This unit (JQU0021) of study introduces the basic recording processes within an accounting system for small trading business. Students will develop essential record keeping skills from transactions through to trial balance. Appropriate accounting templates, will be developed by students for task completion.
Accounting concepts will be explored and defined according to the accounting conceptual framework. The double entry system
of accounting including the perpetual inventory system, specialised journals and FIFO will be studied. Students will be introduced to balance sheets as an extension of the accounting equation.
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Learning Outcomes
| 1. | Classify transactions from documents and cash records; bank statements and direct transfers; | ||
| 2. | Describe the elements of the accounting equation inclusive of revenue, expenses and drawings; | ||
| 3. | Record transactions using the double entry system of recording and the use of subsidiary records; | ||
| 4. | Describe and explain the relevance of accounting concepts and qualitative characteristics within context of this unit; | ||
| 5. | Classify transactions and record to appropriate journals, general ledger and subsidiary records to generate basic accounting reports and reconciliations; and | ||
| 6. | Record movements of stock and discuss strategies for stock management. |
Assessment
| Assessment type | Description | Grade |
|---|---|---|
| Exercise | Structured accounting exercises | 30% |
| Test | Supervised class test | 30% |
| Assignment | In supervised class time | 40% |
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