Year No. Offer Mode Description Cred. Pts 99 51002 S3 X INTRO FINANCIAL ACCOUNTING 1.00
The units 51002/51003 provide the necessary introductory accounting skills and knowledge to enable students to undertake all majors offered by the Faculty of Commerce. A mastery of the material contained in 51002/51003 is critical for successful further study in Accounting, Finance and Banking. The content and objectives of both units are identical, and 51002 (studied over one semester) is recommended for those students who have some previous accounting experience and/or knowledge. 51003 is studied over two semesters and is recommended for students with limited or no previous accounting experience/knowledge. It offers students with limited accounting knowledge greater time to assimilate the concepts and regulations of accounting, the accounting process, and the analysis and interpretation of accounting information. It is recommended that those students who do not intend undertaking further study within the areas of Accounting, Finance and/or Banking should study unit 51190, 'Accounting Concepts'. Units 51002/51003 introduce students to the conceptual and regulatory framework of accounting. This includes the environment of accounting, the accounting elements, the accounting equation, transaction analysis and recording, trial balance and reports. Particular emphasis is placed on the recording, measurement and control of the major asset groups (cash, inventories, accounts receivable and non-current assets), and liabilities. An introduction to various business structures is also provided (ie: sole trader, partnerships, and companies). The analysis of financial information is also addressed throughout the course.
On completion of this unit students should be able to:
Description Weighting(%)
- The Accounting Environment 10.00 - basic accounting concepts as identified in the conceptual framework - need for information - nature and use of accounting information - fields of accounting - the regulatory framework - the structure of the profession - underlying assumptions of accounting - different accounting entities
- The Accounting System 25.00 - definition of the elements - accounting equations - transactions (recognition/measurement) - double entry and debit/credit - journals (general/specialised) - ledger (general/subsidiary) - trial balance - introductory financial reports
- A review of the Elements; (Qualitative Characteristics; 40.00 Basis of Recognition; Basis of Measurement; Techniques of Measurement; Display) - Current Assets - Non Current Assets - Current Liabilities - Non Current Liabilities - Owners' Equity: Contributed - Owners' Equity: Retained (Revenues & Expenses)
- Completing the Accounting Process 25.00 - The Worksheet - Balance Day Adjustments - Closing Entries - Financial Reports (Profit and Loss; Balance Sheet) - Interpreting the figures
The following 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.
Butterworths, 1997, `Business and Law Dictionary', Butterworths,
Sydney.
Benson K, and Alison S, `Fundamentals of Accounting CD-ROM', McGraw
Hill.
Cotesta P V, Crosling G M, and Murphy H M, 1998, 'Writing for
Accounting Students', Butterworths, Sydney.
Horngren, Harrison, Best, Fraser and Izan, 1997, `Financial
Accounting', 2nd edn, Prentice Hall, Sydney.
Peirson G, and Ramsay A, 1998, `Financial Accounting: An
Introduction',2nd edn, Longman Australia, Melbourne.
Trotman K, and Gibbins M, 1998, 'Financial Accounting: An Integrated
Approach', Nelson ITP, Melbourne.
Wise, T D, et al., 1998, `Principles of Accounting', Australasian
edn, Jacaranda Wiley Ltd, Brisbane.
ACTIVITY HOURS Directed Study 84 Private Study 61 Assessments 20
No *F/S Marks Due Description Wtg(%) LBL WWW 1 S 100.00 03/12/99 CMA TEST 1 Y N 2 S 100.00 10/12/99 CMA TEST 2 Y N 3 S 100.00 17/12/99 CMA TEST 3 Y N 4 S 100.00 24/12/99 CMA TEST 4 Y N 5 S 100.00 31/12/99 CMA TEST 5 Y N 6 S 100.00 07/01/00 CMA TEST 6 Y N 7 S 100.00 14/01/00 CMA TEST 7 Y N 8 S 100.00 BEST 5 CMA TEST RESULTS 15.00 N N 9 S 100.00 05/01/00 ASSIGNMENT 15.00 Y N 10 S 100.00 END S3 3 HOUR EXAMINATION 70.00 N N
1 TO GAIN A PASSING GRADE IN THE UNIT A STUDENT MUST:
a) submit a genuine attempt in the ASSIGNMENT AND
b) pass the EXAM AND
c) pass in aggregate.
1.1 Assessment is made up as follows:
a) your best five (5) CMA TESTS from seven (7) will be counted =
15%.(each test is worth 3%)
b) Assignment = 15%
c) End of Year Exam = 70% TOTAL OF 100%
2 Students must retain a copy of all pieces of assessment which
must be produced if/when required by the lecturer.
3 LATE ASSIGNMENTS
3.1 All assessments submitted after the due date (and not approved
for extension) in accordance with university policy will be
penalised 20% per working day.
3.2 If students submit assignments after the due date and wish to
claim extenuating circumstances then they shall provide validated
documentary evidence with the assignment, explaining the
circumstances.
3.3 The unit examiner shall consider the statement accompanying a
late assignment and decide on the outcome.
4 Assignments not submitted in the appropriate assignment folders
will be deemed as not being received.
5 DISHONEST ACTIONS
5.1 Any student who is alleged to have performed a dishonest action
relating to any assessment in the unit will have a course of
action taken against him/her as outlined in the Academic
Regulations.
5.2 Pieces of assessment should be the work of individual students.
Joint pieces of assessment are not permitted unless written
approval has been obtained from the unit leader.
5.3 Dishonest action in relation to assessment includes: copying or
attempting to copy the work of others; use of or attempting to
use information prohibited from use in that form of assessment;
submitting the work of another as your own; consciously
committing acts of plagiarism, ie taking and using another's
thoughts or writings as one's own with intent to deceive, which
occurs when paragraphs, sentences, a single sentence or
significant parts of a sentence which are copied directly, are
not enclosed in quotation marks and appropriately footnoted or
referenced in the text, direct quotations are not used, but text
is paraphrased or summarised, and the source of the material is
not acknowledged by footnoting or other reference in the text.
6 DEFERRED EXAMINATIONS
6.1 Deferred examinations will be granted at the Dean's discretion in
the case of medical or compassionate circumstances having regard
to item 1. If a deferred examination has been granted students
shall normally sit the deferred examination in the semester in
which the unit is next offered, BUT NO LATER THAN THE NEXT
SEMESTER 3 EXAMINATION PERIOD. If, for whatever reason, this
deferred examination is not taken then the student will be graded
`F'.
6.2 Medical evidence on the appropriate University of Southern
Queensland medical certificate or doctor's certificate must be
received by the Faculty Administrator no later than twenty-one
(21) days after examination date. A medical certificate must be
dated with the same date as the period of illness for which the
absence from examination is being sought and clearly indicate the
student's name and, if possible, student number. (Retrospective
medical certificates will not be accepted for either assignment
work or examinations.) Only original or certified medical
certificates will be accepted.
6.3 A student's medical condition must be stated clearly (IN
ENGLISH). (Certificates stating a student has a `Medical
Condition' may not be sufficient grounds for deferment of
examination). Medical evidence must cover the student for the
day(s) of the missed examination(s).
6.4 Requests must be in writing to the Faculty Administrator clearly
stating the student name and number, unit number of the
examination missed due to illness and current address. Deferral
of an examination CANNOT be granted on an existing deferral in
that unit.
6.5 Requests on grounds other than medical MUST BE supported by
documentation.
6.6 Students must have submitted a genuine attempt at all mandatory
assessment items.
6.7 Students who have a medical condition or have genuine
compassionate or work related problems on the day of the
examination are advised to obtain documentary evidence and NOT
attempt the examination. If a student makes an attempt at the
examination, the assessment item will be marked and a grade
awarded. In these cases, a student cannot, after receiving a
`Fail' grade, request a deferred examination or special
consideration.
6.8 Students who have been granted deferred examinations will not be
granted a waiver of prerequisites, without the permission of the
Heads of Department, in subsequent semesters (if they do not have
a passing grade).
7 Unit weightings of topics should not be interpreted as applying
to the number of marks allocated to questions testing those
topics in an examination paper. The examination may test material
already tested in assignments.
8 Mechanised erasers, mobile telephones and other electronic media
are not permitted in exam venues.
9 The examination will be restricted. Students will be allowed to
bring a quiet, battery-operated non-programmable calculator into
the examination. Dictionaries are NOT to be used in the
examination.
10 Students should also refer to the Faculty of Commerce `Guide to
Policies and Procedures' section of the University Handbook for
further information on the above matters.
11 Computer/Software requirements are outlined in the introductory
booklet for external students or will be outlined in the initial
lecture for internal students.