ACCT11081 - Introductory Financial Accounting

General Information

Unit Synopsis

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.


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

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).

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Residential School No Residential School

Unit Availabilities from Term 1 - 2023

Term 1 - 2023 Profile
Term 2 - 2023 Profile
Term 3 - 2023 Profile

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) 10%
2. Practical Assessment 40%
3. Online Test 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 - 2022 : The overall satisfaction for students in the last offering of this course was 77.78% (`Agree` and `Strongly Agree` responses), based on a 22.50% 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 evaluation.
Provide more questions and examples in the weekly activities.
Weekly activities will be updated to include more examples and questions.
Action Taken
Weekly activities have been uploaded which include more examples and questions
Source: Co-ordinator's reflections based on student evaluations data
Need for more feedback on assessments
Provide more feedback to the students
Action Taken
Unit learning Outcomes

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

  1. Describe the accounting conceptual framework as it applies to specific financial reports
  2. Apply the accounting conceptual framework to the measurement of the elements of accounting
  3. Examine how financial statements are analysed and interpreted for effective decision making in a range of business structures
  4. 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
  5. 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)
2 - Practical Assessment
3 - Online Test
Alignment of Graduate Attributes to Learning Outcomes
Introductory Level
Intermediate Level
Graduate Level
Graduate Attributes Learning Outcomes
1 2 3 4 5
1 - Communication
2 - Problem Solving
3 - Critical Thinking
6 - Information Technology Competence
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