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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.

ACC2115 Company Accounting

Semester 2, 2021 Springfield On-campus
Short Description: Company 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 : 28 September 2021

Staffing

Examiner: Mark Vallely

Requisites

Pre-requisite: ACC1102 or ACC2102 or ACC2103

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 for companies is a fundamental part of professional accounting practice. Large companies have specific accounting requirements which require a thorough knowledge of accounting standards and the Corporations Act 2001. The course assumes prior knowledge from the previous financial accounting course. The ACC2115 course expands on the knowledge from the previous courses in that it specifically focuses on the accounting requirements/regulations of companies. This course develops skills and knowledge required for the higher levels of theory and practice in the accounting major.

Synopsis

This course is designed to enable students to acquire basic skills of company accounting (formerly ACC3115). Based on the Australian Qualification Framework, the minimum Threshold Learning Outcomes for this course will be developed in the areas of Knowledge and Application skills. A focus of the course is the development of practical skills. For example, students will prepare basic company accounting records required for a simulated consolidation of companies as a part of their assessment.

Objectives

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

  1. integrate theoretical and technical accounting knowledge particularly in the area of finance and the relevant regulations in commercial law, corporation law and taxation law at a competent level by developing understanding the purposes of accounting procedures and the conceptual frameworks on which they draw;
  2. critically apply theoretical and technical accounting knowledge and skills to solve routine accounting problems at a competent level by practice in preparing accounting records and adjusting procedures to changes in regulations;
  3. interpret and apply the accounting standards relating to company regulations and operations, company income tax, accounting for leases, business combinations, company consolidations, joint ventures and company foreign operations;
  4. apply the requirements of the Corporations Act 2001 and the professional accounting standards (including international accounting standards) to present and prepare the accounting entries in relation to company operations and share issues, income tax, business combinations, company consolidations, joint ventures and company foreign operations;
  5. solve problems through case studies that require preparation of accounting entries as required by the professional accounting standards (including international accounting standards);
  6. apply the technical and professional literacy skills required of an accounting professional.

Topics

Description Weighting(%)
1. Company regulations and reporting requirements 10.00
2. Advanced topics for assets and liabilities 40.00
3. Accounting for investments in other entities 50.00

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=ACC2115)

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

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, Qld.
(The text book is available as an eBook, which is a cheaper option. If you wish to purchase the eBook, go to http://www.wileydirect.com.au/buy/financial-reporting-3rd-edition/ and follow the prompts.)
ACC2115 study materials are available via the course materials link on the course study desk home page. Printed study materials are not provided.

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.
Deegan, C 2020, Financial accounting, 9th edn, McGraw-Hill, North Ryde, New South Wales.
Leo, K, Hoggett, J & Sweeting, J 2018, Company accounting, 11th edn, John Wiley & Sons, Milton, Queensland.
Picker, R, Clark, K, Dunn, J, Kolitz, D, Livne, G, Loftus, J & Tas, L 2016, Applying international financial reporting standards, 4th edn, John Wiley & Sons, West Sussex, United Kingdom.

Student workload expectations

Activity Hours
Directed Study 36.00
Independent Study 129.00

Assessment details

Description Marks out of Wtg (%) Due Date Notes
ONLINE QUIZ 1 20 10 04 Aug 2021 (see note 1)
ASSIGNMENT 1 100 15 18 Aug 2021
ONLINE QUIZ 2 20 10 01 Sep 2021
ASSIGNMENT 2 100 15 15 Sep 2021
ONLINE EXAMINATION 100 50 End S2 (see note 2)

Notes
  1. Students are required to complete the online quizzes by 11.59pm (USQ time) on the due date. The online quizzes will be available from one week before the due date and can be accessed from the online link on the UConnect Study Desk. Students will not be permitted to attempt the online quizzes after the due date.
  2. This will be an online exam. Students will be provided further instruction regarding the exam by their course examiner via StudyDesk. The examination date will be available via UConnect when the Alternate Assessment Schedule 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 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 achieve at least 50% of the total weighted marks available for the course.

  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:
    An Online Examination is one in which candidates may have access to any printed or written material.

  7. Examination period when Deferred/Supplementary examinations will be held:
    Deferred and Supplementary examinations will be held in accordance with the Assessment Procedure https://policy.usq.edu.au/documents/14749PL.

  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. Online tests:
    1. The due date for online quizzes is the date by which the student must complete the online quizzes electronically via UConnect. Please note: all online quizzes for this course are due by 5pm (USQ time) on the due date. The online quizzes will be available from one week before the due date.
    2. There will be NO extensions granted for the online quizzes as they are available from one full week before the due date and students are required to manage their commitments accordingly. Computer systems failure will not be valid grounds for applications for extension of assignment due dates.


Date printed 28 September 2021