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The course introduces taxation and accounting in the context of service, retail, manufacturing, tourism, farming and construction businesses. It includes the rudiments of bookkeeping and the preparation of reports about cash flows, profits and accumulating capital and wealth. It caters for accounting and taxation majors, and for entrepreneurially-minded students contemplating running their own businesses.
The course introduces taxation and accounting in the context of service, retail, manufacturing, tourism, farming and construction businesses. It includes the rudiments of bookkeeping and the preparation of reports about cash flows, profits and accumulating capital and wealth. It caters for accounting and taxation majors, and for entrepreneurially-minded students contemplating running their own businesses.While attracting Bachelor of Commerce students who are majoring in Accounting or Taxation and Accounting, and have aspirations for membership of CPA Australia, Chartered Accountants Australia and New Zealand or ACCA, ACCT103 is of wider interest inside the Commerce degree and outside, particularly for Law, Arts, Sciences, Humanities and Engineering students contemplating administering their small businesses. Students learn how to account for a variety of transactions and how to prepare financial reports in accordance with normal practices. For Commerce degree students, ACCT103 complements ACCT102’s financial information readership perspective.Students majoring in Accounting or Taxation and Accounting should study ACCT103 as soon as possible in their degree. As ACCT102 is officially a pre-requisite course for ACCT103, you may have to study ACCT102 before you can study ACCT103. However, there are ways around that, as follows:• You can apply for the prerequisite to be waived so that you can enrol in ACCT103 at the same time as ACCT102 if you recently studied accounting successfully at high school—that means you studied either some or all of NCEA Accounting Standards 91404, 91406 and 91408 (or, in earlier periods, some or all of 90500, 90501, 90502, 90503 and 90505) or Cambridge “A” level (Year 13 equivalent) in Accounting.• Likewise, you can apply to do ACCT102 and ACCT103 at the same time if you have had significant administrative work experience (say 12 months or more) involving accounts and records. Click here for the application formIf neither of these apply to you and you are majoring in Accounting or Taxation and Accounting, you should enrol in ACCT102 in your first semester at university, with a view to enrolling in ACCT103 in your second semester. That way, in your third semester, you will be eligible to enrol in 200-level accounting, taxation and information systems courses forming part of your degree for which ACCT103 is a pre-requisite course. It is possible to obtain exemption from studying ACCT103 altogether if your NCEA or Cambridge grades comply with this Waiver of Prerequisite for Selected 200-level and 300-level Accounting and Information Systems Courses
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 in the context of preparing and supplying information to business organisers, business owners, business workers and interested external parties.2. Explain taxation concepts, including taxable entities, and income and capital for taxation purposes; apply those concepts to rudimentary cases.3. Describe, explain and apply the double entry system of bookkeeping within accounting entities.4. Distinguish revenue, expenses, assets (including inventory, receivables, and property, plant and equipment), liabilities and capital of business entities.5. Prepare financial records for service, transport, retail and manufacturing businesses, including ones having the following legal forms: sole traders, small partnerships, stand-alone limited companies and iwi organisations.6. Prepare, from the records referred to in 5, classified general-purpose financial reports, including statements calculating costs, trading profits and organisational cash flows, 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.
ACCT102
ACIS103, AFIS101, AFIS103, AFIS111, AFIS121, AFIS131
Julia Wu
Keith Dixon and Alistair Hodson
Helen Wright
Mitrione, Lorena; Principles of financial accounting ; 3rd ed; John Wiley and Sons Australia, 2013.
Course Outline Learn
Domestic fee $775.00
International fee $3,188.00
* 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 .