Accounting (pdf)

What is Accounting?
• An accountant is a strategic adviser
• They must have a good understanding of business issues and
processes, as well as the skills necessary for sound decision making
• Accounting studies will equip you with the skills to understand the
financial structure of an organisation and produce and analyse
financial information

Different areas of Accounting
Financial Accounting encompasses the external
reporting of a company’s financial position and
performance. Financial accounting information is
used in making investment decisions and is widely
used to value businesses and predict corporate
success and failure.
“.. when . Rupert Murdoch presented News
Corporation's full-year results yesterday, the
simple bottom line showed a swing back to a
$US2.5 billion ($A2.7 billion) profit after last
year's $US3.4 billion loss, buoyed by the
extraordinary success of the film Avatar and
the absence of hefty write-downs that marred
last year’s result.”
The Age, Fri 6 August 2010

Different areas of Accounting
Management Accounting provides information to managers to help them measure and
control processes within their business in a successful and profitable manner. It aids
managers in strategy implementation, costing of new products and services, evaluation of
the value added by different areas of the business and managing their performance.
“..up to 30 redundancies at [BRL Hardy’s]
Tintara winery in SA as it responds to
the drawn-out malaise of the
international wine industry. The job
losses will mark the second round of
redundancies for the winemaker this
year. It laid off 40 staff at its South
Australian bottling headquarters in
March after deciding to shift more of its
production to Britain to cope with the
downturn.”
The Age, Fri 6 August 2010

Different areas of Accounting
Auditing and Assurance Services is about monitoring and adding credibility to the
external reporting disclosures made by companies. In addition, assurance services add
credibility to non-financial information e.g. Brownlow voting, the Oscar count,
environmental reporting, customer-satisfaction surveys and internet reporting.

What do practicing accountants do?
• Assemble financial information about a business/non-profit or
government entity
• Audit financial statements prepared by others to make sure they give
external stakeholders a true and fair view
• Analyse financial information about alternative business strategies, to
assist management
• Advise business managers on financial matters (including tax and
management consulting)
• Advise on business mergers and acquisitions
• Rescue or dissolve firms that get into financial trouble
• Investigate white collar crime (forensic accounting)

How to become an accountant
Undergraduate degree in Commerce with Accounting specialisation
Honours in Accounting
Work in Accounting Profession
Large or small firms of accountants doing
audit, tax, insolvency and consulting to
corporate and public sector clients
OR
Work in industry as an Accountant
Employed in accounting function with large
or small companies, government or nonprofit
entities
Postgraduate study
through ICAA or
CPA (Aust)

First year in Accounting
The Accounting specialisation / first year:
ACCT10001
Accounting Reports and Analysis
ACCT10002
Introductory Financial Accounting
ACCT10003
Accounting Processes and Analysis
Prerequisites for second year
Accounting
Students pursuing accounting accreditation must complete the
following subject also:
Principles of Business Law

Second year in Accounting
The Accounting specialisation / second year:
ACCT20001
Cost Management
Prerequisites for third year
Accounting
ACCT20002
Intermediate Financial Accounting
Students pursuing accounting accreditation must complete the
following subjects also:
Corporate Law
Business Finance

Third year in Accounting
The Accounting specialisation / third year:
ACCT30001
Financial Accounting Theory
ACCT30002
Enterprise Performance Management
ACCT30004
Auditing + Assurance Services
Students pursuing accounting accreditation must complete the
following subject as part of their breadth component:
Taxation Law I

Electives in Accounting
Accounting electives:
ACCT20006
Business Forensics + Fraud
ACCT30006
Business + Financial Analysis