James Cook University Subject Handbook - 2021

BX2011 - Foundation of Accounting Principles

Subject Description

This subject provides fundamental knowledge of accounting processes, concepts and principles that underpin financial accounting. Introduction to the Conceptual Framework and accounting standards presents the role of accounting within the Australian external reporting environment. Students will apply theoretical knowledge and judgement to evaluate and assess the impact of financial accounting information in business organisations and society.

Learning Outcomes

• identify and analyse measurement systems and their relationship with the Conceptual Framework and Accounting standards
• demonstrate the process of double entry recording in an accounting information system from transactions through to the preparation of financial reports for service and retail organisations; sole traders and partnerships
• investigate theoretical, practical and ethical issues underlying the accounting standards with reference to accounting for non-current assets, inventories, receivables, cash and liabilities

Subject Assessment

• Written > Examination (centrally administered) - (60%) - Individual
• Written > Test/Quiz 1 - (20%) - Individual
• Assignment - (20%) - Individual

Note that minor variations might occur due to the continuous subject quality improvement process, and in case of minor variation(s) in assessment details, the Subject Outline represents the latest official information.

Inadmissible Subject Combinations:  CO1001 CO1003

Availabilities