| Effective Term: | 2025/04 |
| Institute / School : | Institute of Innovation, Science & Sustainability |
| Unit Title: | Accounting Concepts and Practices |
| Unit ID: | BUACC5930 |
| Credit Points: | 15.00 |
| Prerequisite(s): | Nil |
| Co-requisite(s): | (BUACC5937 recommended but not required) |
| Exclusion(s): | Nil |
| ASCED: | 080101 |
| Other Change: | |
| Brief description of the Unit |
This is a foundation course in financial accounting. The initial focus of the course is on completing the accounting cycle for a sole trader; beginning with recording transactions, proceeding to the end of period adjustments, and concluding with financial statement analysis. The course subsequently examines the accounting process for partnerships and companies. Students are introduced to the conceptual framework for financial reporting, corporate social responsibility and sustainability reporting. Each topic is introduced by a critical review of key theoretical concepts that are then applied to practical settings. |
| Grade Scheme: | Graded (HD, D, C, P, MF, F, XF) |
| Work Experience Indicator: |
| No work experience |
| Placement Component: No |
| 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 | | | | | | |
|
| Learning Outcomes: |
| Knowledge: |
| K1. | Describe the nature, purpose and function of accounting |
|
| K2. | Demonstrate the way in which accounting transactions are recognised, measured, recorded and reported for different forms of business organisations |
|
| K3. | Evaluate conventional accounting practice and recognise alternative accounting systems |
|
| K4. | Explain the regulatory and conceptual frameworks applicable to accounting |
|
| K5. | Explain the importance of corporate social responsibility and sustainability reporting. |
|
| Skills: |
| S1. | Record transactions in double entry format |
|
| S2. | Prepare financial reports |
|
| S3. | Analyse and use financial reports to make informed decisions |
|
| Application of knowledge and skills: |
| A1. | Adapt and apply financial accounting principles in preparing financial reports |
|
| A2. | Apply accounting information to make informed decisions. |
|
| Unit Content: |
•The nature and function of accounting
•Double entry accounting
•Preparation and analysis of financial reports
•The regulatory and conceptual frameworks of accounting
•Criticisms of conventional accounting practice and proposals for reform
•Introduction to corporate social responsibility and sustainability reporting.
•Ethics and accounting practice |
| Graduate Attributes: |
| | Learning Outcomes Assessed | Assessment Tasks | Assessment Type | Weighting | | 1. | K1, K2, K3, S1, A1 | Review of selected topics, based on class activities, reading, and preparation of responses to set questions. | Test | 10-20% | | 2. | K1, K3, K4, K5, S2, S3, A1, A2 | Group case study and/or essay requiring research and the preparation of calculations and/or written responses. | Presentation and / or Written Assignment | 20-40% | | 3. | K1, K2, K3, K4, K5, S1, S2, S3, A1, A2 | Examination | Exam | 40-60% |
|