BUS101 Introductory Accounting

Unit outline

Important Update: Our aim is to provide you with an optimal learning experience, regardless of how this unit is delivered. Teaching will be delivered in line with the most current COVID Safe health guidelines.  This may include a mix of online and face-to-face.  Please check the learning management system for announcements and updates. Thank you for your flexibility and commitment to studying with Sydney Institute of Higher Education. 
Enrolment modes: Year 1, Semester 1
Credit point(s): 12.5
EFTSL value: 0.125
Prerequisite: Nil
Typical study commitment: Students will on average spend 10 hours per week over the teaching period undertaking the teaching, learning and assessment activities for this unit.
Scheduled learning activities: 4 timetabled hours per week, 6 personal study hours per week

Unit description 

Accounting produces economic information that can be used in decision making, planning and control. This unit aims to provide students with a general understanding of accounting and accounting standards and an ability to apply this knowledge to theoretical and practical business problems across a variety of business structures. Students will be able to explain the nature of accounting and major functions of financial information and to understand and to apply accounting principles and frameworks, including ethical frameworks, to record transactions, prepare financial statements and analyse financial performance. Moreover, students will be able to use MYOB to analyse large data sets and produce documentation to inform stakeholders of the various implications of business decisions.


Unit learning outcomes (ULO)   

 
On the successful completion of this units student will be able to:
ULO1 Apply double entry methods and use MYOB to record transactions and events and prepare general purpose financial reports in adherence to Australian and international accounting standards.
ULO2 Compare accrual and cash basis accounting methods and prepare journal entries based on different accounting methods.
ULO3 Discern the difference between perpetual and periodic inventory systems and prepare journal entries different inventory control system.
ULO4 Describe the purpose of financial accounting, identify various financial information users, and discuss the functions of financial statement to targeted users.
ULO5 Employ financial ratios to analyse an entity’s financial position and performance through financial statement analysis.

Topics to be included in the unit

1. Introduction to accounting 
2. Introduction to MYOB: the accounting equation and accounting principles 
3. MYOB accounts: recording transactions
4. MYOB inventories and receivables
5. MYOB reports and the adjusting process
6. MYOB completing the accounting cycle
7. The Balance Sheet and MYOB I: assets (current and non-current)
8. The Balance Sheet and MYOB II: liabilities (current and non-current)
9. The Balance Sheet and MYOB III: equity
10. MYOB Income and Profit and Loss Statements
11. MYOB Cash Flow Statement
12. MYOB and ratio analysis

Assessment

Assessment Description Grading and weighting
(% total mark for unit)
Indicative due week 
Assessment 1: Class Participation 10% 12
Assessment 2: Individual Assignment 30% 10
Assessment 3: Final Exam 60% Final exam week

The assessment due weeks provided may change. Your lecturer will clarify the exact assessment requirements, including the due date, at the start of the teaching period.