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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.

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

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).

Class Timetable View Unit Timetable
Residential School No Residential School

Unit Availabilities from Term 1 - 2024

Term 1 - 2024 Profile
Brisbane
Melbourne
Online
Rockhampton
Sydney
Term 2 - 2024 Profile
Brisbane
Melbourne
Online
Sydney
Term 3 - 2024 Profile
Online
Term 1 - 2025 Profile
Brisbane
Melbourne
Online
Rockhampton
Sydney
Term 2 - 2025 Profile
Brisbane
Melbourne
Online
Sydney
Term 3 - 2025 Profile
Online

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. 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 - 2024 : The overall satisfaction for students in the last offering of this course was 61.11% (`Agree` and `Strongly Agree` responses), based on a 24% 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 feedback.
Feedback
Improved MYOB material is needed.
Recommendation
An improved MYOB workbook will be provided in future.
Action Taken
The MYOB workbook was re-developed (including new screenshots and guidelines) by the unit coordinator to match the 2024 MYOB Business version. This new workbook is used from T2-2024.
Source: Student feedback.
Feedback
Improved feedback on assessment is required.
Recommendation
Future feedback will provide more detail and will be consistent with School standards.
Action Taken
Assessment rubrics/ marking criteria are used and shared with the students. In T2-2024 an oral exam is included and direct feedback will be provided individually to each student.
Source: Student Feedback.
Feedback
MYOB workbook needs to be updated.
Recommendation
MYOB workbook must be updated
Action Taken
In Progress
Source: Student Feedback.
Feedback
More feedback required.
Recommendation
More feedback options should be made available
Action Taken
In Progress
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 - Examination • • • • •
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