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Principles of Accounting
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GPACC1508 - Principles of Accounting
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20250900
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Course
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2.3
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2026-09-10
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2026-09-10
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TAFE & University Pathways
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Institute of Innovation, Science & Sustainability
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Business
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Undergraduate
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15
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.125
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080101
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Accounting
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080101 - Accounting
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<a href="http://www.federation.edu.au/locate/unit/gpacc1508">View unit fees</a>
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Graded (e.g. HD, D, C, etc)
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5
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Diploma, Undergraduate Certificate
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Introductory
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1
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<p>This unit introduces students to the basic principles of accounting and finance and how they are used to support simple business decision-making. Students will learn how to understand and use accounting information, including key financial reports, to help make informed decisions in a business setting. The unit is suitable for students who are considering further study in accounting or finance, as well as for those who want a general understanding of how financial information is used across different areas of business. This course has been created to incorporate additional learning hours to support students' academic and study skill development. By the end of this unit, students will be able to explain the accounting process, use basic accounting terms, and interpret simple financial reports. They will also be able to recognize how accounting information is used by people such as business owners, managers, and lenders to support business decisions.</p>
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<p>This may include:</p>
<p>1.What is Accounting inc: cash vs accrual accounting and sources of regulation and standards.</p>
<p>2. Organisations and their reporting boundaries inc: business structures and their accounting requirements.</p>
<p>3. An introduction to financial accounting inc: transaction analysis and double entry accounting.</p>
<p>4. Recording transactions in Journals and Ledgers inc: double entry accounting.</p>
<p>5. The balance sheet inc: definition, recognition and measurement of assets and liabilities.</p>
<p>6. The income statement and the statement of changes in equity inc: definition and recognition of revenue and expenses. Taxable income and accounting profit.</p>
<p>7. The statement of cash flows and cash controls.</p>
<p>8. The analysis of organisations’ external reports inc: financial mathematics and ratio analysis.</p>
<p>9. An introduction to management accounting.</p>
<p>10. Budgeting / Financing in business.</p>
<p>11. The external reporting of social and environmental information.</p>
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<p>Where supplementary assessment is available a student must have failed overall in the Unit but gained a final mark of 45 per cent or above, has completed all major assessment tasks (including all sub-components where a task has multiple parts) as specified in the Unit Description and is not eligible for any other form of supplementary assessment.</p>
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2027
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2026
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Year
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2026
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Overview
Key information
Requisites
Learning outcomes
Assessment
FedTASK
Parent Region
Overview
Unit description
<p>This unit introduces students to the basic principles of accounting and finance and how they are used to support simple business decision-making. Students will learn how to understand and use accounting information, including key financial reports, to help make informed decisions in a business setting. The unit is suitable for students who are considering further study in accounting or finance, as well as for those who want a general understanding of how financial information is used across different areas of business. This course has been created to incorporate additional learning hours to support students' academic and study skill development. By the end of this unit, students will be able to explain the accounting process, use basic accounting terms, and interpret simple financial reports. They will also be able to recognize how accounting information is used by people such as business owners, managers, and lenders to support business decisions.</p>
Unit content
<p>This may include:</p> <p>1.What is Accounting inc: cash vs accrual accounting and sources of regulation and standards.</p> <p>2. Organisations and their reporting boundaries inc: business structures and their accounting requirements.</p> <p>3. An introduction to financial accounting inc: transaction analysis and double entry accounting.</p> <p>4. Recording transactions in Journals and Ledgers inc: double entry accounting.</p> <p>5. The balance sheet inc: definition, recognition and measurement of assets and liabilities.</p> <p>6. The income statement and the statement of changes in equity inc: definition and recognition of revenue and expenses. Taxable income and accounting profit.</p> <p>7. The statement of cash flows and cash controls.</p> <p>8. The analysis of organisations’ external reports inc: financial mathematics and ratio analysis.</p> <p>9. An introduction to management accounting.</p> <p>10. Budgeting / Financing in business.</p> <p>11. The external reporting of social and environmental information.</p>
Key information
Institute / school:
Institute of Innovation, Science & Sustainability
Discipline:
Business
Study level:
Undergraduate
Credit points:
15
EFTSL:
0.125
Field of education:
080101 - Accounting
Offering:
<p><strong>Semester 1</strong><p>Melbourne City Campus (On Campus)</p></p>
Grade scheme:
Graded (e.g. HD, D, C, etc)
Placement component:
No
Fee information:
<a href="http://www.federation.edu.au/locate/unit/gpacc1508">View unit fees</a>
Requisites
Prerequisite
None
Corequisite
None
Exclusion
<p>must not have completed <a href="/ords/r/curriculum/catalogue/course?p6_code=BUACC1000" target="_blank">BUACC1000</a></p>
Learning outcomes
Learning outcomes
<p>On successful completion of this unit, students are expected to gain the following [K]nowledge, [S]kills and [A]pplication of knowledge & skills</p>
Learning Outcomes
Ref
Outcome
K1
<p>Understand the nature and purpose of financial statements and the environment within which accounting information is prepared and used</p>
K2
<p>Comprehend the way in which accounting transactions are recognised, measured, recorded and reported</p>
K3
<p>Understand how accounting information is used for external decision-making and the internal financial management of organisations</p>
K4
<p>Appreciate the relationship between accounting and finance, and the role of accounting information in supporting financial decision making</p>
K5
<p>Gain an understanding of different business structures and record transactions</p>
S1
<p>Recognise, measure, record and report business transactions and accounting events</p>
S2
<p>Construct foundational accounting processes involved in communicating accounting information to internal and external users</p>
S3
<p>Prepare, interpret and analyse financial statements and evaluate organisational performance</p>
S4
<p>Perform time value of money calculations for single and mixed cash flows</p>
S5
<p>Develop the appropriate English language and academic skills to study at an undergraduate level.</p>
A1
<p>Apply accounting knowledge and skills in a range of situations to generate accounting information suitable for decision-making in internal and external user contexts</p>
A2
<p>Employ accounting information and knowledge of financial and investment evaluation techniques to make wealth-increasing financial decisions</p>
Assessment
Learning Tasks and Assessment
Ref
Learning task
Assessment type
Weighting
Learning outcomes assessed
1
<p>Review of selected topics</p>
<p>Test</p>
<p>20-30%</p>
K1, K2, K5, S1, S2, S5, A1
2
<p>Individual or group report and/or task</p>
<p>Assignment</p>
<p>20-30%</p>
K1, K2, K3, S1, S2, S3, S5, A1
3
<p>Presentation </p>
<p>Presentation </p>
<p>10-20%</p>
K1, K2, K3, K4, K5, S1, S2, S3, S4, S5, A1, A2
4
<p>Comprehensive review of topics/final test</p>
<p>Final Summative Assessment</p>
<p>20-30%</p>
K1, K2, K3, K4, K5, S1, S2, S3, S4, S5, A1, A2
Supplementary assessment available:
Yes
Supplementary assessment information:
<p>Where supplementary assessment is available a student must have failed overall in the Unit but gained a final mark of 45 per cent or above, has completed all major assessment tasks (including all sub-components where a task has multiple parts) as specified in the Unit Description and is not eligible for any other form of supplementary assessment.</p>
FedTASK
FedTASK
Description of FedTASK outcome
Level
FedTASK 1: Interpersonal
The ability to effectively communicate, interact and work with others both individually and in groups.
<p>Level 3 - Student works independently with limited guidance or works within self-determined guidelines appropriate to context</p>
FedTASK 2: Leadership
The ability to apply professional skills and behaviours in leading others.
<p>Level 2 - Student demonstrates some independence within provided guidelines</p>
FedTASK 3: Critical Thinking and Creativity
The ability to work in complexity and ambiguity using imagination to create new ideas.
<p>Level 3 - Student works independently with limited guidance or works within self-determined guidelines appropriate to context</p>
FedTASK 4: Digital Literacy
The ability to work fluently across a range of tools and applications to achieve a range of skills.
<p>Level 2 - Student demonstrates some independence within provided guidelines</p>
FedTASK 5: Sustainable and Ethical Mindset
The ability to consider and assess the consequences and impact of ideas and actions in enacting ethical and sustainable decisions.
<p>Level 2 - Student demonstrates some independence within provided guidelines</p>
FedTASK
<p>Federation University recognises that students require key transferable employability skills to prepare them for their future workplace and society. FedTASKs (<strong>T</strong>ransferable <strong>A</strong>ttributes <strong>S</strong>kills and <strong>K</strong>nowledge) provide a targeted focus on five key, transferable Attributes, Skills, and Knowledge that are embedded within curriculum, developed gradually towards successful measures and interlinked with cross-discipline and co-operative learning opportunities.</p>
Key information
Institute / school:
Institute of Innovation, Science & Sustainability
Discipline:
Business
Study level:
Undergraduate
Credit points:
15
EFTSL:
0.125
Field of education:
080101 - Accounting
Offering:
<p><strong>Semester 1</strong><p>Melbourne City Campus (On Campus)</p></p>
Grade scheme:
Graded (e.g. HD, D, C, etc)
Placement component:
No
Fee information:
<a href="http://www.federation.edu.au/locate/unit/gpacc1508">View unit fees</a>
Additional information
Add Info Static Text
Internal reference: GPACC1508 - U2.3