|Semester 1, 2012 On-campus Springfield|
|Faculty or Section :||Faculty of Business and Law|
|School or Department :||School of Accounting, Economics and Finance|
|Version produced :||30 December 2013|
Examiner: Bonnie Hampson
Moderator: Mark Vallely
Pre-requisite: Enrolment in an approved postgraduate program. Students are required to have access to a personal computer, e-mail capabilities and Internet access to UConnect. Current details of computer requirements can be found at http://www.usq.edu.au/current-students/support/computing/hardware.
In this course students are introduced to the accounting process. This includes the environment of accounting, the accounting elements, the recognition, measurement and recording of business transactions and events and the preparation of financial reports. 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. Finally, the accounting process is extended to cash flow statements and the techniques of analysing and interpreting the information displayed in accounting reports.
On successful completion of this course, students should be able to:
- demonstrate professional literacy through a knowledge of the commercial and accounting environment, the assumptions which underlie the accounting process and the current regulatory processes in operation
- demonstrate professional literacy, teamwork, interpersonal skills and problem solving skills through a theoretical and practical knowledge of a range of basic business transactions in relation to their effects on the accounting equation, processing period end adjustments and preparing classified financial reports (balance sheet; income statement; statement of changes in equity and cash flow statement) consistent with the relevant professional and statutory requirements
- demonstrate professional literacy and problem solving skills through the analysis of the major asset, liability and equity accounts in terms of being able to: (a) review the underlying assumptions and recognition criteria (b) identify relevant regulations related to the recognition and reporting practices (c) 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
- demonstrate professional literacy and problem solving skills through the analysis of basic financial reports using both index and ratio techniques in relation to conventional report data and interpret the results of that analysis.
|1.||The commercial and accounting environment||8.00|
|2.||Business elements and transactions||9.00|
|3.||The balance day adjusting process||9.00|
|4.||Completing the accounting cycle||9.00|
|5.||Retail operations and inventory||8.00|
|6.||Recognition and measurement of assets||8.00|
|7.||Recognition and measurement of liabilities||8.00|
|8.||Recognition and measurement of owner's equity||8.00|
|9.||Analysis and interpretation of financial information||9.00|
|10.||The cash flow statement||8.00|
|12.||The framework of accounting||8.00|
Text and materials required to be purchased or accessed
ALL textbooks and materials available to be purchased can be sourced from USQ's Online Bookshop (unless otherwise stated). (https://bookshop.usq.edu.au/bookweb/subject.cgi?year=2012&sem=01&subject1=ACC5202)
Please contact us for alternative purchase options from USQ Bookshop. (https://bookshop.usq.edu.au/contact/)
Horngren, CT, Harrison, WT, Best, P, Fraser, D & Willet, R 2010, Financial accounting with My accounting lab, 6th edn, Pearson Education, Frenchs Forest, New South Wales.
Atrill, P & McLaney, E 2010, Accounting: an introduction, 5th edn, Pearson Education, Frenchs Forest, New South Wales.
Deegan, C 2009, Australian financial accounting, 6th edn, McGraw-Hill, North Ryde, New South Wales.
Henderson, S, Peirson, G, Herbohn, K, Ramsay, A & Borg, V 2010, Issues in financial accounting, 14th edn, Pearson Education, Frenchs Forest, New South Wales.
Hoggett, JR, Edwards, L & Medlin, JF 2009, Financial accounting in Australia, 7th edn, John Wiley & Sons, Milton, Queensland.
2011, Accounting handbook, Pearson Education, Melbourne, Victoria.
Student workload requirements
|Lectures and Tutorials||36.00|
|Description||Marks out of||Wtg (%)||Due Date||Notes|
|ON-LINE QUIZZES||10||10||12 Mar 2012||(see note 1)|
|VIRTUAL GROUP ASSIGNMENT||100||30||13 Apr 2012|
|2-HOUR EXAMINATION||60||60||End S1||(see note 2)|
- Eight on-line quizzes will be available on the course homepage. Each quiz is based on the previous week's module. The top 5 marks from the 8 quizzes will be used to determine the overall grade. Each quiz will be marked out of 2 marks and is worth 2%.
- 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
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.
Requirements for students to complete each assessment item satisfactorily:
To satisfactorily complete an individual assessment item a student must achieve at least 50% of the marks. (Depending upon the requirements in Statement 4 below, students may not have to satisfactorily complete each assessment item to receive a passing grade in this course.)
Penalties for late submission of required work:
If students submit assignments after the due date without prior approval of the examiner, then a penalty of 5% of the total marks gained by the student for the assignment may apply for each working day late up to ten working days at which time a mark of zero may be recorded.
Requirements for student to be awarded a passing grade in the course:
To be assured of receiving a passing grade a student must achieve at least 50% of the total weighted marks available for the course.
Method used to combine assessment results to attain final grade:
The final grades for students will be assigned on the basis of the aggregate of the weighted marks obtained for each of the summative assessment items in the course.
This is a restricted examination. Candidates are allowed access to specific materials during the examination. The only materials that candidates may use in the 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).
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.
University Student Policies:
Students should read the USQ policies: Definitions, Assessment and Student Academic Misconduct to avoid actions which might contravene University policies and practices. These policies can be found at http://policy.usq.edu.au.
Assignments: (i) Students must submit their assignment file/s online using EASE. (ii) Students must retain a copy of the assignment file/s submitted for assessment. This must be produced within 24 hours if required by the examiner. (iii) In accordance with university policy, the examiner may grant an extension of the due date of an assignment in extenuating circumstances. (iv) The assignment files must be submitted by 11.59pm on the due date using USQ time (as displayed on the clock on the course home page; that is, Australian Eastern Standard Time).
Referencing in assignments: Harvard (AGPS) is the referencing system required in this course. Students should use Harvard (AGPS) style in their assignments to format details of the information sources they have cited in their work. The Harvard (AGPS) style to be used is defined by the USQ Library's referencing guide at http://www.usq.edu.au/library/referencing.
Course weightings: Course 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.
Dishonest actions: (i) Any student who is alleged to have performed a dishonest action relating to any assessment in the course will have a course of action taken against him/her as outlined in the academic regulations. (ii) 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 examiner. (iii) 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, that is, 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.
Computer, e-mail and Internet access: Students are required to have access to a personal computer, e-mail capabilities and Internet access to UConnect. Current details of computer requirements can be found at http://www.usq.edu.au/current-students/support/computing/hardware.