| Effective Term: | 2027/05 |
| Institute / School : | Institute of Innovation, Science & Sustainability |
| Unit Title: | Fundamentals of Accounting and Finance |
| Unit ID: | BUACC1000 |
| Credit Points: | 15.00 |
| Prerequisite(s): | Nil |
| Co-requisite(s): | Nil |
| Exclusion(s): | Nil |
| ASCED: | 080101 |
| Other Change: | |
| Brief description of the Unit |
This unit is an introduction to basic concepts in accounting and finance and the application of these concepts for decision-making by a wide range of potential users (e.g. shareholders, investment analysts, lenders, managers, etc.). This unit should benefit students who wish to specialise in accounting and/or finance, and will also be of value to students whose primary interest lies elsewhere in the field of business. On completion, students should have a clear understanding of the accounting process and the language of accounting to enable communication with an accounting professional, understand the relevance of accounting information for informed decision-making by a wide range of potential users, and have the ability to analyse and interpret accounting and financial information. |
| Grade Scheme: | Graded (HD, D, C, P, MF, F, XF) |
| Work Experience Indicator: |
| No work experience |
| Placement Component: | |
| Supplementary Assessment:Yes |
| Where supplementary assessment is available a student must have failed overall in the Unit but gained a final mark of 45 per cent or above, has completed all major assessment tasks (including all sub-components where a task has multiple parts) as specified in the Unit Description and is not eligible for any other form of supplementary assessment |
| Course Level: |
| Level of Unit in Course | AQF Level(s) of Course | | 5 | 6 | 7 | 8 | 9 | 10 | | Introductory | | | | | | | | Intermediate | | | | | | | | Advanced | | | | | | |
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| Learning Outcomes: |
| Knowledge: |
| Skills: |
| Application of knowledge and skills: |
| Other outcomes: |
| O1. | Explain the purpose, principles and regulatory context of accounting and financial reporting across different business structures. |
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| O2. | Prepare accounting records and foundational financial statements from business transactions using appropriate accounting processes. |
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| O3. | Analyse financial statements and accounting information for organisational performance and internal and external decision-making. |
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| O4. | Apply financial mathematics, budgeting and investment-evaluation techniques in responsible financial decision-making contexts. |
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| Unit Content: |
Topics may include:
- What is Accounting inc: cash vs accrual accounting and sources of regulation and standards.
- Organisations and their reporting boundaries inc: business structures and their accounting requirements.
- An introduction to financial accounting inc: transaction analysis and double entry accounting.
- Recording transactions in Journals and Ledgers inc: double entry accounting.
- The balance sheet inc: definition, recognition and measurement of assets and liabilities.
- The income statement and the statement of changes in equity inc: definition and recognition of revenue and expenses. Taxable income and accounting profit.
- The statement of cash flows and cash controls.
- The analysis of organisations’ external reports inc: financial mathematics and ratio analysis.
- An introduction to management accounting.
- Budgeting / Financing in business.
- The external reporting of social and environmental information.
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| Graduate Attributes: |
| Federation University recognises that students require key transferable employability skills to prepare them for their future workplace and society. FEDTASKS (Transferable Attributes Skills and Knowledge) provide a targeted focus on five key transferable Attributes, Skills, and Knowledge that are be embedded within curriculum, developed gradually towards successful measures and interlinked with cross-discipline and Co-operative Learning opportunities. One or more FEDTASK, transferable Attributes, Skills or Knowledge must be evident in the specified learning outcomes and assessment for each FedUni Unit, and all must be directly assessed in each Course.
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| FED TASK and descriptor | Development and acquisition of FEDTASKS in the Unit | | Level | FEDTASK 1
Interpersonal | Students at this level will demonstrate an advanced ability in a range of contexts to effectively communicate, interact and work with others both individually and in groups. Students will be required to display high level skills in-person and/or online in: • Using and demonstrating a high level of verbal and non-verbal communication • Demonstrating a mastery of listening for meaning and influencing via active listening • Demonstrating and showing empathy for others • High order skills in negotiating and conflict resolution skills\\ • Demonstrating mastery of working respectfully in cross-cultural and diverse teams. | Level 3 - Student works independently with limited guidance or works within self-determined guidelines appropriate to context | FEDTASK 2
Leadership | Students at this level will demonstrate a mastery in professional skills and behaviours in leading others. • Creating and sustaining a collegial environment • Demonstrating a high level of self -awareness and the ability to self-reflect and justify decisions • Inspiring and initiating opportunities to lead others • Making informed professional decisions • Demonstrating initiative in new professional situations. | Level 2 - Student demonstrates some independence within provided guidelines | FEDTASK 3
Critical Thinking and Creativity | Students at this level will demonstrate high level skills in working in complexity and ambiguity using the imagination to create new ideas. Students will be required to display skills in: • Reflecting critically to generate and consider complex ideas and concepts at an abstract level • Analysing complex and abstract ideas, concepts and information • Communicate alternative perspectives to justify complex ideas • Demonstrate a mastery of challenging conventional thinking to clarify complex concepts • Forming creative solutions in problem solving to new situations for further learning. | Level 3 - Student works independently with limited guidance or works within self-determined guidelines appropriate to context | FEDTASK 4
Digital Literacy | Students at this level will demonstrate the ability to work competently across a wide range of tools, platforms and applications to achieve a range of tasks. Students will be required to display skills in: • Mastering, exploring, evaluating, managing, curating, organising and sharing digital information professionally • Collating, managing complex data, accessing and using digital data securely • Receiving and responding professionally to messages in a range of professional digital media • Contributing competently and professionally to digital teams and working groups • Participating at a high level in digital learning opportunities. | Level 2 - Student demonstrates some independence within provided guidelines | FEDTASK 5
sustainable and Ethical Mindset | Students at this level will demonstrate a mastery of considering and assessing the consequences and impact of ideas and actions in enacting professional ethical and sustainable decisions. Students will be required to display skills in: • Demonstrate informed judgment making that considers the impact of devising complex solutions in ambiguous global economic environmental and societal contexts • Professionally committing to the promulgation of social responsibility • Demonstrate the ability to evaluate ethical, socially responsible and/or sustainable challenges and generating and articulating responses • Communicating lifelong, life-wide and life-deep learning to be open to the diverse professional others • Generating, leading and implementing required actions to foster sustainability in their professional and personal life | Level 2 - Student demonstrates some independence within provided guidelines |
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| | Learning Outcomes Assessed | Assessment Tasks | Assessment Type | Weighting | Professional Standards |
| 1. |
ULO 1, ULO 2 |
Applying theoretical material to provide written responses to questions in a range of formats, including multiple choice, true/false, short-answer, essay, and case study questions |
Written/online individual assessment |
10 - 20% |
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| 2. |
ULO 1, ULO 2, ULO 3 |
Develop a professional presentation and accompanying report analysing and evaluating business financial statements including profitability, efficiency, liquidity, capital structure and market performance. |
Individual live independently invigilated oral presentation (min 40%) and accompanying written report |
40 - 60% |
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| 3. |
ULO 1, ULO 2, ULO 3, ULO 4 |
Comprehensive review of topics - final test |
Final test |
30 - 50% |
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