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 3 - 2024
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 Student Feedback.
MYOB workbook needs to be updated.
MYOB workbook must be updated
Feedback from Student Feedback.
More feedback required.
More feedback options should be made available
- 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 - Group Work - 30% | |||||
| 4 - Oral Examination - 20% | |||||
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
Financial accounting
Eighth edition
Authors: Libby, Robert
ISBN: 9780078025556 (hardback); 0078025559 (hardback)
Binding: eBook
Horngren's accounting
Eight edition (2016)
Authors: Nobles, Tracie L ; Matsumura, Ella Mae ; Best, Peter ; Fraser, David ; Tan, Rebecca ; Willett, Roger
Pearson Australia
Melbourne, Victoria Melbourne, Victoria , Australia
ISBN: 1-4860-2115-8
Binding: eBook
Horngren's financial accounting
Eighth edition (2016)
Authors: Nobles, Tracie L ; Mattison, Brenda ; Matsumura, Ella Mae ; Best, Peter ; Fraser, David ; Tan, Rebecca ; Willett, Roger
Pearson Australia
Melbourne Melbourne , Australia
ISBN: 1-4860-2116-6; 9781486021161
Binding: eBook
IT Resources
- CQUniversity Student Email
- Internet
- Unit Website (Moodle)
- Word
- Excel
- MYOB - Essentials on the cloud
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.
r.totahewa@cqu.edu.au
Module/Topic
Introduction
Chapter
Chapter 1 of the recommended textbook
Events and Submissions/Topic
Module/Topic
Double Entry Bookkeeping: Recording Business Transactions
Chapter
Chapter 2 of the recommended textbook
Events and Submissions/Topic
Module/Topic
Double Entry Bookkeeping: The Adjusting Process
Chapter
Chapter 3 of the recommended textbook
Events and Submissions/Topic
Assessment 1 - 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 (9:00 AM) AEST Monday of Week 3, and
Close at 23:55 (11:55 PM) AEST Friday of Week 6.
Module/Topic
Double Entry Bookkeeping: Completing the Accounting Cycle
Chapter
Chapter 4 of the recommended textbook
Events and Submissions/Topic
Assessment 1 - 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 (9:00 AM) AEST Monday of Week 3, and
Close at 23:55 (11:55 PM) AEST Friday of Week 6.
Assessment 2 - Practical Assessment
The Practical Assessment has a weighting of 40% of the total marks for the unit.
3% out of 40% - Creation of your MYOB account and uploading screenshot (account creation) is due in week 4. Close at 23:55 (11:55 PM) AEST Friday of Week 4.
Module/Topic
Retailing Operations
Chapter
Chapter 5 of the recommended textbook
Events and Submissions/Topic
Assessment 1 - 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 (9:00 AM) AEST Monday of Week 3, and
Close at 23:55 (11:55 PM) AEST Friday of Week 6.
Assessment 2 - Practical Assessment
The Practical Assessment has a weighting of 40% of the total marks for the unit.
5% out of 40% - Completion of MYOB Training material and uploading screenshot (on completed course in MYOB) is due in week 5. Close at 23:55 (11:55 PM) AEST Friday of Week 5.
Module/Topic
Retail Inventory
Chapter
Chapter 6 of the recommended textbook
Events and Submissions/Topic
Assessment 1 - 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 (9:00 AM) AEST Monday of Week 3, and
Close at 23:55 (11:55 PM) AEST Friday of Week 6.
Assessment 1 Due: Week 6 Friday (13 Dec 2024) 11:55 pm AEST
Module/Topic
Accounting Systems
Chapter
Chapter 7 of the recommended textbook
Events and Submissions/Topic
The Group work has a weighting of 30% of the total marks for the unit.
You will need to submit your work in two stages - (Week 7 and Week 10)
5% out of 30% - In week 7 - Upload the standards that your group selected for the assessment and the group name list (5%). Close at 23:55 (11:55 PM) AEST Friday of Week 7.
Module/Topic
Chapter
Events and Submissions/Topic
Module/Topic
Chapter
Events and Submissions/Topic
Module/Topic
Receivables
Chapter
Chapter 9 of the recommended textbook
Events and Submissions/Topic
Assessment 2 - Practical Assessment
The Practical Assessment has a weighting of 40% of the total marks for the unit.
Practical Assessment is to be completed using MYOB
32% out of 40% - Submission of the Reports is due Friday of Week 8, Time 23:55 (11:55 PM) AEST
Assessment 2 Due: Week 8 Friday (10 Jan 2025) 11:55 pm AEST
Module/Topic
Non-Current Assets
Chapter
Chapter 10 of the recommended textbook
Events and Submissions/Topic
Module/Topic
Liabilities
Chapter
Chapter 11 of the recommended textbook
Events and Submissions/Topic
Assessment 3 - Group Work
The Group work has a weighting of 30% of the total marks for the unit.
You will need to submit your work in two stages - (Week 7 and Week 10)
25% out of 30% - In week 10 - Upload the final report (25%). Close at 23:55 (11:55 PM) AEST Friday of Week 10.
Assessment 3 Due: Week 10 Friday (24 Jan 2025) 11:55 pm AEST
Module/Topic
Statement of Cash Flows
Chapter
Chapter 16 of the recommended textbook
Chapter 12 of Libby et al. (2014) book
Events and Submissions/Topic
Module/Topic
Revision
Chapter
Revision
Events and Submissions/Topic
Module/Topic
Chapter
Events and Submissions/Topic
There will be a 2 weeks break in between week 7 & 8.
The assessment weeks are as follows:
There are four (4) assessments associated with this Unit. They are:
Assessment 1 - Online Quiz - Due in Week 6 Friday
Assessment 2 - Practical Assessment - You must submit your work in three stages in Week 4, Week 5 and Week 8.
In week 4 - Upload screenshots related to MYOB account creation - Due in Week 4 Friday
In week 5 - Upload screenshots related to completing training courses on MYOB - Due in Week 5 Friday; and
In week 8 - Upload the MYOB generated reports and the written report - Due in Week 8 Friday.
Assessment 3 - Group Work - You must submit your work in two stages in Week 7 and Week 10.
In week 7 - Upload the standards that your group selected for the assessment and the group name list - Due in Week 7 Friday; and
In week 10 - Upload the final report - Due in Week 10 Friday
Assessment 4 - Oral Examination - The sessions will be scheduled in Week 12 and during the exam period.
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 (9:00 AM) AEST Monday of Week 3, and
Close at 23:55 (11:55 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 THREE attempts at the online quiz.
If you make a second or third attempt, then the highest mark out of your 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 (13 Dec 2024) 11:55 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.
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 THREE attempts at the online quiz.
If you make a second or third attempt, then the highest mark out of your attempts will be recorded as your final mark.
- 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
- 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
2 Practical Assessment
During the term, you will be required to use MYOB to complete a range of tasks. You will be provided with a MYOB Workbook via Moodle and you are expected to complete that workbook, after completing the recommended training from the MYOB Academy.
As part of this, you will need to submit your work in three stages:
In week 4 - Upload screenshots related to MYOB account creation - Close at 23:55 (11:55 PM) AEST Friday of Week 4
In week 5 - Upload screenshots related to completing training course on MYOB - Close at 23:55 (11:55 PM) AEST Friday of Week 5.
In week 8 - Submission of the MYOB generated reports and the written report - Close at 23:55 (11:55 PM) AEST Friday of Week 8.
Further details on this assessment item will be provided in Moodle during term.
Week 8 Friday (10 Jan 2025) 11:55 pm AEST
Submit the three parts of the assessment using the links provided in the Assessment tile in Moodle. You must submit your work in three stages - (in Week 4, in Week 5 and in Week 8)
On time submissions will aim to be marked and returned within a 2 week time frame.
You will receive feedback on your submission once it is marked and returned.
- 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
- 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 Group Work
This is a group assignment.
This assessment is expected to be completed based on the accounting standards that are discussed during the term. You will go through at least four of the accounting standards (in full) that are discussed during the term and prepare a report. The report should include a summary of the main points in each standard and a discussion on their application referring to financial statements of listed companies in Australia.
You are required to submit a report as a group for this assessment. You will need to submit your work in two stages:
Week 7 - Upload the standards that your group selected for the assessment and the group name list (5%) - Close at 11:55 pm AEST in Week 7 Friday
Week 10 - Upload the final report (25%) - Close at 11:55 pm AEST in Week 10 Friday
Further details on this assessment item will be provided in Moodle during term.
Week 10 Friday (24 Jan 2025) 11:55 pm AEST
Submit the two parts of the assessment using the links provided in the Assessment tile in Moodle. You must submit your work in two stages - (in Week 7 and in Week 10)
On time submissions will aim to be marked and returned within a 2 week time frame.
You will receive feedback on your submission once it is marked and returned.
- 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
4 Oral Examination
This is a Question and Answer session on Assessment 3 and the content covered in the unit during the term.
Exam Week Monday (10 Feb 2025) 11:45 pm AEST
The oral exam sessions will be scheduled during the exam period.
No Assessment Criteria
No submission method provided.
- 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
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?
