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Failure is simply the opportunity to begin again, this time more intelligently.
Accounting data is the basis for decision making in any organisation, making it important for any business professional to have a foundational level of knowledge and understanding of modern financial and managerial accounting theory and practice. Accordingly, this unit provides students with introductory knowledge of modern financial and managerial accounting theory and practice to develop an understanding of how accounting data is used to inform decisions in organisations. The unit covers financial procedures and reporting for business entities, analysis and interpretation of financial statements, planning, control and business decision making. The knowledge and skills developed in this introductory unit are relevant to students in accounting and non-accounting majors. External financial reports are a legal requirement for companies under the Australian Corporations Act and provide decision-useful information for interested users. Therefore, it is a requirement for accountants working in industry to know and understand: accounting concepts and procedures; specific technical accounting and legal requirements; and, general professional and ethical concepts. These are required in order to be able to prepare, present and explain external financial reports for users. Similarly, this knowledge and skill is a requirement for auditors who perform audits and reviews of external financial reports.
All firms, regardless of industry type, make use of a range of existing management accounting techniques to accumulate and track costs of their products or services. This data is used to develop both long-term and short-term plans and strategies which help firms achieve and maintain their competitive advantage. Accordingly, Accountants need to know about the costing techniques used by firms, understand cost terminology and cost allocation methods, and be able to identify and provide management with relevant information to inform their decision making. Accounting information systems are an essential element of any business. An appreciation of accounting in a modern electronic environment, how accounting systems are designed and how analytics can be applied in accounting, are therefore crucial to the study of real world accounting systems. This unit builds on the knowledge attained in the prerequisite subjects and applies it to accounting information systems environment. A large number of entities are companies rather than, for example, sole traders or partnerships. Accordingly, as an accountant, most of the work you will undertake as a practitioner will involve accounting for companies. In this context, accountants are required to interpret and apply accounting standards, and other statutory requirements governing the accounting procedures reflected in the content of a company's financial statements. Accountants are also required to integrate and apply academic accounting knowledge to solving problems that arise in practice. This unit contributes to the knowledge and skills you will need to prepare financial statements for companies. This unit builds on the prerequisite units by applying accounting principles to complex company accounting issues. It also provides a foundation for subsequent units, which develop critical analytical skills through an examination of theoretical accounting issues, accounting regulation and practice.
Accounting data is the basis for decision making in any organisation, making it important for any business professional to have a foundational level of knowledge and understanding of modern financial and managerial accounting theory and practice. Accordingly, this unit provides students with introductory knowledge of modern financial and managerial accounting theory and practice to develop an understanding of how accounting data is used to inform decisions in organisations. The unit covers financial procedures and reporting for business entities, analysis and interpretation of financial statements, planning, control and business decision making. The knowledge and skills developed in this introductory unit are relevant to students in accounting and non-accounting majors. External financial reports are a legal requirement for companies under the Australian Corporations Act and provide decision-useful information for interested users. Therefore, it is a requirement for accountants working in industry to know and understand: accounting concepts and procedures; specific technical accounting and legal requirements; and, general professional and ethical concepts. These are required in order to be able to prepare, present and explain external financial reports for users. Similarly, this knowledge and skill is a requirement for auditors who perform audits and reviews of external financial reports.
All firms, regardless of industry type, make use of a range of existing management accounting techniques to accumulate and track costs of their products or services. This data is used to develop both long-term and short-term plans and strategies which help firms achieve and maintain their competitive advantage. Accordingly, Accountants need to know about the costing techniques used by firms, understand cost terminology and cost allocation methods, and be able to identify and provide management with relevant information to inform their decision making. Accounting information systems are an essential element of any business. An appreciation of accounting in a modern electronic environment, how accounting systems are designed and how analytics can be applied in accounting, are therefore crucial to the study of real world accounting systems. This unit builds on the knowledge attained in the prerequisite subjects and applies it to accounting information systems environment. A large number of entities are companies rather than, for example, sole traders or partnerships. Accordingly, as an accountant, most of the work you will undertake as a practitioner will involve accounting for companies. In this context, accountants are required to interpret and apply accounting standards, and other statutory requirements governing the accounting procedures reflected in the content of a company's financial statements. Accountants are also required to integrate and apply academic accounting knowledge to solving problems that arise in practice. This unit contributes to the knowledge and skills you will need to prepare financial statements for companies. This unit builds on the prerequisite units by applying accounting principles to complex company accounting issues. It also provides a foundation for subsequent units, which develop critical analytical skills through an examination of theoretical accounting issues, accounting regulation and practice.
