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ACC93112: Contemporary Issues in Accounting Theory helps the reader get acquainted with the nature of accounting theory, its related functions, and problems that are related to the accounting profession. The different types of accounting practices include the principles, rules, and processes that are examined in the context of contemporary theoretical practices and socio-political behavior. Southern Cross University tries to employ different types of teaching methods to provide the students with greater flexibility to choose between the different modes of learning that will suit them. The academics of Southern Cross University also tries to use the latest approaches so that they can make changes in the learning materials and modes in a better way.
Theories and measurement in accounting are one of the most vital topics of ACC93112, Contemporary Issues in Accounting Theory. Measurement is one of the most vital parts of accounting theory. It is related to the level of information that is required by the users, while the measurement aspect is related to what is being measured and how this can be done accordingly. Further, there are different types of principles associated with the basic accounting theory, such as the matching principle, cost principle, monetary unit assumption, and materiality.
The accounting policies are the different procedures that the organization uses to prepare the financial statements. The different types of choices related to the accounting principles are likely to indicate whether the management must take aggressive or conservative steps in calculating the reporting. It is necessary to check whether the different types of accounting policies adhere to accepted accounting principles.
The regulatory environment of the accounting industry helps to measure the consistency and quality of the services. It is the responsibility of the accountants to tackle different types of technical, ethical, and professional standards.
Corporate governance refers to the rules or the system that businesses use to carry out decisions and justify their actions in a better way. The different principles of corporate governance act as a vital foundation for the organization to determine the social, legal, and environmental aspects in a better way. Accounting practices can be regarded as the most vital instrument of corporate governance. Organizations can make intelligent as well as advantageous decisions concerning the business operation and the decision-making process in a business. On the other hand, the responsibility of the shareholders is also a vital part of corporate governance, as mentioned in the course content of ACC93112: Contemporary Issues in Accounting Theory
The concept of corporate social responsibility in accounting highlights that business organizations must be aware of the impact of the environment and society. It also aims to deliver a positive impact on businesses and thus, this is likely to improve the sustainability of the business organization. There should be proper actions taken to tackle the interest of the firm and thus handle the basic aspects of the law.
Critical accounting theory is trying to gain a wider level of acceptability among the different scholars to address conflicts, goals, and principles. It is also associated with the operation of the organization and thus it is responsible for the development and growth of society. The theorists often miss the different types of philosophical developments that are relevant to this particular field.
The above-mentioned content can be used by the students of Southern Cross University to carry out their accounting assignments in a systematic way. Although the course content does not vary from the accounting theory course content to a large extent, the students must take greater initiative in understanding the concept.
The different types of learning outcomes that can be achieved by a student are going through this concept will make the topic clear in the minds of the students. Therefore, it can be said that the current information of the unit about this subject will be provided to the students of Southern Cross University at the beginning of the session.
Accounting is the systematic recording, analysis, and reporting of financial transactions and information of a company. It is crucial for organizations as it provides insights into their financial health, helps in decision-making, and ensures compliance with regulations.
Students should be familiar with accounting concepts such as the Business Entity Concept, Dual Aspect Concept, Going Concern Concept, Accounting Period Concept, Cost Concept, Money Measurement Concept, and Matching Concept. These concepts form the foundation of accounting principles and practices.
The main branches of accounting include Financial Accounting, Managerial Accounting, Cost Accounting, Tax Accounting, and Project Management Accounting. Each branch serves specific purposes, such as financial reporting, internal decision-making, cost analysis, tax planning, and project financial management.
Errors in accounting can be categorized as Error of Omission, Error of Commission, Error of Principle, and Compensating Errors. These errors can affect the accuracy of financial statements and require careful identification and correction.
Accounting ratios provide insights into a company’s financial performance, profitability, and liquidity by analyzing relationships between different financial variables. These ratios help stakeholders assess the health and stability of a business.
