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ACC2102 Financial Accounting

Semester 2, 2021 Online
Short Description: Financial Accounting
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 : 16 June 2021


Examiner: Afzalur Rashid


Pre-requisite: ACC1105
Enrolment is not permitted in ACC2102 if ACC1102 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


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:

  1. discuss a wide variety of business reporting requirements (incl. accounting standards, concepts, principles and processes, ASX listing requirements, and business related legislation and regulations);
  2. think constructively and logically about intermediate level financial accounting and business reporting issues and problems;
  3. apply financial accounting and business reporting knowledge and technical and analytical skills to resolve problems and make recommendations;
  4. provide written communication that clearly and concisely presents financial accounting information and business reports (or components);
  5. work autonomously and collaboratively to develop essential professional accounting skills such as teamwork


Description Weighting(%)
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). (

Please contact us for alternative purchase options from USQ Bookshop. (

Loftus, J, Leo, K, Daniliuc, S, Boys, N, Luke, B, Ang, H & Byrnes, K 2020, Financial reporting, 3rd edn, John Wiley and Sons Australia Ltd, Milton, Queensland.

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.
Hogget, J, Medlin, J, Chalmers, K, Hellmann, A, Beattie, C & Maxfield, J 2018, Financial Accounting, 10th edn, John Wiley and Sons Australia Ltd, Milton, Queensland.
((This book is the required textbook for the pre-requisite course ACC1105 Accounting Principles.).)

Student workload expectations

Activity Hours
Directed Study 36.00
Independent Study 129.00

Assessment details

Description Marks out of Wtg (%) Due Date Notes
Short Answer Questions 100 20 23 Aug 2021 (see note 1)
ASSIGNMENT 100 30 04 Oct 2021 (see note 2)
EXAMINATION 100 50 End S2 (see note 3)

  1. 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.
  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.
  3. 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

  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 for that item.

  3. Penalties for late submission of required work:
    Students should refer to the Assessment Procedure (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 (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 items for 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. 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

Assessment notes

  1. 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

Date printed 16 June 2021