| Effective Term: | 2025/27 |
| 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 unit introduces students to the basic principles of accounting and finance and how they are used to support simple business decision-making. Students will learn how to understand and use accounting information, including key financial reports, to help make informed decisions in a business setting. The unit is suitable for students who are considering further study in accounting or finance, as well as for those who want a general understanding of how financial information is used across different areas of business. This course has been created to incorporate additional learning hours to support students' academic and study skill development. By the end of this unit, students will be able to explain the accounting process, use basic accounting terms, and interpret simple financial reports. They will also be able to recognize how accounting information is used by people such as business owners, managers, and lenders to support business decisions. |
| 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 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: 1.What is Accounting inc: cash vs accrual accounting and sources of regulation and standards. 2. Organisations and their reporting boundaries inc: business structures and their accounting requirements. 3. An introduction to financial accounting inc: transaction analysis and double entry accounting. 4. Recording transactions in Journals and Ledgers inc: double entry accounting. 5. The balance sheet inc: definition, recognition and measurement of assets and liabilities. 6. The income statement and the statement of changes in equity inc: definition and recognition of revenue and expenses. Taxable income and accounting profit. 7. The statement of cash flows and cash controls. 8. The analysis of organisations’ external reports inc: financial mathematics and ratio analysis. 9. An introduction to management accounting. 10. Budgeting / Financing in business. 11. The external reporting of social and environmental information. |
| 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 | Presentation | Presentation | 10-20% | | 4. | K1, K2, K3, K4, K5, S1, S2, S3, S4, S5, A1, A2 | Comprehensive review of topics/final test | Final Summative Assessment | 20-30% |
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