This subject is designed to provide a thorough grounding in accounting through emphasis upon aspects of financial reporting. It presupposes no prior knowledge of accounting and adopts the perspective of the user of financial statements to develop an understanding of the important financial reporting topics that all students of business and management should know. This subject will cover the basic financial statements used in financial reporting, the accounting cycle, the interrelationships between the financial statements, some contentious reporting issues, analysis and interpretation of financial statements. This subject has a very practical focus of current business issues that are analysed in the Macquarie Trading Room using a variety of online tools such as Bloomberg, Morningstar and Excel. The skills will be developed individually and within groups over the semester.

Learning Objectives

1. Describe the key characteristics and regulatory environment of the three main different business structures. Corresponding Graduate Attributes: 1 & 4 2. Explain the purpose of financial statements in the context of using accounting information to evaluate business performance for decision making purposes from a multiple stakeholders perspective. Corresponding Graduate Attributes: 1 & 3 3. Demonstrate knowledge and application of routine accounting concepts and principles for recording business transactions using accrual accounting and the double entry system. Corresponding Graduate Attributes: 1 4. Use accounting software to record business transactions. Corresponding Graduate Attributes: 1 5. Demonstrate the ability to discuss and evaluate responsible business approaches. Corresponding Graduate Attributes: 1, 3 & 4 6. Explain and demonstrate important internal controls within a firms operating environment. Corresponding Graduate Attributes: 1, 3, & 4 7. Prepare and interpret a Statement of Financial Position, Statement of Comprehensive Income and Statement of Cash Flows. Corresponding Graduate Attribute: 1 & 3 8. Our students are able to work cooperatively and contribute to action learning opportunities. Corresponding Graduate Attributes: 2 & 3


No Prior Knowledge Required