FDN 7452 Foundation Accounting

STAFFING:

RATIONALE:

Students considering further study in higher education programs require an academic background that demonstrates a knowledge base and acquisition of skills, usually organised around a selection of discipline-based subjects. The course, FDN7452 - Foundation Accounting, fits within the business-oriented selection of discipline-based subjects that make up Part 1 of the Foundation Studies Program.

SYNOPSIS:

This course is designed to provide International Students with a sound understanding of the accounting fundamentals as they apply within the Australian regulatory and business environment. Satisfactory completion of the course will provide students with the necessary competencies for entry into the Bachelor of Business and Bachelor of Commerce degree programs. Students will also develop and practise language and problem solving skills in English so that they can build upon their existing knowledge and express themselves adequately in the accounting context.

OBJECTIVES:

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

1. identify and discuss the nature and significance of the regulatory environment of financial reporting; (Worksheet A & Final Test)
2. define and recognize accounting elements and their relationship to the accounting equation; (Worksheet A & Final Test)
3. understand the basis of the double entry systems and process transactions using debit and credit terminology; (Worksheet B & Final Test)
4. classify and process a wide range of typical business transactions within the manual accounting framework; (Worksheet B & Final Test)
5. discuss the nature and purpose of balance day adjustments and process such adjustments; (Assignment 1 & Final Test)
6. prepare closing entries and extract end of period financial reports; (Assignment 1 & Final Test)
7. identify the features of good internal control and apply to accounting for cash; (Worksheet C & Final Test)
8. discuss the management of accounts receivable and process transactions for recording changes in the accounts receivable accounts; (Worksheet C & Final Test)
9. discuss the nature and management of inventories and process transactions for recording changes in the inventory account; (Worksheet C & Final Test)
10. discuss the nature and management of non current assets and process transactions for recording changes in the non current asset accounts; (Worksheet C & Final Test)
11. identify the benefits of the cashflow statement and prepare and analyse such reports; (Worksheet C & Final Test)
12. apply a range of analysis tools to evaluate financial reports in terms of both financial performance and financial position; (Final Test)
13. apply analysis tools to make brief comments on the financial reports in terms of both financial performance and financial position (Final Test)

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).

FDN7452 Study package available from USQ Bookshop.

REFERENCE MATERIALS:

STUDENT WORKLOAD REQUIREMENTS:

ASSESSMENT DETAILS:

NOTES:

1.

Worksheets A, B and C will be completed in class time per course schedule

2.

The Final Test will be conducted in the end of semester test period

IMPORTANT ASSESSMENT INFORMATION

1. Attendance requirements:
   Students are required to attend at least 80% of the scheduled class sessions and ensure their attendance is registered with the staff member in charge of the activity. It is the student's responsibility to access information regarding course-related activities and administration.
2. Requirements for students to complete each assessment item satisfactorily:
   To satisfactorily complete an assessment item a student must achieve at least 50% of the marks. Students do not have to satisfactorily complete each assessment item to be awarded a passing grade in this course. Refer to Statement 4 below for the requirements to receive a passing grade in this course. All assignment items must be received prior to the start of the Final Test period for the semester in which the course is offered. Students may be required to resubmit an assignment that is unsatisfactory.
3. Penalties for late submission of required work:
   If students submit assignments after the due date without an approved extension then a penalty of 5% of the total marks available for the assignments may apply for each 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 complete all of the summative assessment items, achieve at least 50% in the final test and at least 50% of the total weighted marks available for the course. Students who do not qualify for a Passing grade may, at the discretion of the Examiner, be awarded a Supplementary Test and/or assigned additional work to demonstrate to the Examiner that they have achieved the required standard. It is expected that such students will have gained at least 40% of the total marks available for the course.
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 obtained for each of the summative assessment items in the course.
6. Examination information:
   In a Restricted Test, candidates are allowed access to specific materials during the test. The only materials that candidates may use in the restricted test for this course are: writing materials (non-electronic and free from material which could give the student an unfair advantage in the test); calculators which cannot hold textual information (students must indicate on their test paper the make and model of any calculator(s) they use during the test; English translation dictionaries (but not technical dictionaries).
7. Examination period when Deferred/Supplementary examinations will be held:
   Any Deferred or Supplementary test for this course will be held within four weeks following the Final Test by arrangement with the Examiner.
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 or in the current USQ Handbook.

ASSESSMENT NOTES