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The current and official versions of the course specifications are available on the web at https://www.usq.edu.au/course/specification/current.
Please consult the web for updates that may occur during the year.

ACC1105 Accounting Principles

Semester 2, 2021 On-campus Springfield
Short Description: Accounting Principles
Units : 1
Faculty or Section : Faculty of Business, Education, Law and Arts
School or Department : School of Business
Student contribution band : Band 4
ASCED code : 080101 - Accounting
Grading basis : Graded
Version produced : 11 April 2021

Staffing

Examiner: Gregory Jones

Requisites

Pre-requisite: ACC1101
Enrolment is not permitted in ACC1105 if ACC1102 and/or ACC3101 has been previously completed.

Other requisites

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.

Rationale

Accounting professionals require a robust understanding of business transactions and their accounting treatment. Businesses are required to prepare multiple financial reports that provide stakeholders with valuable information. Understanding business structures, accounting techniques and financial statement conventions is a key component in meeting professional accreditation requirements.

The course will expand the student’s body of knowledge in accounting, integrate the use of appropriate business software and technology, and contribute to the development of the essential professional accounting skills of critical analysis and problem solving.

Synopsis

This course provides students with an introduction to processing accounting transactions. The course encourages students to understand accounting systems by exploring both manual and computerised applications of accounting tools. Students will also learn about fundamental accounting concepts and will have the opportunity to apply these to normal business transactions. Students will prepare financial statements applying the accounting standards to ensure that these reports meet legislative requirements. The course will also provide students with the skills to analyse the information content of the financial statements.

Objectives

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

  1. record transactions and produce financial reports for different business structures in accordance with Australian Accounting Standards and GAAP;
  2. apply fundamental accounting concepts and methods to produce and analyse financial statements;
  3. apply software to support accounting functions;
  4. analyse reports produced by accounting systems for reasonableness;
  5. develop and apply research skills to evidence accounting decision making and applications.

Topics

Description Weighting(%)
1. Accounting transactions 45.00
2. Accounting measurement 25.00
3. Financial statements 10.00
4. Business structures 20.00

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://omnia.usq.edu.au/textbooks/?year=2021&sem=02&subject1=ACC1105)

Please contact us for alternative purchase options from USQ Bookshop. (https://omnia.usq.edu.au/info/contact/)

Hogget, J, Medlin, J, Chalmers, K, Hellmann, A, Beattie, C & Maxfield, J 2018, Financial Accounting, 11th edn, John Wiley & Sons, viewed 22 February 2018,
<https://www.wiley.com/en-au/search?pq=hogget%7Crelevance%7Csubject%3AAC00>.

Reference materials

Reference materials are materials that, if accessed by students, may improve their knowledge and understanding of the material in the course and enrich their learning experience.
Carlon, S, McAlpine-Mladenovic, R, Palm, C, Mitrione, L, Kirk, N & Wong, L 2019, Financial accounting – reporting, analysis and decision making, 6th edn, Wiley, Australia.
Porter, C & Norton, G 2016, Financial accounting: the impact on decision makers, 10th edn, Cengage Learning, New York.

Student workload expectations

Activity Hours
Directed Study 48.00
Independent Study 117.00

Assessment details

Description Marks out of Wtg (%) Due Date Notes
WRITTEN RESEARCH (DRAFT) 10 5 02 Aug 2021
WRITTEN RESEARCH ESSAY FINAL 20 10 16 Aug 2021
FIN TRANSC/EXCEL REPORT 30 15 06 Sep 2021
FIN TRANSC/XERO REPORT 40 20 04 Oct 2021
EXAMINATION 100 50 End S2 (see note 1)

Notes
  1. This is a restricted examination. The total working time for the examination is 2 hours. The examination date will be available via UConnect when the official examination timetable has been released.

Important assessment information

  1. Attendance requirements:
    It is the students' responsibility to attend and participate appropriately in all activities 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 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.)

  3. Penalties for late submission of required work:
    Students should refer to the Assessment Procedure http://policy.usq.edu.au/documents.php?id=14749PL (point 4.2.4)

  4. Requirements for student to be awarded a passing grade in the course:
    To be assured of receiving a passing grade a student must obtain at least 50% of the total weighted marks available for the course (i.e. the Primary Hurdle), and have satisfied the Secondary Hurdle (Supervised), i.e. the end of semester examination by achieving at least 40% of the weighted marks available for that assessment item.

    Supplementary assessment may be offered where a student has undertaken all of the required summative assessment items and has passed the Primary Hurdle but failed to satisfy the Secondary Hurdle (Supervised), or has satisfied the Secondary Hurdle (Supervised) but failed to achieve a passing Final Grade by 5% or less of the total weighted Marks.

    To be awarded a passing grade for a supplementary assessment item (if applicable), a student must achieve at least 50% of the available marks for the supplementary assessment item as per the Assessment Procedure http://policy.usq.edu.au/documents/14749PL (point 4.4.2).

  5. 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.

  6. Examination information:
    This is a restricted examination. Candidates are allowed access only to specific materials during the examination. The only materials that candidates may use in the restricted examination for this course are:
    1. writing materials. These must be non-electronic and free from material which could give the student an unfair advantage in the examination.
    2. a calculator which cannot hold textual information. The student must indicate on the examination paper the make and model of any calculator(s) used during the examination.
    3. an unmarked non-electronic translation dictionary (but not technical dictionary). A student whose first language is not English may take a translation dictionary into the examination room. A translation dictionary with any handwritten notes will not be permitted. Translation dictionaries will be subject to perusal and may be removed from the candidate's possession until appropriate disciplinary action is completed if found to contain material that could give the candidate an unfair advantage.


  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 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.

Assessment notes

  1. 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.

Date printed 11 April 2021