Overview
This unit introduces you to key concepts of financial accounting and supports you to apply these concepts to various elements of accounting. You will also examine financial statements and how they are analysed and interpreted for effective decision making by both internal and external users. This unit prepares you for further accounting units.
Details
Pre-requisites or Co-requisites
Anti-requisite: ACCT19084
Important note: Students enrolled in a subsequent unit who failed their pre-requisite unit, should drop the subsequent unit before the census date or within 10 working days of Fail grade notification. Students who do not drop the unit in this timeframe cannot later drop the unit without academic and financial liability. See details in the Assessment Policy and Procedure (Higher Education Coursework).
Offerings For Term 1 - 2023
Attendance Requirements
All on-campus students are expected to attend scheduled classes – in some units, these classes are identified as a mandatory (pass/fail) component and attendance is compulsory. International students, on a student visa, must maintain a full time study load and meet both attendance and academic progress requirements in each study period (satisfactory attendance for International students is defined as maintaining at least an 80% attendance record).
Recommended Student Time Commitment
Each 6-credit Undergraduate unit at CQUniversity requires an overall time commitment of an average of 12.5 hours of study per week, making a total of 150 hours for the unit.
Class Timetable
Assessment Overview
Assessment Grading
This is a graded unit: your overall grade will be calculated from the marks or grades for each assessment task, based on the relative weightings shown in the table above. You must obtain an overall mark for the unit of at least 50%, or an overall grade of ‘pass’ in order to pass the unit. If any ‘pass/fail’ tasks are shown in the table above they must also be completed successfully (‘pass’ grade). You must also meet any minimum mark requirements specified for a particular assessment task, as detailed in the ‘assessment task’ section (note that in some instances, the minimum mark for a task may be greater than 50%). Consult the University’s Grades and Results Policy for more details of interim results and final grades.
All University policies are available on the CQUniversity Policy site.
You may wish to view these policies:
- Grades and Results Policy
- Assessment Policy and Procedure (Higher Education Coursework)
- Review of Grade Procedure
- Student Academic Integrity Policy and Procedure
- Monitoring Academic Progress (MAP) Policy and Procedure – Domestic Students
- Monitoring Academic Progress (MAP) Policy and Procedure – International Students
- Student Refund and Credit Balance Policy and Procedure
- Student Feedback – Compliments and Complaints Policy and Procedure
- Information and Communications Technology Acceptable Use Policy and Procedure
This list is not an exhaustive list of all University policies. The full list of University policies are available on the CQUniversity Policy site.
Feedback, Recommendations and Responses
Every unit is reviewed for enhancement each year. At the most recent review, the following staff and student feedback items were identified and recommendations were made.
Feedback from Co-ordinator's reflections based on student evaluations data
Need for more feedback on assessments
Provide more feedback to the students
- Describe the accounting conceptual framework as it applies to specific financial reports
- Apply the accounting conceptual framework to the measurement of the elements of accounting
- Examine how financial statements are analysed and interpreted for effective decision making in a range of business structures
- Explain and apply the accounting treatment to record basic business transactions and other events for different types of businesses using the principles of double entry accounting
- Understand how to use accounting software to record business transactions.
ACCT11081 satisfies several learning outcomes specific to external accreditation, which are:
| LO1: Explain the different business structures |
| LO2: 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 |
| LO3: Record transactions to illustrate the activities of different types of businesses, including sole trader, partnerships and straightforward corporate/company accounts |
| LO4: Explain and apply the accounting treatment to record basic business transactions and other events for different types of businesses using the principles of double entry accounting |
| LO5: Use accounting software to record business transactions |
| LO6: Outline and 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. |
Alignment of Assessment Tasks to Learning Outcomes
| Assessment Tasks | Learning Outcomes | ||||
|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | |
| 1 - Online Quiz(zes) - 10% | |||||
| 2 - Practical Assessment - 40% | |||||
| 3 - Online Test - 50% | |||||
Alignment of Graduate Attributes to Learning Outcomes
| Graduate Attributes | Learning Outcomes | ||||
|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | |
| 1 - Communication | |||||
| 2 - Problem Solving | |||||
| 3 - Critical Thinking | |||||
| 4 - Information Literacy | |||||
| 5 - Team Work | |||||
| 6 - Information Technology Competence | |||||
| 7 - Cross Cultural Competence | |||||
| 8 - Ethical practice | |||||
| 9 - Social Innovation | |||||
| 10 - Aboriginal and Torres Strait Islander Cultures | |||||
Textbooks
There are no required textbooks.
IT Resources
- CQUniversity Student Email
- Internet
- Unit Website (Moodle)
- Word
- Excel
All submissions for this unit must use the referencing style: American Psychological Association 7th Edition (APA 7th edition)
For further information, see the Assessment Tasks.
m.tyler@cqu.edu.au
g.ilott@cqu.edu.au
Module/Topic
Introduction
Chapter
Study Guide Chap 1 (Sections 1.1 - 1.3) and Chapter 1 of the recommended textbook
Events and Submissions/Topic
MYOB: Register with MYOB and create your company.
Module/Topic
Double Entry Bookkeeping: recording Business Transactions
Chapter
Study Guide Chapter 1 (Section 1.4)
Study Guide Chapter 2 and Chapter 2 of the recommended textbook
Events and Submissions/Topic
MYOB: Review your Chart of Accounts. Post journals that create your working capital. Post other journal entries as required. Run a trial balance.
Module/Topic
Double Entry Bookkeeping: the Adjusting Process
Chapter
Study Guide Chapter 2
Study Guide Chapter 3 and Chapter 3 of the recommended textbook
Events and Submissions/Topic
MYOB: Post adjusting entries.
Online Quiz:
The online quiz has a weighting of 10% of the total marks for the unit.
The online quiz will be available as follows:
- Open at 09:00 (9 AM) AEST Monday of Week 3, and
- Close at 23:55 (12:55 PM) AEST Friday of Week 6.
The online quiz assesses the content from Weeks 1–4 inclusive.
Module/Topic
Double Entry Bookkeeping: completing the Accounting Cycle
Chapter
Study Guide Chapter 3 and Chapter 4 of the recommended textbook
Events and Submissions/Topic
MYOB: End of period reports and adjusting entries.
Online Quiz:
The online quiz has a weighting of 10% of the total marks for the unit.
The online quiz will be available as follows:
- Open at 09:00 (9 AM) AEST Monday of Week 3, and
- Close at 23:55 (12:55 PM) AEST Friday of Week 6.
The online quiz assesses the content from Weeks 1–4 inclusive.
Module/Topic
Retailing Operations
Chapter
Study Guide Chapter 4 and Chapter 5 of the recommended textbook
Events and Submissions/Topic
Online Quiz:
The online quiz has a weighting of 10% of the total marks for the unit.
The online quiz will be available as follows:
- Open at 09:00 (9 AM) AEST Monday of Week 3, and
- Close at 23:55 (12:55 PM) AEST Friday of Week 6.
The online quiz assesses the content from Weeks 1–4 inclusive.
Module/Topic
Chapter
Events and Submissions/Topic
Module/Topic
Retail Inventory
Chapter
Study Guide Chapter 4 and Chapter 6 of the recommended textbook
Events and Submissions/Topic
Online Quiz Due: Week 6 Friday (21 Apr 2023) 12:55 pm AEST
Module/Topic
Accounting Systems (with emphasis on sustainability reporting)
Chapter
Week 7 Lecture Slides and Chapter 7 of the recommended textbook
Events and Submissions/Topic
Module/Topic
Receivables
Chapter
Study Guide Chapter 5 and Chapter 9 of the recommended textbook
Events and Submissions/Topic
MYOB: Accounts Receivable
Module/Topic
Non-Current Assets
Chapter
Study Guide Chapter 5 and Chapter 10 of the recommended textbook
Events and Submissions/Topic
Module/Topic
Liabilities
Chapter
Study Guide Chapter 6 and Chapter 11 of the recommended textbook
Events and Submissions/Topic
Module/Topic
Statement of Cash Flows
Chapter
Study Guide Chapter 7 and e-reading list (chapter 12 of Libby Book)
Events and Submissions/Topic
MYOB: Analysing the statement of cash flows
Module/Topic
Revision
Chapter
Revision
Events and Submissions/Topic
Module/Topic
Chapter
Events and Submissions/Topic
Module/Topic
Chapter
Events and Submissions/Topic
Invigilated online test date TBA
1 Online Quiz(zes)
The online quiz has a weighting of 10% of the total marks for the unit.
The online quiz will be available as follows:
- Open at 09:00 (9 AM) AEST Monday of Week 3, and
- Close at 23:55 (12:55 PM) AEST Friday of Week 6.
The online quiz assesses the content from Weeks 1–4 inclusive.
The online quiz consists of 10 multiple-choice questions. The duration of the online quiz is 30 minutes from the time you start it.You can make TWO attempts at the online quiz.
If you make a second attempt, then the highest mark out of the two attempts will be recorded as your final mark.
The online quiz is open-book.
Before you start the online quiz you should ensure that any pop-up blockers in your web browser are disabled.
The online quiz must be completed during the time that it is open. In the absence of an approved extension, there will be no opportunity to complete the online quiz after it closes.
1
Other
Week 6 Friday (21 Apr 2023) 12:55 pm AEST
The quiz closes at the due time and will not be re-opened unless an extension request has been approved.
Results are returned to students immediately upon completion of the test.
No Assessment Criteria
- Describe the accounting conceptual framework as it applies to specific financial reports
- Examine how financial statements are analysed and interpreted for effective decision making in a range of business structures
2 Practical Assessment
During the term, you will be required to use MYOB for a range of tasks during your workshops. At the end of Week 10, you will be required to upload a number of MYOB reports that result from your weekly activities, together with a 500 word report interprets the MYOB reports and provides a brief analysis of the business' performance.
Detailed information on what is required to be uploaded will be provided in Moodle during term.
Week 10 Friday (19 May 2023) 11:55 pm AEST
Week 12 Friday (2 June 2023)
You will be assessed as follows:
Completeness and accuracy of you MYOB reports: 60%
The usefulness and readability of your report: 40%.
- Apply the accounting conceptual framework to the measurement of the elements of accounting
- Explain and apply the accounting treatment to record basic business transactions and other events for different types of businesses using the principles of double entry accounting
- Understand how to use accounting software to record business transactions.
3 Online Test
This assessment task comprises an invigilated online test in Moodle. It will have a weighting of 50% of the total marks for the unit.
The duration of the invigilated online test is 3 hours, which will allow for perusal, time taken to authenticate yourself with the invigilator, and allow for short network interruptions. The test will be able to be completed well within 3 hours.
The invigilated online test will be conducted in accordance with the School of Business & Law's Invigilation Protocols.
During the University examination period. Details to be provided via Moodle
Marks will be released after approval of grades.
No Assessment Criteria
- Describe the accounting conceptual framework as it applies to specific financial reports
- Apply the accounting conceptual framework to the measurement of the elements of accounting
- Examine how financial statements are analysed and interpreted for effective decision making in a range of business structures
- Explain and apply the accounting treatment to record basic business transactions and other events for different types of businesses using the principles of double entry accounting
- Understand how to use accounting software to record business transactions.
As a CQUniversity student you are expected to act honestly in all aspects of your academic work.
Any assessable work undertaken or submitted for review or assessment must be your own work. Assessable work is any type of work you do to meet the assessment requirements in the unit, including draft work submitted for review and feedback and final work to be assessed.
When you use the ideas, words or data of others in your assessment, you must thoroughly and clearly acknowledge the source of this information by using the correct referencing style for your unit. Using others’ work without proper acknowledgement may be considered a form of intellectual dishonesty.
Participating honestly, respectfully, responsibly, and fairly in your university study ensures the CQUniversity qualification you earn will be valued as a true indication of your individual academic achievement and will continue to receive the respect and recognition it deserves.
As a student, you are responsible for reading and following CQUniversity’s policies, including the Student Academic Integrity Policy and Procedure. This policy sets out CQUniversity’s expectations of you to act with integrity, examples of academic integrity breaches to avoid, the processes used to address alleged breaches of academic integrity, and potential penalties.
What is a breach of academic integrity?
A breach of academic integrity includes but is not limited to plagiarism, self-plagiarism, collusion, cheating, contract cheating, and academic misconduct. The Student Academic Integrity Policy and Procedure defines what these terms mean and gives examples.
Why is academic integrity important?
A breach of academic integrity may result in one or more penalties, including suspension or even expulsion from the University. It can also have negative implications for student visas and future enrolment at CQUniversity or elsewhere. Students who engage in contract cheating also risk being blackmailed by contract cheating services.
Where can I get assistance?
For academic advice and guidance, the Academic Learning Centre (ALC) can support you in becoming confident in completing assessments with integrity and of high standard.
What can you do to act with integrity?
