| Semester 3, 2021 Online | |
| Short Description: | Company 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: ACC1102 or ACC2102 or ACC2103
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 for companies is a fundamental part of professional accounting practice. Large companies have specific accounting requirements which require a thorough knowledge of accounting standards and the Corporations Act 2001. The course assumes prior knowledge from the previous financial accounting course. The ACC2115 course expands on the knowledge from the previous courses in that it specifically focuses on the accounting requirements/regulations of companies. This course develops skills and knowledge required for the higher levels of theory and practice in the accounting major.
Synopsis
This course is designed to enable students to acquire basic skills of company accounting (formerly ACC3115). Based on the Australian Qualification Framework, the minimum Threshold Learning Outcomes for this course will be developed in the areas of Knowledge and Application skills. A focus of the course is the development of practical skills. For example, students will prepare basic company accounting records required for a simulated consolidation of companies as a part of their assessment.
Objectives
On successful completion of this course, students should be able to:
- integrate theoretical and technical accounting knowledge particularly in the area of finance and the relevant regulations in commercial law, corporation law and taxation law at a competent level by developing understanding the purposes of accounting procedures and the conceptual frameworks on which they draw;
- critically apply theoretical and technical accounting knowledge and skills to solve routine accounting problems at a competent level by practice in preparing accounting records and adjusting procedures to changes in regulations;
- interpret and apply the accounting standards relating to company regulations and operations, company income tax, accounting for leases, business combinations, company consolidations, joint ventures and company foreign operations;
- apply the requirements of the Corporations Act 2001 and the professional accounting standards (including international accounting standards) to present and prepare the accounting entries in relation to company operations and share issues, income tax, business combinations, company consolidations, joint ventures and company foreign operations;
- solve problems through case studies that require preparation of accounting entries as required by the professional accounting standards (including international accounting standards);
- apply the technical and professional literacy skills required of an accounting professional.
Topics
| Description | Weighting(%) | |
|---|---|---|
| 1. | Company regulations and reporting requirements | 10.00 |
| 2. | Advanced topics for assets and liabilities | 40.00 |
| 3. | Accounting for investments in other entities | 50.00 |
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=ACC2115)
Please for alternative purchase options from USQ Bookshop. (https://omnia.usq.edu.au/info/contact/)
Loftus, J, Leo, K, Daniliuc, S, Boys, N, Luke, B, Ang, H & Byrnes, K 2020, Financial reporting, 3rd edn, John Wiley and Sons Australia Ltd, Milton, Qld.
(The text book is available as an eBook, which is a cheaper option. If you wish to purchase the eBook, go to and follow the prompts.)
(The text book is available as an eBook, which is a cheaper option. If you wish to purchase the eBook, go to and follow the prompts.)
ACC2115 study materials are available via the course materials link on the course study desk home page. Printed study materials are not provided.
Reference Materials
Reference materials are materials that, if accessed by students, may improve their knowledge and understanding of the material in the course and enrich their learning experience.
Deegan, C 2020, Financial accounting, 9th edn, McGraw-Hill, North Ryde, New South Wales.
Leo, K, Hoggett, J & Sweeting, J 2018, Company accounting, 11th edn, John Wiley & Sons, Milton, Queensland.
Picker, R, Clark, K, Dunn, J, Kolitz, D, Livne, G, Loftus, J & Tas, L 2016, Applying international financial reporting standards, 4th edn, John Wiley & Sons, West Sussex, United Kingdom.
Student Workload Expectations
| Activity | Hours |
|---|---|
| Directed Study | 36.00 |
| Independent Study | 129.00 |
Assessment Details
| Description | Marks out of | Wtg (%) | Due Date | Notes |
|---|---|---|---|---|
| ONLINE QUIZ 1 | 20 | 10 | 01 Dec 2021 | |
| ASSIGNMENT 1 | 100 | 15 | 15 Dec 2021 | |
| ONLINE QUIZ 2 | 20 | 10 | 22 Dec 2021 | |
| ASSIGNMENT 2 | 100 | 15 | 05 Jan 2022 | |
| EXAMINATION ONLINE INVIGILATED | 100 | 50 | End S3 | (see note 1) |
Notes
- This is an open examination - online invigilated - online time limited. Students will be provided further instruction regarding the exam duration and by their course examiner via StudyDesk. This information along with the examination date will be made available 6 weeks prior to the assessment period. The examination date will be available via UConnect when the Alternate Assessment Schedule has been released. Students will be required to sit the examination from their home or other private space, with invigilation delivered via web camera, microphone and zoom. No other persons are permitted in the examination space.
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 assessment items in the course. -
Examination information:
An Online Examination is one in which candidates may have access to any printed or written material and calculator. Students may refer to
i. Study materials, including textbooks
ii. Personal notes – online or on paper
iii. Internet and online resources, using multiple browsers
iv. To access the examination students will require a computer or laptop, web camera and microphone, and stable internet connection. Dual monitors are permitted.
v. All other electronic devices are prohibited including additional computers, laptops, tablets, & smart watches.
vi. All items may be inspected by the invigilator via the web camera prior to commencing and during the exam as required. A room scan may be required.
vii. Students will be required to present photographic identification in order to access the examination. Acceptable forms of identification include USQ Student ID card, Driver’s Licence, 18 + Card or Passport. -
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
-
Online tests:
- The due date for online quizzes is the date by which the student must complete the online quizzes electronically via UConnect. Please note: all online quizzes for this course are due by 5pm (USQ time) on the due date. The online quizzes will be available from one week before the due date.
- There will be NO extensions granted for the online quizzes as they are available from one full week before the due date and students are required to manage their commitments accordingly. Computer systems failure will not be valid grounds for applications for extension of assignment due dates.