Overview
This course introduces the principles, procedures, and information systems used to record, summarize, and report financial transactions for service and merchandising organizations. It examines accounting concepts and assumptions, the accounting equation, double-entry procedures, source documents, journals, ledgers, trial balances, and the accounting cycle.
Students develop practical competence in recording transactions, preparing adjusting and closing entries, maintaining accounting records, and producing introductory financial statements. Topics include cash, receivables, inventory fundamentals, payables, property and equipment, depreciation, accrued and prepaid items, capital and drawings, introductory revenue recognition, and basic internal controls.
The course also develops spreadsheet and accounting-software skills, ethical judgment in financial reporting, and the use of basic ratios and comparative analysis to interpret financial position and performance. Practice sets, problem-solving activities, and formative assessments support accurate and systematic application of accounting procedures.
Learning Outcomes
- Analyze business transactions using the accounting equation and relevant accounting concepts.
- Apply debit and credit rules accurately within a double-entry accounting system.
- Maintain basic journals, ledgers, subsidiary records, and trial balances.
- Prepare end-of-period adjusting, closing, and correcting entries.
- Produce accurate statements of financial position, income statements, statements of changes in equity, and basic cash flow information.
- Interpret the effects of transactions and adjustments on financial position, performance, and cash flows.
- Evaluate selected internal controls and identify common accounting errors and reporting risks.
- Use spreadsheets or introductory accounting software to process transactions and prepare accounting information.
- Apply basic ratios and comparative analysis to interpret accounting results.
- Demonstrate ethical and professional judgment in the preparation and communication of financial information.
Timetable
| Type | Length | Frequency | Period |
|---|---|---|---|
| Lecture | 2 hours | Weekly | All semester |
| Tutorial | 1 hour | Weekly | All semester |
| Lab | 2 hours | Fortnightly | All semester |
| Workshop | 2 hours | Fortnightly | All semester |
Assessment Schedule
| Type | Description | Weighting |
|---|---|---|
| Quiz | Online quizzes (5 × 2%) | 10.00% |
| Assignment | Transaction analysis and accounting cycle assignment | 15.00% |
| Deliverable | Spreadsheet and accounting-software practice set | 15.00% |
| Test | Mid-semester accounting procedures test | 20.00% |
| Assignment | Internal controls and ethical reporting analysis | 10.00% |
| Exam | Final examination on recording, adjustment, and reporting | 30.00% |
Prerequisites
- Requirement 14 NCEA Level 2 Mathematics credits, externally assessed
Teaching Staff & Programs
This course is delivered jointly by faculty from the participating programs listed below. In line with the Douchewater Way, the University of Sexology tailors core instruction directly to each cohort's specific discipline — adapting curriculum to program needs rather than forcing students into a one-size-fits-all model. Learn more about our approach at The Douchewater Way.
