Accounting 1

Unit Code:LBC100

Credit Points	Duration	Contact Hours	Campus	Prerequisite	Corequisite
12.5 Credit Points	One Semester (on campus) One Teaching Period (Open Universities Australia and Swinburne Online)	42 Hours over Semester	Lilydale, Online, Singapore	Nil

Credit Points

Duration

Contact Hours

Campus

Prerequisite

Corequisite

12.5 Credit Points

One Semester (on campus)

One Teaching Period (Open Universities Australia and Swinburne Online)

42 Hours over Semester

Lilydale, Online, Singapore

Nil

Related Course/s:

Co-badged with ACF110 Accounting Fundamentals (Online)

This is a prescribed unit of study in the Business Major/s. It may also be undertaken as a unit of study in any other Swinburne degree program, subject to the prerequisite and degree requirements.

Aims & Objectives:

LBC100 has two broad aims. The first is to provide a framework for students to learn basic accounting concepts and show how these concepts can be applied to financial statements that provide useful information for business evaluation and decision making. The second aim is to help students develop generic skills used in business, as well as in the accounting profession, thereby providing preparation for lifelong learning.

On completion of the course students should be able to:
• Describe the purpose and relevance of the main areas of accounting namely financial accounting, financial management (sometimes known as business finance) and management accounting
• Apply relevant accounting concepts to simple business scenarios
• Describe the effect of business transactions on the key elements and components of the three main accounting reports
• Prepare simple Income Statements, Balance Sheets and Cash Flow Statements from summarised information
• Analyse and interpret the information contained in Income Statements, Balance Sheets and Cash Flow Statements, having particular regard to business profitability, working capital management and financing
• Understand simple cost concepts and their relevance to small business management
• Apply basic management accounting techniques in order to provide solutions for simple business decisions
• Begin developing an awareness of, and commitment to, the ethical behaviour expected of professional accountants
• Apply generic skills relevant to business and the accounting profession so as to make a contribution to lifelong learning

Teaching Methods:

This unit will be taught in a variety of modes including face to face, online, distance and blended modes. Delivery of this unit may be through a mixture of lectures, tutorials, laboratories, seminars and online.

Assessment:

On Campus Student

Test/s 15 - 25%
Assignment/s 20 - 30%
Examination 50 - 60%

Online Student

Minor assignment 15 – 25%
Major assignment 20 – 30%
Examination 50 – 60%

Generic Skills Outcomes:

LBC100 Accounting 1 will provide discipline-based knowledge and professional capabilities and experiences contributing to students’ progress in attaining generic skills such as:
• analysis skills
• problem solving skills
• communications skills
• ability to tackle unfamiliar problems
• ability to work independently

Content:

Accounting theory and practice are examined in an historical cost accounting system. The unit includes the following topics:

Financial Accounting Information:
• Overview of accounting information
• Operating results and business financial position
• Financial effect and implications of business transactions
• Cash Flow Statements and cash analysis

Financial Management Information:
• Profitability
• Working Capital Management
• Risk and external evaluation

Management Accounting Information:
• Cost volume profit analysis
• Cost accounting and reporting systems
• Cost analysis for planning and control

Textbooks:

Birt, Chalmers, Bryan, Brooks, Oliver, Accounting: Business Reporting for Decision Making, 3rd ed., Wiley

LBC100 Learning Guide, Swinburne. This is updated each year.