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Accounting For Business

This subject is available under ICMS undergraduate degrees, please click the button below to find an undergraduate course for you.

Subject Code:


Subject Aim:

This subject aims to provide the student with the accounting knowledge to understand the principles of accounting and how it relates to the internal and external decision making of an economic entity. It focuses on the development of an understanding of accounting generally, the fundamental accounting processes and issues, as well as critical, analytical and quantitative skills. The student will be presented with the knowledge and skills to enable them to demonstrate the application of accounting concepts and principles to be able to analyse and process business activity, then prepare and present that accounting information in financial statements.

The aim of the subject is to provide the student with the basic information and skills relevant to understanding and evaluating accounting as an information system and process. It includes the processing of financial data, the completion of the accounting cycle and the preparation of basic financial reports from the trial balance. This should enable the student to deal with accounting information systems in the complex and diverse business environment in Australia and internationally. In addition to this, the subject helps the student develop an awareness of the ethical issues facing business and understand the ethical framework in which accounting operates.

Learning Outcomes:

  1. Describe the accounting environment; the accounting concepts and financial accounting reports; forms of business and the users of accounting information.
  2. Manually classify, record, analyze and report accounting data under the accrual accounting system including month end bank reconciliations and adjustments for depreciation and movements in inventory.
  3. Prepare and present the three key financial statements; Income statement, Balance Sheet and Cash Flow statement.
  4. Analyse and evaluate the financial reports using ratios as a decision-making tool.
  5. Use accounting software to record business transactions and produce financial reports.

Student Assessment:

Exams will take place in weeks 12 & 13. Please refer to the official Exam Timetable for further information.

Some assessment tasks will be undertaken in class.

Students must bring their textbook, a calculator, an internet capable device (laptop, tablet) and writing material to every lecture & tutorial unless otherwise advised, as students will be asked to work through some of the lecture demonstration problems & home assignments in class and discuss their answers.