Skip to main content
Start of main content.

ACCT71-600: Accounting Principles


In this subject, students will learn to apply fundamental accounting concepts and procedures to prepare and interpret basic financial statements for different types of business entities.  Both manual and computerised accounting systems are a feature. Users of financial information and the decisions they make based on accounting information are considered throughout the subject. Accounting Principles also introduces students to the ethical standards expected of accountants and the accounting information they produce.

Subject details

Code: ACCT71-600
Study areas:
  • Actuarial Science and Data Analytics
  • Business, Commerce, and Entrepreneurship

Learning outcomes

  1. Demonstrate knowledge of the ethical requirements of a professional accountant.
  2. Apply fundamental accounting concepts and principles for recording business transactions for a range of business structures using accrual accounting and the double entry system.
  3. Manually process accounting information to generate a set of common financial statements.
  4. Use an accounting software package to record and process accounting information.
  5. Perform reconciliations and make adjusting entries to correct errors and omissions.
  6. Analyse and evaluate financial information.
  7. Apply professional judgment in decision making.

Enrolment requirements



Assumed knowledge:

Assumed knowledge is the minimum level of knowledge of a subject area that students are assumed to have acquired through previous study. It is the responsibility of students to ensure they meet the assumed knowledge expectations of the subject. Students who do not possess this prior knowledge are strongly recommended against enrolling and do so at their own risk. No concessions will be made for students’ lack of prior knowledge.