Financial And Commercial Literacy

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

Subject Code:

ACC101A/ACC101B

Note: Both A and B code subject versions are displayed as they are approved equivalent in content, assessments and learning outcomes. As ICMS courses are reaccredited, the subject is updated to a B-code suffix. Students studying a Bachelor of Business, Bachelor of Business (Sports Management), Bachelor of Business (Entrepreneurship and Innovation), Bachelor of Business (Marketing), Bachelor of Business (International Tourism), Bachelor of Event Management and Bachelor of Hospitality Management will be enrolled in ACC101B in 2027. Students enrolled in all other courses at ICMS with this subject will complete ACC101A.This arrangement applies to the nested Diploma qualifications of these courses also.

Subject Rationale:

ACC101A

This subject is designed to provide an introduction to accounting for first-year students from a wide range of disciplines. While a general overview of accounting principles relating to the preparation of financial and managerial reports will be presented, the primary focus is to show how accounting information is used by a variety of stakeholders in planning, controlling and investing decisions.

The interrelation of management accounting to other functional areas, including suppliers, customers and other sources of external information relevant to planning and control are examined.

ACC101B

This subject introduces first-year students from diverse backgrounds to the fundamentals of accounting. It provides a broad overview of key accounting principles and practices, with a particular emphasis on the preparation and interpretation of financial, non-financial and managerial reports. The primary focus is on demonstrating how accounting information supports stakeholders in planning, controlling, and making informed investment decisions.

In addition, the subject explores the interconnections between management accounting and other core business functions. It highlights how accounting interacts with suppliers, customers, and external information sources, all of which are essential for effective organisational planning, control, and performance management.

To reflect contemporary business priorities, the subject incorporates sustainability analysis into financial decision-making, enabling students to evaluate how environmental and social considerations influence business performance and long-term value.

Learning Outcomes:

ACC101A

a) Identify the terminology and concepts that underlie the preparation of general-purpose financial statements

b) Analyse and interpret financial statements to support business decision making

c) Explain the information needs of management

d) Examine and prepare various components of budgets

e) Differentiate between various business structures, their advantages, disadvantages and appropriateness to specific business scenarios

ACC101B

a) Identify the terminology and concepts that underlie the planning and preparation of general-purpose financial statements.

b) Analyse and interpret financial statements and sustainability reports to support business decision making and investment choices.

c) Explain the information needs of management to assist in their planning and control.

d) Prepare various components of budgets.

e) Differentiate between various business structures, their advantages, disadvantages and appropriateness to specific business scenarios

Student Assessment:

Note: (G) = Group Assessment