| Effective Term: | 2024/05 |
| Institute / School : | Institute of Innovation, Science & Sustainability |
| Unit Title: | Principles of Accounting |
| Unit ID: | GPACC1508 |
| Credit Points: | 15.00 |
| Prerequisite(s): | Nil |
| Co-requisite(s): | Nil |
| Exclusion(s): | Nil |
| ASCED: | 080101 |
| Other Change: | |
| Brief description of the Unit |
This course 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 course 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. This course has been designed to incorporate additional learning hours to support students' academic and study skill development. 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: |
| 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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| S5. | Develop the appropriate English language and academic skills to successfully study at an undergraduate level. |
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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: |
This may include:
•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: |
| | Learning Outcomes Assessed | Assessment Tasks | Assessment Type | Weighting | | 1. | K1, K2, K5, S1, S2 S5, A1 | Review of selected topics | Test | 20-30% | | 2. | K1, K2, K3, S1, S2, S3, S5, A1 | Individual or group report and/or task | Assignment | 20-30% | | 3. | K1, K2, K3, K4, K5, S1, S2, S3, S4, S5, A1, A2 | Comprehensive review of topics/final test | Final Summative Assessment | 40-50% |
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