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ACCT20071 - Foundations of Financial Accounting

General Information

Unit Synopsis

This course introduces students to financial accounting within the context of the accounting conceptual framework and relevant accounting standards. Students will be provided with a sound knowledge of accounting and the business environment, the accounting cycle (for both service and retailing entities), effective accounting information systems, accounting for current and non-current assets and liabilities, and accounting for partnerships. If you have successfully completed the course ACCT20052 you should not enrol in this course.

Details

Level Postgraduate
Unit Level 8
Credit Points 6
Student Contribution Band SCA Band 4
Fraction of Full-Time Student Load 0.125
Pre-requisites or Co-requisites

Students must successfully complete ACCT20070 Accounting in Australia prior to enrolling in this course.

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 - 2014

Term 1 - 2017 Profile
Brisbane
Distance
Melbourne
Sydney
Term 2 - 2017 Profile
Brisbane
Cairns
Distance
Melbourne
Sydney
Term 3 - 2017 Profile
Brisbane
Distance
Melbourne
Sydney
Term 1 - 2018 Profile
Brisbane
Distance
Melbourne
Sydney
Term 2 - 2018 Profile
Brisbane
Distance
Melbourne
Sydney
Term 3 - 2018 Profile
Brisbane
Distance
Melbourne
Sydney
Term 1 - 2019 Profile
Brisbane
Melbourne
Online
Sydney
Term 2 - 2019 Profile
Brisbane
Melbourne
Online
Sydney
Term 3 - 2019 Profile
Brisbane
Melbourne
Online
Sydney
Term 1 - 2020 Profile
Brisbane
Melbourne
Online
Sydney
Term 2 - 2020 Profile
Brisbane
Melbourne
Online
Sydney
Term 3 - 2020 Profile
Brisbane
Melbourne
Online
Sydney
Term 1 - 2021 Profile
Brisbane
Melbourne
Online
Sydney
Term 2 - 2021 Profile
Brisbane
Melbourne
Online
Sydney
Term 1 - 2022 Profile
Brisbane
Melbourne
Online
Sydney
Term 2 - 2022 Profile
Brisbane
Melbourne
Online
Sydney
Term 3 - 2022 Profile
Brisbane
Melbourne
Online
Sydney

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 Postgraduate 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. Practical and Written Assessment 20%
2. Presentation and Written Assessment 20%
3. Examination 60%

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 - 2020 : The overall satisfaction for students in the last offering of this course was 4 (on a 5 point Likert scale), based on a 57.82% 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: Unit coordinator's reflections
Feedback
Need to have an individual assessment component in the group based assessment 1.
Recommendation
Change assessment 1 to include an individual assessment component
Action Taken
Individual assessment component was introduced in term 1, 2020.
Source: Co-ordinator's reflections and student evaluations
Feedback
More focus needs to be placed on practical questions
Recommendation
Add more practical questions in topics wherever possible.
Action Taken
Nil.
Unit learning Outcomes

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

  1. Demonstrate a professional level of knowledge about the objectives and principles underlying financial reporting by being able to critically engage in written discussion in these areas.
  2. Review, analyse and consolidate financial information into classified financial statements, as specified by the Australian accounting standards.
  3. Correctly interpret the financial information contained within classified financial statements through the use appropriate financial ratios, and provide professional written reports on the results of those analyses.
  4. Provide professional written reports on the significance of inventory measurement and reporting for financial reports.
  5. Provide professional written reports on the significance of the recognition and measurement of current and non-current assets and liabilities for financial reports.

Alignment of Assessment Tasks to Learning Outcomes
Assessment Tasks Learning Outcomes
1 2 3 4 5
1 - Practical and Written Assessment
2 - Presentation and Written Assessment
3 - Examination
Alignment of Graduate Attributes to Learning Outcomes
Advanced Level
Professional Level
Graduate Attributes Learning Outcomes
1 2 3 4 5
1 - Knowledge
2 - Communication
3 - Cognitive, technical and creative skills
Alignment of Assessment Tasks to Graduate Attributes
Advanced Level
Professional Level
Assessment Tasks Graduate Attributes
1 2 3 4 5 6 7
1 - Practical and Written Assessment
2 - Presentation and Written Assessment
3 - Examination