WESTERN SYDNEY UNIVERSITY

ACCT 1005: Accounting in Context

* 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 1005: Accounting in Context (Solutions)

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ACADEMIC YEAR 2023 - 2024

University	Western Sydney University
Study Level	Undergraduate
Subject Code	ACCT 1005
Subject Name	Accounting in Context
Notes Title	Final Examination Guide and Notes
Page Length	79

* The ACCT 1005: Accounting in Context, Western Sydney University - Final Examination Guide and Notes 2024 provides you with a unique summarised version of the core information contained in the full course, and the essentials you need in order to fully comprehend and apply. These features have been specifically designed to help you apply your knowledge in exams. You do not need to be an expert in the subject; you just need a basic understanding and the ability to quickly recall the information that you learn. You can use these notes as a reference to better understand the topics and improve your grades in the final examination. This updated exam preparation guide helps you identify your weak areas, so you will pass the final exam on your first attempt!

- Accounting in Context is the first core subject required in the accredited accounting program, it is designed to provide an overarching context about the purpose and usefulness of accounting information and explain a range of definitions and terms used in accounting and business. This subject introduces accounting reports and their interpretation, and explore the impact of policy and measurement methods on accounting information and business decisions. Successful completion of the subject will equip participants with an understanding of the importance of accounting to society and allow them to engage with the next core accounting subject; Financial Accounting Applications.

✔ Subject Content:

What is accounting and its purpose?
Who uses accounting information and how is it used for decision making?
What does accounting information look like for different business structures?
The regulatory, ethical and sustainability dimensions of accounting
Accounting terms, principles and concepts
Applying the definition and recognition of balance sheet items (assets, liabilities and equity) to a business case study
Applying the definition and recognition of income statement items (income and expenses) to a business case study
Business transactions? Recognising, classifying and recording
Exploring the accounting equation
Accounting Techniques: the impact of policies and measurement methods on accounting information and business decisions
Interpreting financial statements

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 1005: Accounting in Context (Solutions)

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