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Accounting processes, preparation and analysis of financial reports, the reporting framework, and an introduction to taxation. The course aims to introduce students intending to major in accounting to the essential techniques of accounting, particularly financial accounting.
ACCT103 aims to introduce students to the essentials of financial accounting and taxation. It is primarily intended for Bachelor of Commerce students who are majoring in Accounting or Taxation and Accounting, and have aspirations for membership of CPA Australia, CA Australia and New Zealand, or ACCA). Complementing ACCT102’s business usage perspective, ACCT103 presents a preparer’s perspective on bookkeeping and accounts, tax returns, and financial reports for typical forms of businesses. Students learn how to account for a variety of transactions, how to prepare financial reports in accordance with generally accepted accounting practices, and how these technical matters fit within concepts, ideas and rhetoric comprising conventional accounting theory. Topics covered in ACCT103 include: Introduction to taxation; Accrual and other bases of accounting; Double-entry book-keeping leading to the preparation of financial statements; Revenue, expenses and income; Assets, liabilities and capital; and Formats of financial statements of small and medium, unconsolidated enterprises .Those students who have done accounting at school are advised to take ACCT103 alongside ACCT102.Those students who haven't, and have no other accounting learning (e.g. from work experience) should take ACCT103 following successful completion of ACCT102.ACCT102 and ACCT103 are co-requisites for aspiring accountants.
Having engaged in learning during the course, students will be able to demonstrate an understanding (e.g. explain, discuss and apply) of:1. Explain and apply principles and praxis of financial reporting about business organisations to business organisers , owners and interested external parties.2. Explain taxation concepts, including income, capital and residency for taxation purposes, and apply those concepts to rudimentary cases.3. Describe, explain and apply the double entry system of bookkeeping.4. Distinguish revenue, expenses, assets (including inventory and receivables, property, plant and equipment), liabilities and capital; and business entities.5. Prepare financial records for service, transport, retail and manufacturing businesses, including ones having the following legal forms: sole traders, small partnerships and stand-alone limited companies.6. Prepare, from the records referred to in 5, classified general-purpose financial reports, including statements calculating profits and cash flow, and reconciling assets, liabilities and capital, all within a regulatory framework for general-purpose financial reports.7. Prepare classified control reports comparing revenue and expenses with budgets, for departments or responsibility centres of businesses.8. Explain and apply valuation concepts for assets and liabilities.
ACIS103, AFIS101, AFIS103, AFIS111, AFIS121, AFIS131
ACIS102
Keith Dixon
Neil Crombie and Alistair Hodson
Helen Wright
Mitrione, Lorena; Principles of financial accounting ; 3rd ed; John Wiley and Sons Australia, 2013.
Institute of Chartered Accountants of New Zealand. , New Zealand Institute of Chartered Accountants; Applicable financial reporting standards : New Zealand equivalents to international financial reporting standards ; Institute of Chartered Accountants of New Zealand.
Miller, Bob et al; ACCT102 accounting and financial information ; 2nd edition;
Course Outline S2 2015 outline Learn
Domestic fee $737.00
International fee $3,125.00
* All fees are inclusive of NZ GST or any equivalent overseas tax, and do not include any programme level discount or additional course-related expenses.
For further information see Department of Accounting and Information Systems .