| Effective Term: | 2024/05 |
| Institute / School : | Institute of Innovation, Science & Sustainability |
| Unit Title: | Principles of Accounting and Finance |
| Unit ID: | BUACC1508 |
| 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.
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| Grade Scheme: | Graded (HD, D, C, P, MF, F, XF) |
| Work Experience Indicator: |
| No work experience |
| 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. | Understand the nature and purpose of financial statements and the environment within which accounting information is prepared and used |
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| K2. | Comprehend the way in which accounting transactions are recognised, measured, recorded and reported |
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| K3. | Understand how accounting information is used for external decision-making and the internal financial management of organisations
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| K4. | Appreciate the relationship between accounting and finance, and the role of accounting information in supporting financial decision making
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| K5. | Gain an understanding of different business structures and record transactions |
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| Skills: |
| S1. | Recognise, measure, record and report business transactions and accounting events |
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| S2. | Construct foundational accounting processes involved in communicating accounting information to internal and external users
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| S3. | Prepare, interpret and analyse financial statements and evaluate organisational performance |
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| S4. | Perform time value of money calculations for single and mixed cash flows
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| Application of knowledge and skills: |
| A1. | Apply accounting knowledge and skills in a range of situations to generate accounting information suitable for decision-making in internal and external user contexts |
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| A2. | Employ accounting information and knowledge of financial and investment evaluation techniques to make wealth-increasing financial decisions |
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| Unit Content: |
•Introduction to the nature and function of accounting, regulations and standards
•Double-entry bookkeeping, transactions analysis and accounting equation (s)
•Basic elements of accounting and financial statements
•Cash and accrual accounting
•Analysis of financial reports and impact of tax
•Financial decision-making and control
•Introduction to finance
•Financial mathematics and Investments |
| 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 | Learning outcomes
(KSA) | Assessment task
(AT#) | FEDTASK 1
Interpersonal | Students will demonstrate the ability to effectively communicate, inter-act and work with others both individually and in groups. Students will be required to display skills in-person and/or online in: • Using effective verbal and non-verbal communication • Listening for meaning and influencing via active listening • Showing empathy for others • Negotiating and demonstrating conflict resolution skills • Working respectfully in cross-cultural and diverse teams. | S3 | AT2 | FEDTASK 2
Leadership | Students will demonstrate the ability to apply professional skills and behaviours in leading others. Students will be required to display skills in: • Creating a collegial environment • Showing self -awareness and the ability to self-reflect • Inspiring and convincing others • Making informed decisions • Displaying initiative | not applicable | not applicable | FEDTASK 3
Critical Thinking and Creativity | Students will demonstrate an ability to work in complexity and ambiguity using the imagination to create new ideas. Students will be required to display skills in: • Reflecting critically • Evaluating ideas, concepts and information • Considering alternative perspectives to refine ideas • Challenging conventional thinking to clarify concepts • Forming creative solutions in problem solving. | not applicable | not applicable | FEDTASK 4
Digital Literacy | Students will demonstrate the ability to work fluently across a range of tools, platforms and applications to achieve a range of tasks. Students will be required to display skills in: • Finding, evaluating, managing, curating, organising and sharing digital information • Collating, managing, accessing and using digital data securely • Receiving and responding to messages in a range of digital media • Contributing actively to digital teams and working groups • Participating in and benefiting from digital learning opportunities. | not applicable | not applicable
| FEDTASK 5
Sustainable and Ethical Mindset | Students will demonstrate the ability to consider and assess the consequences and impact of ideas and actions in enacting ethical and sustainable decisions. Students will be required to display skills in: • Making informed judgments that consider the impact of devising solutions in global economic environmental and societal contexts • Committing to social responsibility as a professional and a citizen • Evaluating ethical, socially responsible and/or sustainable challenges and generating and articulating responses • Embracing lifelong, life-wide and life-deep learning to be open to diverse others • Implementing required actions to foster sustainability in their professional and personal life. | K1, A1 | AT1, AT3
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| | Learning Outcomes Assessed | Assessment Tasks | Assessment Type | Weighting | | 1. | K1, K2, K5, S1, S2, A1
| Review of selected topics | Individual assessment | 10-30% | | 2. | K1, K2, K3, S1, S2, S3, A1
| Group report and/or task | Group Assignment | 20-40% | | 3. | K1, K2, K3, K4, K5, S1, S2, S3, S4, A1, A2
| Comprehensive review of topics/final test | Final Assessment | 40-60% |
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