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Accounting is the language of business. The purpose of accounting is to record business transactions in a systematic manner according to approved principles, standards and rules and to produce financial statements and other financial information useful to business managers and external stakeholders for making informed economic decisions. Students in this subject will learn the fundamentals of the accounting process, the operation of an accounting system and the manner in which financial statements are prepared for unincorporated and corporate business organisations. There is an emphasis on learning accrual accounting methods and techniques and on understanding the fundamental concepts of asset, liability, equity, revenue and expense. Accrual accounting is distinguished from cash-based accounting. The design and function of cash flow statements is studied and contrasted with accrual based reports. Students will learn to interpret the output of the accounting system for the purpose of guiding business operations, making resource allocation decisions and in other decision contexts of an economic nature.
In completing TACC602, students will be required to complete the Graduate Skills Development Module “Writing 1 (Essays and Reports)”.