|Semester 1, 2021 On-campus Toowoomba|
|Short Description:||Financial Accounting|
|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 :||16 June 2021|
Examiner: Bonnie Hampson
Enrolment is not permitted in ACC2102 if ACC1102 has been previously completed.
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.
Accounting professionals work in many areas of business and industry. In this course we will focus primarily on companies listed on the Australia Stock Exchange. Listed companies have specific accounting and corporate legislation that they must comply with. The purpose of this course is to engage students in the process of thinking constructively and logically about some of the more complex accounting and reporting issues faced by reporting entities. This course builds on the broad knowledge of accounting and the accounting cycle and systems gained in earlier accounting courses and has a strong focus on the preparation and analysis of financial statements and provides pre-requisite knowledge for advanced study in accounting.
The course will expand the student’s body of knowledge in business reporting, the analysis of business reports and contribute to the development of the essential professional accounting skills such as teamwork.
In this course, students will study various sources of authority as they relate to the recording transactions and events and the preparation of financial statements and business reports. Students will investigate a number of specific accounting standards and generally accepted accounting principles (GAAP) in this course; topics include accounting for assets (e.g. financial assets, property, plant and equipment and leased assets), liabilities (provisions, debentures and leases), equity accounts for companies (share capital and reserves) and income, revenue and expense (e.g. recognition and measurement). Students will prepare and analyse financial statements for reporting entities (statement of financial position, statement of profit and loss and other comprehensive income, statement of changes in equity, statement of cash flows), record journal entries for complex business transactions and events and complete a business report.
On successful completion of this course students should be able to:
- discuss a wide variety of business reporting requirements (incl. accounting standards, concepts, principles and processes, ASX listing requirements, and business related legislation and regulations);
- think constructively and logically about intermediate level financial accounting and business reporting issues and problems;
- apply financial accounting and business reporting knowledge and technical and analytical skills to resolve problems and make recommendations;
- provide written communication that clearly and concisely presents financial accounting information and business reports (or components);
- work autonomously and collaboratively to develop essential professional accounting skills such as teamwork
|1.||Financial Statements: Presentation and Analysis||40.00|
|2.||Financial Reporting: Measurement and Recognition Issues||60.00|
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=01&subject1=ACC2102)
Please contact us for alternative purchase options from USQ Bookshop. (https://omnia.usq.edu.au/info/contact/)
((This book is the required textbook for the pre-requisite course ACC1105 Accounting Principles.).)
Student workload expectations
|Description||Marks out of||Wtg (%)||Due Date||Notes|
|Short Answer Questions||100||20||05 Apr 2021||(see note 1)|
|ASSIGNMENT||100||30||17 May 2021||(see note 2)|
|OPEN EXAM - TAKE HOME||100||50||End S1||(see note 3)|
- Students are required to complete the Short Answer Questions by 11.59pm (USQ time) on the due date. The Short Answer Questions will address objectives 1 and 2.
- Students are required to complete sections of the Assignment both individually and collaboratively with members of their study group. The Assignment will address objectives 3, 4 and 5. Students will not be permitted to attempt the Assignment after the due date.
- The examination will be a Take Home Exam. It will address objectives 1, 2, 3 and 4. The examination format and date will be available via UConnect when the official information is available and the timetable has been released.
Important assessment information
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.
Requirements for students to complete each assessment item satisfactorily:
Due to COVID-19 the requirements for S1 2021 are: To satisfactorily complete an individual assessment item a student must achieve at least 50% of the marks for that item.
Requirements after S1, 2021:
To satisfactorily complete an individual assessment item a student must achieve at least 50% of the marks for that item.
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)
Requirements for student to be awarded a passing grade in the course:
Due to COVID-19 the requirements for S1 2021 are: To be assured of receiving a passing grade a student must achieve at least 50% of the total weighted marks available for the course.
Requirements after S1, 2021:
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).
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 items for the course.
Due to COVID-19 the requirements for S1 2021 are: An Open Examination is one in which candidates may have access to any printed or written material and a calculator during the examination.
Requirements after S1, 2021:
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:
- writing materials. These must be non-electronic and free from material which could give the student an unfair advantage in the examination.
- 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.
- 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.
Examination period when Deferred/Supplementary examinations will be held:
Normally Deferred and Supplementary Examinations are held in the next Examination period. In S1 2021 selected courses will pilot an early Deferred and Supplementary Examination period held within 30 business days of results release. The list of courses involved can be found at https://cmsauth.usq.edu.au/current-students/academic/exams/supplementary-and-deferred-assessment.
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.
Referencing in assignments must comply with the Harvard (AGPS) referencing system. This system should be used by students to format details of the information sources they have cited in their work. The Harvard (APGS) style to be used is defined by the USQ library’s referencing guide. This guide can be found at http://www.usq.edu.au/library/referencing.