- Credit and debit
- Explain different business structures available for business operations, and the strengths and weaknesses of each;
- Explain the purpose of financial statements;
- Demonstrate an ability to analyze and interpret financial statements and reports;
- Demonstrate an ability to understand budgets and the budgeting process;
- Appraise and utilize financial information for decision making;
- Describe the relationship between ethics and the accounting profession, including the incorporation of a Christian worldview;
- Describe the business environment in Australia as it pertains to accounting. This includes:
- annual accounting cycle;
- Reporting requirements;
- Basic taxation;
- Role of auditors;
- Ethical considerations: e.g. ability to manipulate financial statements in decisions involving depreciation and asset write-offs.
- Introduction to accounting / Business sustainability, accountability, and ethics
- Business structures
- Business transactions
- Balance Sheet
- Statement and statement of changes in equity
- Statement of cash flows
- Analysis and interpretation of financial reports
- Cost-Volume-Profit analysis
- Costing and pricing in an entity
- Capital investment
- Financing the business & Performance management
Accounting and Financial Management (ACC201)
This subject develops the student’s comprehension of accounting from the foundation level (of information users) into an understanding of accounting processes and practices (from the view of accounting report preparers). This includes the key concepts and theories of financial reporting, transaction recording, preparation of financial reports, and consideration of their implications. Students will become proficient in basic double-entry accounting, and demonstrate the practical skills of accounting and in the use of accounting software packages. The skills to critically evaluate financial reports are developed, while management skills related to financial management and performance are both imparted and applied.
- Describe and discuss the key concepts and theories of financial reporting;
- Demonstrate an ability to effectively use accounting information for the control and management of financial resources;
- Explain and apply the accounting treatment for basic business transactions for different types of businesses (including double entry bookkeeping);
- Use accounting software to record business transactions;
- Prepare and interpret a basic set of financial statements including Statement of Financial Position, Statement of Comprehensive Income and Statement of Cash Flows;
- Critically analyse alternate financial reporting choices;
- Explore and analyse the implications of financial accounting and the impact of financial decisions on the financial reports;
- Identify, explain and critically analyse accounting concepts and assumptions, including the application of appropriate accounting treatment to record basic business transactions to illustrate the activities of different types of businesses.
- Accounting Environment
- The Accounting Information System
- Accrual Accounting Concepts
- Preparing the Financial Statements
- Internal Control and Managing Cash and Receivables
- Recording, Analysing, Managing and Reporting Operations –1
- Recording, Analysing, Managing and Reporting Operations -2
- Accounting Subsystems
- Recording, Analysing, Managing and Reporting Non-Current Assets
- Recording, Analysing, Managing and Reporting Liabilities
- Recording, Analysing, Managing and Reporting Equity
- Analysing, Managing and Reporting Cash Flows & Course Review
Financial Reporting (ACC202)
This subject develops the knowledge and skills required to produce basic financial reporting to the level required by Australian Accounting Standards. The financial reporting environment and various regulatory requirements (professional and statutory) governing financial reporting are introduced. This is combined with a theoretical framework that allows critical evaluation of the accounting and reporting practices of reporting entities, and the comparison of alternative accounting methods. Individual topics cover issues such as measuring assets (including intangibles, revaluation, and impairment), leases, employee benefits, tax effect accounting, biological assets, cash flow reporting and earnings per share measurement. Extended disclosure (such as corporate social responsibility accounting) and simplified/concise reporting is also considered in the Australian environment.
- Describe, explain and discuss the regulatory environment for financial reporting in Australia, including the standard-setting process, regulatory requirements and the role of the International Accounting Standards Board (‘IASB’);
- Explain the role and purpose of accounting standards;
- Apply the main provisions in key Australian Accounting Standards (‘AASBs’);
- Prepare a set of basic general purpose financial statements with necessary notes;
- Interpret complex financial statements using disclosed notes to the accounts and AASB standards;
- Discuss the theoretical principles underlying accounting practice and identify definitional problems, and limitations of reported financial data in respect of complex transactions and events;
- Identify and critically discuss current national and international developments in financial reporting.
- Australian Accounting Environment
- Theories of Financial Accounting
- Accounting for Assets
- Accounting for Liabilities and equity
- Employee benefits
- Accounting for income taxes
- Issues in performance reporting
- Other financial reporting issues
- Accounting for corporate social responsibility.
Management Accounting (ACC210)
This course introduces the student to the concepts of management accounting and how management accounting is used in an organization especially in decision making. Topics include cost accounting concepts, management control systems, budgeting, product, and service costing. Students will become proficient in the evaluation of the performance of an organization and the use of costing information for business planning.
- Explain the role and purpose of management accounting, including budgeting, product and service costing, control and performance evaluation, and strategic management accounting;
- Demonstrate an understanding of the budgeting process and its role in the management of organizations;
- Evaluate the performance of an organization through the application of appropriate costing systems and management control systems;
- Use costing information for business planning and control;
- Identify and discuss contemporary developments in management accounting;
- Apply the principles and procedures involved in managing working capital;
- Prepare and analyze budgets and forecasts for management purposes, including appropriate variance analysis.
- Management of Accounting and Product Costing
- Cost Behaviour
- Job Costing systems
- Process Costing systems
- Service Costing
- Accounting for Overhead costs
- Activity-Based Costing
- Cost-Volume-Profit analysis
- Extended C-V-P analysis
- Fixed and Rolling Budgets
- Flexible Budgets
- Performance Management Systems.
Accounting for Groups (ACC301)
This subject presents the methods used to account for corporate groups. Corporate groups may be structured through investments in other entities, which will lead to a number of accounting techniques that may be appropriate in certain circumstances. Depending on the level of control that is exerted by the investor, the investment might be classified as either a subsidiary of the parent, an associate or a joint venture/arrangement. The financial reporting required by Australian Accounting Standards varies with these types of arrangements. The preparation of consolidated financial statements for corporate groups, including the treatment of goodwill, intra-group transactions, and non-controlling interests are considered in-depth, as are equity accounting and proportional consolidation. Other advanced topics investigated include segment disclosures, related party disclosures, and foreign currency translation. The subject also critically evaluates group accounting, the quality of information produced for users, current issues in accounting regulation and practice on related topics and the politics of the standard-setting process.
Accounting Theory and Current Issues (ACC311)
This subject requires students to develop a deep understanding of various accounting theories and to apply that to specific financial reporting issues and the conceptual framework used by the Australian Accounting Standard Board (AASB). Students will critically evaluate both the accounting standard-setting process and the theoretical or logical basis of specific accounting standards; and then apply this to topics such as fair value accounting, capital market contracting, earnings management, environmental and sustainability accounting, and international harmonization of accounting standards.
1. Explain and apply the conceptual framework of accounting;
2. Critically analyse a variety of both normative and positive financial accounting theories;
3. Demonstrate an advanced ability to apply normative and positive accounting theories to current accounting issues, and form judgements about likely outcomes or appropriate responses within an accounting theory framework;
4. Identify and discuss how accounting policy choices available (or under consideration) within International Financial Reporting Standards should be operationalised;
5. Explain and apply the theoretical principles which underlie accounting practice and related disciplines;
6. Critically evaluate the accounting standard setting process in the light of accounting theories;
7. Appraise international harmonization efforts with accounting from both a practical and theoretical point of view;
8. Demonstrate an advanced understanding of current issues (developments) in accounting theory and practice in light of a Christian worldview.
- Introduction to Accounting Theory
- Conceptual Framework
- Accounting Standard setting – National and International (harmonization)
- Theories in accounting
- Positive accounting theory
- Institutional theory & Legitimacy theory
- Stakeholder theory & Contingency theory
- Applying Accounting theory
- Capital market research and accounting
- Fair value accounting
- Contemporary Issues in light of a Christian worldview