| Semester 3, 2021 Online | |
| Short Description: | Accounting Principles |
| Units : | 1 |
| Faculty or Section : | Faculty of Business, Education, Law and Arts |
| School or Department : | School of Business |
| Student contribution band : | Band 4 |
| ASCED code : | 080101 - Accounting |
| Grading basis : | Graded |
Staffing
Examiner:
Requisites
Pre-requisite: ACC1101
Enrolment is not permitted in ACC1105 if ACC1102 and/or ACC3101 has been previously completed.
Other Requisites
Students are required to have access to a personal computer, e-mail capabilities and Internet access to UConnect. Current details of computer requirements can be found at .
Rationale
Accounting professionals require a robust understanding of business transactions and their accounting treatment. Businesses are required to prepare multiple financial reports that provide stakeholders with valuable information. Understanding business structures, accounting techniques and financial statement conventions is a key component in meeting professional accreditation requirements.
The course will expand the student’s body of knowledge in accounting, integrate the use of appropriate business software and technology, and contribute to the development of the essential professional accounting skills of critical analysis and problem solving.
Synopsis
This course provides students with an introduction to processing accounting transactions. The course encourages students to understand accounting systems by exploring both manual and computerised applications of accounting tools. Students will also learn about fundamental accounting concepts and will have the opportunity to apply these to normal business transactions. Students will prepare financial statements applying the accounting standards to ensure that these reports meet legislative requirements. The course will also provide students with the skills to analyse the information content of the financial statements.
Objectives
On successful completion of this course students should be able to:
- explain the accounting principles and concepts underlying accounting and financial reporting including the principles of the Conceptual Framework of Accounting and generally accepted accounting principles;
-
explain the following in relation to financial accounting:
a) The role and purpose of accounting, accounting processes and systems;
b) The purpose of financial statements;
c) The role and purpose of accounting standards;
d) The regulatory environment for financial reporting; - explain the different business structures and record transactions to illustrate the activities of different types of businesses, including sole trader, partnerships and straightforward company accounts;
- apply the accounting treatment to record basic business transactions and other events for different types of business using the principles of double entry accounting;
- use accounting software to record business transactions;
- apply International Financial Reporting Standards (IFRSs) or other relevant standards to transactions and other events (e.g. inventory and property, plant, and equipment).
Topics
| Description | Weighting(%) | |
|---|---|---|
| 1. | Accounting principles and the conceptual framework | 10.00 |
| 2. | Accounting transactions to financial statements | 50.00 |
| 3. | Accounting measurement | 25.00 |
| 4. | Business structures | 15.00 |
Text and Materials
ALL textbooks and materials available to be purchased can be sourced from (unless otherwise stated). (https://omnia.usq.edu.au/textbooks/?year=2021&sem=03&subject1=ACC1105)
Please for alternative purchase options from USQ Bookshop. (https://omnia.usq.edu.au/info/contact/)
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Reference Materials
Student Workload Expectations
| Activity | Hours |
|---|---|
| Directed Study | 48.00 |
| Independent Study | 117.00 |
Assessment Details
| Description | Marks out of | Wtg (%) | Due Date | Notes |
|---|---|---|---|---|
| ASSIGNMENT 1 MANUAL ACCOUNTING | 100 | 30 | 13 Dec 2021 | (see note 1) |
| ASSIGNMENT 2 XERO ACCOUNTING | 100 | 20 | 10 Jan 2022 | (see note 2) |
| EXAMINATION | 100 | 50 | End S3 |
Notes
- Assignment 1 involves recording and reporting financial transactions (Manual Report). It will build in check points to ensure students stay on track and complete assignment with support in a timely manner.
- Assignment 2 involves recording and reporting financial transactions in Xero and producing Xero reports.
Important assessment information
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Attendance requirements:
It is the students' responsibility to attend and participate appropriately in all activities scheduled for them, and to study all material provided to them or required to be accessed by them, to maximise their chance of meeting the objectives of the course and to be informed of course-related activities and administration. -
Requirements for students to complete each assessment item satisfactorily:
To satisfactorily complete an individual assessment item a student must achieve at least 50% of the marks for that item. -
Penalties for late submission of required work:
Students should refer to the Assessment Procedure (point 4.2.4) -
Requirements for student to be awarded a passing grade in the course:
To be assured of receiving a passing grade a student must achieve at least 50% of the total weighted marks available for the course. -
Method used to combine assessment results to attain final grade:
The final grades for students will be assigned on the basis of the aggregate of the weighted marks obtained for each of the summative assessment items in the course. -
Examination information:
A Take Home Examination is one in which candidates may have access to any printed, written, or online material. -
Examination period when Deferred/Supplementary examinations will be held:
Deferred and Supplementary examinations will be held in accordance with the Assessment Procedure . -
University Student Policies:
Students should read the USQ policies: Definitions, Assessment and Student Academic Misconduct to avoid actions which might contravene University policies and practices. These policies can be found at .
Assessment Notes
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Referencing in assignments: Harvard (AGPS) is the referencing system required in this course. Students should use Harvard (AGPS) style in their assignments to format details of the information sources they have cited in their work. The Harvard (AGPS) style to be used is defined by the USQ Library's referencing guide at .