Swinburne University of Technology - Melbourne Australia
Future Students - Courses
Duration
Contact Hours
Campus
Prerequisite
Corequisite
One semester
36 hours over the teaching period, normally 3 hours per week
Lilydale, Singapore
Accounting 1 (LBC100)
Credit Points: 12.5 Credit Points
Effective from 2010 Formerly known as LBC200 Computer Accounting SystemsThis 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.
The broad objective of this unit is to familiarise students with the accounting cycle and show how the accounting cycle is operationalised in both manual and computerised accounting systems.On completion of LBC205 students will be able to:• describe the accounting process used to record transactions and understand key elements of the accounting cycle• understand the key features of a computerised accounting system• understand the nature of double entry accounting and apply the principles to recording transactions for a business entity in both a manual and computerised accounting system• describe the principles of the Goods and Services Tax (GST) and understand the accounting treatment for transactions subject to GST• describe the purpose of control over cash and prepare bank reconciliation statements• understand and apply various methods for valuation of inventory• understand the importance of sound asset management• understand and apply the procedures for valuation of non-current assets• explain and apply the principles of accrual accounting and balance day adjustments in the preparation of financial reports
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.
Tests 20 - 30%Assignment 15 - 25%Final examination 50 - 60%
Completion of LBC205 should equip students with particular understandings, abilities and attitudes that are considered desirable in a Swinburne graduate. These include key generic skills:• teamwork skills• analysis skills• problem solving skills• communications skills• ability to tackle unfamiliar problems • ability to work independently
The unit includes study in the areas of the accounting process, double entry recording, the use of specialised journals/modules and management of business assets and the application of accrual accounting principles in the production of accounting statements. A computerised accounting package is used to facilitate the process.The unit covers the following topics:• The accounting process• The accounting equation and double entry accounting• Goods and Services Tax• Cash and control of cash• Accounts Receivable and Payable• Accounting for merchandising activities• Valuation of inventory• Non-current assets• Recognition and matching adjustments on balance day
MYOB AccountRight Plus Student Edition (latest edition)
-Hoggett, J., Edwards, L., Medlin, J., Tilling, M., Financial Accounting, 8th ed., 2012, John Wiley - Manual & or Computerised Accounting Practise Set (available from Swinburne Bookshop)
Accounting Handbook, 2009Juchau, R., Flanagan,J., Mitchell, G., Tibbits, G., Ingram, R., Albright, T., Baldin, B., Hill, J., 2004 Accounting: Information for Decisions, Thomson.Jacking, Raar, Wigg, Williams & Wines, 2004, Accounting - A Framework for Decision making, McGraw-Hill, Sydney.Kimmel, P, Carlon, S, Loftus, J, Mladenovic, R, Kieso, D & Weygandt, J 2005, Accounting: building business skills, John Wiley & Sons, Queensland.Trotman, K., Gibbins, M., Financial Accounting, An Integrated Approach, 2nd edn., Thomson.VideosPrivate Study Video:A VL657.72, 30 minutesClass Video: Accounting Equation Series, No.3, AVL659ACC: Financial StatementsPrivate Study Video: Accounting Equations Series, No.1, AVL659ACC: Nature of Transactions, 45 minutesPrivate Study Video: Making the Most of Your Assets, No.5, AVL338.7TAK, 21 minutes and Profit & Loss No.12, 19 minutes.Class or Private Study Video: Double Entry Accounting, No.15, AVL338.7TAK, 17 minutes Other resourcesComputer Based Resource MaterialsQuick Books student edition (latest edition), Reckon
