James Cook University Subject Handbook - 2001

CO6001:03

Accounting 1

Townsville

Prerequisites: Admission to GDipAcc

28 lectures, 28 tutorials. First and second semester.

Available only to students enrolled in the Graduate Diploma of Accounting.

The theory and practice of historic cost accounting for sole traders and partnerships.

Learning Objectives:

1. implement the basic historical cost accounting system of recording transactions;
2. prepare the profit and loss statement, balance sheet and cash flow statement for sole traders, partnerships and companies;
3. analyse financial statements of business entities;
4. describe, evaluate and apply procedures for the recognition and measurement of revenue, expense, assets, liabilities and owners’ equity;
5. evaluate the historic cost accounting system in the context of the conceptual framework and alternative accounting systems;
6. describe, evaluate and implement a computer based system.

Assessment by tests (30%); assignments (10%); final examination (60%).