| Semester 2, 2021 Online | |
| Short Description: | Financial Accounting |
| 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: ACC1105
Enrolment is not permitted in ACC2102 if ACC1102 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 work in many areas of business and industry. In this course we will focus primarily on companies listed on the Australia Stock Exchange. Listed companies have specific accounting and corporate legislation that they must comply with. The purpose of this course is to engage students in the process of thinking constructively and logically about some of the more complex accounting and reporting issues faced by reporting entities. This course builds on the broad knowledge of accounting and the accounting cycle and systems gained in earlier accounting courses and has a strong focus on the preparation and analysis of financial statements and provides pre-requisite knowledge for advanced study in accounting.
The course will expand the student’s body of knowledge in business reporting, the analysis of business reports and contribute to the development of the essential professional accounting skills such as teamwork.
Synopsis
In this course, students will study various sources of authority as they relate to the recording transactions and events and the preparation of financial statements and business reports. Students will investigate a number of specific accounting standards and generally accepted accounting principles (GAAP) in this course; topics include accounting for assets (e.g. financial assets, property, plant and equipment and leased assets), liabilities (provisions, debentures and leases), equity accounts for companies (share capital and reserves) and income, revenue and expense (e.g. recognition and measurement). Students will prepare and analyse financial statements for reporting entities (statement of financial position, statement of profit and loss and other comprehensive income, statement of changes in equity, statement of cash flows), record journal entries for complex business transactions and events and complete a business report.
Objectives
On successful completion of this course students should be able to:
- discuss a wide variety of business reporting requirements (incl. accounting standards, concepts, principles and processes, ASX listing requirements, and business related legislation and regulations);
- think constructively and logically about intermediate level financial accounting and business reporting issues and problems;
- apply financial accounting and business reporting knowledge and technical and analytical skills to resolve problems and make recommendations;
- provide written communication that clearly and concisely presents financial accounting information and business reports (or components);
- work autonomously and collaboratively to develop essential professional accounting skills such as teamwork
Topics
| Description | Weighting(%) | |
|---|---|---|
| 1. | Financial Statements: Presentation and Analysis | 40.00 |
| 2. | Financial Reporting: Measurement and Recognition Issues | 60.00 |
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=02&subject1=ACC2102)
Please for alternative purchase options from USQ Bookshop. (https://omnia.usq.edu.au/info/contact/)
Reference Materials
((This book is the required textbook for the pre-requisite course ACC1105 Accounting Principles.).)
Student Workload Expectations
| Activity | Hours |
|---|---|
| Directed Study | 36.00 |
| Independent Study | 129.00 |
Assessment Details
| Description | Marks out of | Wtg (%) | Due Date | Notes |
|---|---|---|---|---|
| Short Answer Questions | 100 | 20 | 23 Aug 2021 | (see note 1) |
| ASSIGNMENT | 100 | 30 | 06 Oct 2021 | (see note 2) |
| ONLINE EXAMINATION | 100 | 50 | End S2 | (see note 3) |
Notes
- Students are required to complete the Short Answer Questions by 11.59pm (USQ time) on the due date. The Short Answer Questions will address objectives 1 and 2.
- Students are required to complete sections of the Assignment both individually and collaboratively with members of their study group. The Assignment will address objectives 3, 4 and 5. Students will not be permitted to attempt the Assignment after the due date.
- This will be an online exam. Students will be provided further instruction regarding the exam by their course examiner via StudyDesk. The examination date will be available via UConnect when the Alternate Assessment Schedule has been released.
Important assessment information
-
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 items for the course. -
Examination information:
An Online Examination is one in which candidates may have access to any printed or written 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
-
Referencing in assignments must comply with the Harvard (AGPS) referencing system. This system should be used by students to format details of the information sources they have cited in their work. The Harvard (APGS) style to be used is defined by the USQ library’s referencing guide. This guide can be found at .