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What is Accounting?

What is Accounting?. • An accountant is a strategic adviser • They must have a good understanding of business issues and processes , as well as the skills necessary for sound decision making

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What is Accounting?

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  1. What is Accounting? • An accountant is a strategic adviser • They must have a good understanding of business issues and processes, as well as the skills necessary for sound decision making • Accounting studies will equip you with the skills to understand the financial structure of an organisation and produce and analyse financial information www.fbe.unimelb.edu.au

  2. Different areas of Accounting? Financial Accounting encompasses the external reporting of a company’s financial position and performance. Financial accounting information is used in making investment decisions and is widely used to value businesses and predict corporate success and failure. Management Accounting provides information to managers to help them measure and control processes within their business in a successful and profitable manner. It aids managers in strategy implementation, costing of new products and services, evaluation of the value added by different areas of the business and managing their performance. Auditing and Assurance Services is about monitoring and adding credibility to the external reporting disclosures made by companies. In addition, assurance services add credibility to non-financial information eg Brownlow voting, the Oscar count, environmental reporting, customer-satisfaction surveys and internet reporting. www.fbe.unimelb.edu.au

  3. What do practicing accountants do? • Assemble financial information about a business/non-profit or government entity • Audit financial statements prepared by others to make sure they give external stakeholders a true and fair view • Analyse financial information about alternative business strategies to assist management • Advise business managers on financial matters (including tax and management consulting) • Advise on business mergers and acquisitions • Rescue or dissolve firms that get into financial trouble • Investigate white collar crime (forensic accounting) www.fbe.unimelb.edu.au

  4. Undergraduate degree in Commerce with Accounting specialisation How to become an accountant Honours in Accounting Work in Accounting Profession Large or small firms of accountants doing audit, tax, insolvency and consulting to corporate and public sector clients • Postgraduate study through: • Chartered Accountants Australia and New Zealand; or • CPA Australia OR Work in industry as an Accountant Employed in accounting function with large or small companies, government or non-profit entities www.fbe.unimelb.edu.au

  5. Who employs our graduates? • Chartered Accounting firmseg PwC, KPMG, Ernst & Young, Deloitte • Professional Accounting firms and private practice • Corporate sector eg BHP, Amcor, IBM, Hewlett Packard, Shell, Ford • Public sector eg local, state and federal government, not for profit organisations • Management consulting firmseg Boston Consulting Group, McKinsey • Banks eg ANZ, NAB, Westpac, Commonwealth www.fbe.unimelb.edu.au

  6. First year in Accounting ACCT10001 Accounting Reports and Analysis ACCT10002 Introductory Financial Accounting Prerequisite: ACCT10001 Prerequisites for second year Accounting The Accounting specialisation / first year: ACCT10003 Accounting Processes and Analysis Prerequisite: ACCT10001 / Recommended concurrent enrolment: ACCT10002 Students pursuing accounting accreditation must complete the following subject also: BLAW10001 Principles of Business Law www.fbe.unimelb.edu.au

  7. Second year in Accounting ACCT20001 Cost Management Prerequisite: ACCT10001 + ACCT10002 / Corequisite: ACCT10003 Prerequisites for third year Accounting ACCT20002 Intermediate Financial Accounting Prerequisite: ACCT10001 + ACCT10002 / Corequisite: ACCT10003 The Accounting specialisation / second year: Students pursuing accounting accreditation must complete the following subjects also: BLAW20001 Corporate Law FNCE20001 Business Finance www.fbe.unimelb.edu.au

  8. Third year in Accounting ACCT30001 Financial Accounting Theory Prerequisite: ACCT20002 + FNCE20001 ACCT30002 Enterprise Performance Management Prerequisite: ACCT20001 The Accounting specialisation / third year: ACCT30004 Auditing + Assurance Services Corequisite: ACCT30001 Students pursuing accounting accreditation must complete the following subject as part of their breadth component: BLAW30002 Taxation Law I www.fbe.unimelb.edu.au

  9. Electives in Accounting ACCT20006 Business Forensics + Fraud Prerequisite: ACCT10002 / Offered: Semester 2 only www.fbe.unimelb.edu.au

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