FAC1602 – Elementary Financial Accounting and Reporting

FAC1602 uses the knowledge you learnt from FAC1502. It assumes you know how to create basic Financial Statements, and then builds on that by adding new transactions and accounts, and another financial statement - the Cash Flow Statement.

It introduces you to Partnership Accounting (as opposed to Accounting for Companies, which is what FAC1502 covers). Although this is tricky, you’ll use most of your accounting knowledge for this, so you just need to focus on the areas where partnerships are different to companies.

This module is shorter than FAC1502, but don’t let that fool you! There are some tricky things in here that will take some time to get comfortable with, and need a lot of practice. Our videos will help save you time on the explanations, but you’ll need to practice the work!

Your lecturer will be on the discussion forum to keep an eye on you, answer any questions you have, motivate you, and guide you on what to focus on.