WESTERN SYDNEY UNIVERSITY

ACCT 1007: Financial Accounting Applications

* Final Examination Guide and Notes 2024

- Part 01. Revision Notes

- Part 02. Sample Final Examination Paper

- Part 03. Suggested Solutions to Final Exam Paper

- Part 04. Final Examination - Hints and Tips

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Western Sydney University - ACCT 1007: Financial Accounting Applications

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ACADEMIC YEAR 2023 - 2024

University	Western Sydney University
Study Level	Undergraduate
Subject Code	ACCT 1007
Subject Name	Financial Accounting Applications
Notes Title	Final Examination Guide and Notes
Format	PDF
Page Length	77

* Prepare effectively for ACCT 1007: Financial Accounting Applications at Western Sydney University in 2024 with this comprehensive study guide. This thorough resource covers all aspects of the subject, including exam-style questions and expert advice on navigating common pitfalls. Understand assessment structures, evaluation criteria, and question styles to boost your confidence. Logically organised, the guide emphasises essential concepts and methods, supported by practical examples. Updated to reflect the latest subject content, this guide ensures thorough preparation for all assessments.

This subject gives students the practical skills necessary to analyse the accounting transactions of an entity, and then be able to measure and record these transactions in a systematic manner for the preparation of simple financial statements. Students learn key accounting concepts such as assets, liabilities, revenues and expenses used in financial reporting. Students produce for example profit and loss statements and balance sheets. Knowledge and skills developed in the subject are foundational to higher level financial and management accounting subjects. The pre-requisite for ACCT 1007 Financial Accounting Applications is ACCT 1005 - Accounting in Context.

✔ Subject Content:

Revision of key prior knowledge
Extension of the accounting cycle and accounting processes
Double entry accounting
Accounting for GST
Transferring information from journal to the ledger
Recording of inventory (perpetual and periodic systems), valuation methods, and depreciation of non-current assets
Trial balance
Bank Reconciliation
Preparation of simple financial statements
Partnership formation

SUBJECT CODE	SUBJECT NAME
ACCT 1005	Accounting in Context
ACCT 1010	Management Accounting Fundamentals
ACCT 2005	Techniques in Financial Accounting
ACCT 3003	Accounting Standards and Governance
BUSM 1027	Organisational Behaviour
ECON 1003	Financial Institutions and Markets
ECON 1006	Introduction to Economic Methods
ECON 1011	Principles of Economics
ECON 1013	The Australian Macroeconomy
ECON 1014	Consumers, Firms and Markets
ECON 2002	Corporate Financial Management
ECON 2007	Macroeconomic Theory
ECON 3001	Applied Econometrics
ECON 3003	Derivatives
ECON 3006	Economic and Financial Modelling
FINC 3008	Investment Management
FINC 3015	Security Analysis and Business Valuation
LAWS 1001	Enterprise Law
LAWS 3070	Taxation Law
MATH 1030	Statistics for Business
MKTG 1006	Marketing Principles

Western Sydney University - ACCT 1007: Financial Accounting Applications

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