ALAF 501 – Accounting Practices
Semester 1, 2015
Lecture
Week
1
2&3
4&5
6
7&8
9&
10
11 &
12
13
Topics
1. Introduction
 Role of accounting/Accounting Cycle
2. Double entry system
 Accounting equation
 Rules of double entry
3. Goods and services tax (GST)
 GST basics
 Analyse transactions with GST
1. Journal entries
 General journal
 Special journals
 Sales/Purchases/Cash
Payments/Cash receipts
2. Posting
3. Trial balance
1. Balance day adjustments
 Accruals
 Prepayments
 Correction of errors
2. Adjusted trial balance
3. Preparation of financial statements
 Income Statement
 Balance Sheet
1. Closing entries
2. Financial statements for other entities
Internal Controls
 General control theory
 Controls receivable, inventory and cash
 Bank reconciliation statement
Accounting for inventory
 Inventory pricing methods:
FIFO/Weighted Average/Specific
Identification
 Periodic and Perpetual inventory
systems
 Inventory valuation
Accounting for Property Plant & Equipment
 Cost recognition
 Depreciation
 Asset disposal
Revision
Assessments
Test 1
Chapters *
1&2
Test 1
3, 4 & 5
Test 2
8 & 10
Test 3
12 & 13
Test 3
7
Test 3
6
Test 3
9
* Prescribed text – Accounting Practices, the New Zealand Context, 3rd edition, Pearson.
Computer Lab
Week
1-7
Topic
MYOB lab sessions
8-9
10-11
Cash budget
Assignment weeks
Test 1 to be held in Week 5 that will cover topics from Weeks 1 to 3.
Test 2 to be held in Week 8 that will cover topics from Weeks 4 to 6.
Test 3 to be held in Week 14 that will cover topics from Weeks 7 to 12.
Assignment on MYOB and Excel will be due in Week 11.
Assessment
MYOB
assignment
Excel assignment