ACCT19084 - Financial Accounting

General Information

Unit Synopsis

This unit provides an introduction to the conceptual framework of financial accounting, and shows how these concepts are applied to accounting for receivables, inventories, non-current assets and liabilities. The unit also provides the opportunity to apply these concepts within both a manual and computerised accounting system. Included in this unit is an in-depth examination of specific financial statements and how these statements are analysed and interpreted for effective decision making by both internal and external users. Time is also spent looking at the preparation of the Cash Flow Statement and the role it plays in financial analysis. The unit concludes with applying the accounting concepts covered to date to the issues that arise when accounting for partnerships.

Details

Level Undergraduate
Unit Level 2
Credit Points 6
Student Contribution Band SCA Band 4
Fraction of Full-Time Student Load 0.125
Pre-requisites or Co-requisites

Pre-requisite: ACCT11057 - Principles of Accounting

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. Practical and 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 2 - 2016 : The overall satisfaction for students in the last offering of this course was 85.00% (`Agree` and `Strongly Agree` responses), based on a 25.64% 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
It would be great if the assessments in the unit could be more realistic and practical.
Recommendation
Some of the assessments will be designed using practical and real-world situations.
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 framework concepts to the measurement of assets and liabilities
  3. Estimate the effects of inventory costing methods on profit and inventory valuation
  4. Correctly account for depreciation and non-current assets
  5. Given a set of business transactions, produce a set of financial reports using specialised accounting software such as MYOB
  6. Apply critical thinking to the accurate preparation and interpretation of a Cash Flow Statement
  7. Interact effectively with peers

Alignment of Assessment Tasks to Learning Outcomes
Assessment Tasks Learning Outcomes
1 2 3 4 5 6 7
1 - Online Quiz(zes) • • •
2 - Practical and 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 • • • • •
5 - Team Work •
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
1 - Online Quiz(zes) • • • • •
2 - Practical and Written Assessment • • • • • •
3 - Examination • • • •