ACS1002 Introduction to financial accounting

When you finish this unit, you should be able to:

1. 1

   account for the recording and reporting of inventory, applying the periodic and perpetual method as per issues raised in AASB 102/IAS 1

2. 2

   prepare and complete balance day adjustments, closing entries and internal control systems to allow all final statements and bank reconciliations to be completed

3. 3

   apply the principles of double entry according to the reconstruction of accounts

4. 4

   demonstrate how the regulatory environment effects accounting statements in the context of a range of organisational forms

5. 5

   apply the definition and recognition criteria for elements of financial statements as per the Framework and specific international financial reporting standards, and consider accounting and accountability issues that arise from different measurement methods

6. 6

   apply critical thinking, problem solving and presentation skills to individual and/or group activities dealing with financial accounting and demonstrate in an individual summative assessment task the acquisition of a comprehensive understanding of the topics covered by ACS1002.