| Effective Term: | 2024/20 |
| Institute / School : | Institute of Innovation, Science & Sustainability |
| Unit Title: | Accounting Fundamentals |
| Unit ID: | BUACC1507 |
| Credit Points: | 15.00 |
| Prerequisite(s): | (BUACC1506) |
| Co-requisite(s): | Nil |
| Exclusion(s): | Nil |
| ASCED: | 080101 |
| Other Change: | |
| Brief description of the Unit |
This course provides the foundation financial accounting knowledge for students intending to major in accounting, and is a pre-requisite for second year accounting courses. It can also complement the studies of students of other disciplines who wish to develop a soundly-based knowledge of accounting in addition to their primary discipline. Practical and theoretical exercises are used to gain a rigorous understanding of accrual accounting and to master the credit-debit notation in the context of sole traders, partnerships and companies.
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| Grade Scheme: | Graded (HD, D, C, P, MF, F, XF) |
| Work Experience Indicator: |
| Placement Component: No |
| Supplementary Assessment: |
| 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: |
| K1. | Explain the principles of double-entry accounting and the justification for and application of accrual accounting
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| K2. | Compare and contrast the areas of commonality and of difference in accounting for companies, partnerships and sole traders
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| K3. | Examine the regulatory regime, including selected International Accounting Standards, and the ethical considerations applying to the preparation and presentation of financial information
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| K4. | Describe the issues related to the implementation and use of a computerised commercial accounting package
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| Skills: |
| S1. | Identify accounting transactions and encode them using debit-credit notation
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| S2. | Integrate the content of the course through reconstructing accounts in the context of preparing a Statement of Cashflows
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| S3. | Justify accounting treatments used by reference to accounting standards or the IFRS Conceptual Framework
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| Application of knowledge and skills: |
| A1. | Prepare period-end adjusting transactions so that the resultant financial statements conform to accrual accounting principles
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| A2. | Select the most applicable accounting treatments for Inventories, and Property, Plant and Equipment to suit specific circumstances
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| A3. | Implement and operate a computerised accounting practice set in a small company scenario
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| Unit Content: |
Topics may include:1.Accounting concepts and principles 2.Recording transactions 3.End-of-period adjustments 4.Financial statements - Structure and disclosure requirements - Balance sheet
- Income statement
- Cash flow statement
5.Computerised practice set 6.Accounting for retail operations 7.Property, plant & equipment 8.Accounting for partnerships |
| Graduate Attributes: |
| | Learning Outcomes Assessed | Assessment Tasks | Assessment Type | Weighting | | 1. | K1 | Individual Assessment
| Test | 10-20% | | 2. | K4
S1
A1,A3
| Implement and operate a computerised accounting system using practice set data | Assignment | 20-30% | | 3. | K1,K2,K3,K4 S1,S2,S3
A1,A2
| Examination to assess attainment of required learning outcomes with emphasis on those not previously assessed | Examination | 50-70% |
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