Monash College Unit Guide

ACCOUNTING FOR BUSINESS (MCD1010)

Purpose

The aim of this unit is to introduce students to both the theoretical and practical aspects of accounting. The focus of the unit will be on the basic concepts and procedures of accounting transactions and reporting.

Prerequisites

Nil.

Learning outcomes

On completion of this unit, students should be able to:

1. Define basic accounting concepts, users and terms.
2. Define the elements of accounting and explain the fundamental concepts of accounting.
3. Understand the nature and purpose of various accounts/ledgers. Record transactions and prepare financial reports at a basic level
4. Process simple journal accounting information
5. Understand accounting for inventory including stock cards
6. Understand income and expense measurement and accrual accounting
7. Demonstrate the ability to use various sources of Financial Information to make comparative analysis and decision making
8. Understand the principles and processes used in Internal control, including Bank Reconciliations

Assessment

Assignments: 40%

Final examination: 60%

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