Program Overview

Unit of Study ACCT1002 - Financial Accounting (2026)

Unit Snapshot

• Unit type: UG Coursework Unit
• Credit points: 12
• Faculty/College: Faculty of Business, Law and Arts
• Placement: No
• Enrolment information: N/A

Unit Description

Provides an introduction to accounting systems and processes with a focus on recording routine business transactions, the preparation of financial statements, and the use of accounting information to make business decisions in a variety of business contexts. The unit presupposes no prior knowledge of accounting. It provides the foundation knowledge and core skills for the upper-level accounting units and equips other business majors with essential accounting tools.

Unit Content

• Module 1: Introduction to the role of accounting
• Module 2: The accounting equation
• Module 3: Accounting for retail operators including GST and reporting and analysing inventory
• Module 4: Internal controls, cash and receivables and non-current assets
• Module 5: Liabilities and equity
• Module 6: Statement of cash flows, analysis and interpretation

Availabilities

Learning Outcomes

On completion of this unit, students should be able to:

• Describe the key characteristics and underpinning theoretical principles of the regulatory framework that govern the measurement and disclosure of accounting information.
• Apply routine accounting concepts and principles for recording business transactions using accrual accounting, double entry system, and accounting software to produce financial reports.
• Prepare and interpret the four key financial statements using tools and techniques for decision-making purposes from a multiple stakeholders' perspective.
• Analyse and describe the role of internal controls in the context of a business's operating environment.

Prescribed Learning Resources

Dual Term 2

• Prescribed Texts: Carlon, S, McAlpine, R, Lee, C, Mitrione, L, Kirk, N & Wong, L, 2021, Financial Accounting: Reporting, Analysis and Decision Making, 7th edn, John Wiley and Sons Australia, Australia. ISBN: (Print & interactive e-Book Code); (e-Book).
• Prescribed Resources/Equipment:
  • MYOB practice set for assessment item 3 – small additional cost. Details and instructions for accessing the practice set can be found on MySCU (Blackboard).
  • Students need access to a computer with a webcam and reliable internet connection to verify their identity before attempting the proctored, online exam in this unit. (This does not apply to IBSU (PNG) and TUST (Tianjin) students.)

Term 1

• Prescribed Texts: Carlon, S, McAlpine, R, Lee, C, Mitrione, L, Kirk, N & Wong, L, 2021, Financial Accounting: Reporting, Analysis and Decision Making, 7th edn, John Wiley and Sons Australia, Australia. ISBN: (Print & interactive e-Book Code); (e-Book).
• Prescribed Resources/Equipment:
  • MYOB practice set for assessment item 3 – small additional cost. Details and instructions for accessing the practice set can be found on MySCU (Blackboard).
  • Students need access to a computer with a webcam and reliable internet connection to verify their identity before attempting the proctored, online exam in this unit. (This does not apply to IBSU (PNG) and TUST (Tianjin) students.)

Term 3

• Prescribed Texts: Prescribed text information is not currently available.
• Prescribed Resources/Equipment: Prescribed resources/equipment information is not currently available.

Prescribed Learning Resources may change in future Teaching Periods.