ACCT11057 - Principles of Accounting

General Information

Unit Synopsis

This unit provides an introduction to the recording, classifying, and reporting of business transactions in the traditional historical cost manual system of accounting for sole trader entities. The recording process is applied to service, retail and manufacturing industries. The concepts of internal control are applied to cash management and retailing operations. The unit also examines what is involved in an effective accounting system. Finally, this unit introduces the concepts underlying management accounting, break-even analysis, contribution margin, job costing and budgeting.

Details

Level Undergraduate
Unit Level 1
Credit Points 6
Student Contribution Band SCA Band 4
Fraction of Full-Time Student Load 0.125
Pre-requisites or Co-requisites There are no pre-requisites for the unit.

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).

Class Timetable View Unit Timetable
Residential School No Residential School

Unit Availabilities from Term 3 - 2024

There are no availabilities for this unit on or after 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).

Assessment Overview

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.

Assessment Tasks

Assessment Task Weighting
1. Online Quiz(zes) 20%
2. Written Assessment 30%
3. Examination 50%

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

Past Exams

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Previous Feedback

Term 1 - 2016 : The overall satisfaction for students in the last offering of this course was 61.43% (`Agree` and `Strongly Agree` responses), based on a 28.11% response rate.

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.

Source: Student evaluations
Feedback
Have a face-to-face lecturer in the Rockhampton campus.
Recommendation
Have a face-to-face lecturer in the Rockhampton campus for the new ACCT11059 course.
Action Taken
In Progress
Unit learning Outcomes

On successful completion of this unit, you will be able to:

  1. Describe the objectives and principles underlying financial reporting
  2. Given a set of business transactions, accurately produce a complete set of manual accounting records through to the specific financial statements for a sole owner operating within a service, retail or manufacturing industry
  3. Correctly identify the characteristics of an effective system of internal control within a manual accounting system
  4. Given data relating to cash transactions, prepare an accurate bank reconciliation statement
  5. Compare and contrast job order and process costing systems and solve problems associated with job order costing
  6. Critically analyse a given set of data to solve cost-volume profit problems and communicate the results in a report
  7. Given a set of business policies, accurately prepare a master budget.

Alignment of Assessment Tasks to Learning Outcomes
Assessment Tasks Learning Outcomes
1 2 3 4 5 6 7
1 - Online Quiz(zes) • • •
2 - Written Assessment •
3 - Examination • • • • • •
Alignment of Graduate Attributes to Learning Outcomes
• Introductory Level
• Intermediate Level
• Graduate Level
Graduate Attributes Learning Outcomes
1 2 3 4 5 6 7
1 - Communication • • • • • •
2 - Problem Solving • • • • • • •
3 - Critical Thinking • • • • • • •
4 - Information Literacy •
6 - Information Technology Competence • •
8 - Ethical practice •
Alignment of Assessment Tasks to Graduate Attributes
• Introductory Level
• Intermediate Level
• Graduate Level
Assessment Tasks Graduate Attributes
1 2 3 4 5 6 7 8 9 10