ACC 5202 Accounting

STAFFING:

OTHER-REQUISITES:

SYNOPSIS:

The course introduces students to the accounting process. This includes the environment of accounting, the accounting elements, transaction recognition and recording and the financial report presentation. Particular emphasis is placed on the recording measurement and control of the major asset groups and the identification, function and measurement of liabilities and owners' equity. The basic accounting process is then applied to a variety of reporting entity activities and owners' equity structures. Finally, the accounting process is extended to cash flow statements and the techniques of analysing and interpreting the information displayed in accounting reports.

OBJECTIVES:

On successful completion of this course students will be able to:

1. demonstrate a knowledge of the environment of accounting, the assumptions which underlie the accounting process and the current regulatory processes in operation;
2. define the separate elements in the accounting equation and be able to classify accounts by element type;
3. analyse a range of basic business transactions in relation to their effects on the accounting equation and identified individual accounts;
4. compare and contrast the alternative transaction recognition criterion and identify the essential components of the cash and accrual systems;
5. process period end `cash/accrual' adjustments utilising both the worksheet and also the formal recording system;
6. prepare classified financial reports (Balance Sheet; Profit and Loss) consistent with the relevant professional and statutory requirements;
7. analyse each major asset type (cash; Accounts Receivable; Inventories; Property, Plant and Equipment; Investments and Intangibles) in terms of being able to: (a) implement transaction recording and reporting alternatives (b) explain the financial significance of the magnitudes reported (c) identify professional and statutory requirements (d) discuss the necessary accounting and administrative controls;
8. analyse the major equity accounts/current liabilities, non- current liability, owner's equity contributed; owner's equity retained; revenues; expenses; distributions) in terms of being able to: (a) explain the differences between each class (b) classify accounts to each category (c) review the underlying assumptions and recognition criterion (d) identify relevant regulation related to the recognition and reporting practices (e) practically demonstrate a knowledge of the relevant calculations, transaction entries and reporting formats for a sample set of financial data in conformity with regulatory or professional requirements;
9. compare and contrast the alternative reporting entity structures in terms of: (a) distinguishing characteristics (b) regulatory requirements for transaction processing and reporting (c) potential advantages and disadvantages;
10. demonstrate a knowledge of the procedures appropriate for accounting for Partnerships;
11. prepare cash flow statements in accordance with the accounting standards and discuss the significance of the disclosed operating, investing and financing cash flows;
12. analyse basic financial reports using both index and ratio techniques in relation to both conventional report data and market disclosures and interpret the results of that analysis.

TOPICS:

TEXT and MATERIALS required to be PURCHASED or accessed:

ALL textbooks and materials are available for purchase from USQ BOOKSHOP (unless otherwise stated). Orders may be placed via secure internet, free fax 1800642453, phone 07 46312742 (within Australia), or mail. Overseas students should fax +61 7 46311743, or phone +61 7 46312742. For costs, further details, and internet ordering, use the 'Textbook Search' facility at http://bookshop.usq.edu.au click 'Semester', then enter your 'Course Code' (no spaces).

ACC5202 study package available from the USQ Bookshop.

REFERENCE MATERIALS:

This is a selection of suitable current reference materials. There are many other textbooks available that could also be reviewed in providing additional or alternative discussion of issues or implementation procedures.

STUDENT WORKLOAD REQUIREMENTS:

ASSESSMENT DETAILS:

NOTES:

1.

The examination is scheduled to be held in the end-of-semester examination period. Students will be advised of the official examination date after the timetable has been finalised.

IMPORTANT ASSESSMENT INFORMATION

1. Attendance requirements:
   It is the students' responsibility to attend and participate appropriately in all activities (such as lectures, tutorials, laboratories and practical work) scheduled for them, and to study all material provided to them or required to be accessed by them to maximise their chance of meeting the objectives of the course and to be informed of course-related activities and administration.
2. Requirements for students to complete each assessment item satisfactorily:
   To complete each of the assignments satisfactorily, students must attempt all assignment questions. To complete the examination satisfactorily, students must obtain at least 50% of the marks available for the examination.
3. Penalties for late submission of required work:
   If students submit assignments after the due date without prior approval then a penalty of 20% of the total marks gained by the student for the assignment will apply for each working day late.
4. Requirements for student to be awarded a passing grade in the course:
   To be assured of receiving a passing grade a student must submit all of the summative assessment items, achieve at least 50% in the examination and at least 50% of the available weighted marks for the summative assessment items.
5. Method used to combine assessment results to attain final grade:
   The final grades for students will be assigned on the basis of the weighted aggregate of the marks (or grades) obtained for each of the summative assessment items in the course.
6. Examination information:
   This is a restricted examination. Candidates are allowed access to specific materials during the examination. The only materials that candidates may use in the restricted examination for this course are: writing materials (non-electronic and free from material which could give the student an unfair advantage in the examination); calculators which cannot hold textual information (students must indicate on their examination paper the make and model of any calculator(s) they use during the examination); English translation dictionaries (but not technical dictionaries).
7. Examination period when Deferred/Supplementary examinations will be held:
   Any Deferred or Supplementary examinations for this course will be held during the next examination period.
8. University Regulations:
   Students should read USQ Regulations 5.1 Definitions, 5.6. Assessment, and 5.10 Academic Misconduct for further information and to avoid actions which might contravene University Regulations. These regulations can be found at the URL http://www.usq.edu.au/corporateservices/calendar/part5.htm. Students should also read the Faculty of Business Guide to Policies and Procedures of the Faculty which can be found at the URL http://www.usq.edu.au/handbook/current/buspolproc.html.

ASSESSMENT NOTES

OTHER REQUIREMENTS:

1. Learning Resources: Prescribed texts and materials (see above); recommended reference materials (see above); printed Introductory Book*, Study Book/s*, Solutions Book* and Computer Managed Assessment Book*; and course Website accessible via USQConnect. *part of the study package available from the USQ Bookshop