This subject is available under ICMS undergraduate degrees, please click the button below to find an undergraduate course for you.
This Financial Accounting I subject introduces students to financial accounting and includes the tools used to summarise and analyse financial information and to present meaningful financial statements. The introductory theoretical base and meaningful practical applications to business scenarios combine to make this subject a realistic and useful learning experience.
This subject aims to provide students with the knowledge and skills to understand the principles of financial accounting and how it relates to the internal and external decision making of various stakeholders. This subject is designed specifically to provide the student with an understanding of the role that accounting plays in various aspects of financial decision-making. The student will learn how to summarise and present information within financial statements to aid the decision making of stakeholders and how to also achieve this use accounting software and templates.
a) Outline accounting principles and concepts underlying accounting and financial reporting.
b) Explain the accounting cycle and apply double entry accounting principles to process transactions.
c) Interpret financial accounting and other information as it applies to organisational contexts.
d) Using accounting software and templates, record business transactions in order to prepare financial statements of different business entities.
e) Discuss how ratios can be used as a tool to better comprehend the information in financial reports and assist in decision making.
Learning outcomes for this subject are assessed using a range of assessment tasks as described in the table below.