Outline

Overview

This unit provides an introduction to the generally accepted accounting principles and practices underlying financial accounting and reporting. The unit introduces students to the concepts and skills required to prepare, analyse, and interpret financial statements.

Details

Academic unit	Accounting
Unit code	ACCT5001
Unit name	Accounting Principles
Session, year ?	Semester 1, 2020
Attendance mode	Normal day
Location	Camperdown/Darlington, Sydney
Credit points	6

Enrolment rules

Prohibitions ?	None
Prerequisites ?	None
Corequisites ?	None
Available to study abroad and exchange students	Yes

Teaching staff and contact details

Coordinator	Ronald James Day, ronald.day@sydney.edu.au
Administrative staff	Larina Schulz

Type	Description	Weight	Due	Length
Final exam	Final exam On-line exam	50%	Formal exam period	2 hours
Outcomes assessed:
In-semester test	Mid-semester test On-line timed test	25%	Week 06	2 hours
Outcomes assessed:
Assignment	Individual assignment Online written task	25%	Week 10 Due date: 11 May 2020 at 10:00 Closing date: 25 May 2020	800 words
Outcomes assessed:
= hurdle task ?

Individual assignment: The individual assignment requires students to come to a deeper level of understanding of the conceptual framework concepts and principles that underly financial reporting, and/or to identify their application in accounts and annual financial reports of listed Australian companies.
Mid-semester exam: The mid-semester test will contain direct practical and written questions covering material from weeks 1-5 (chapters 1 to 5 from the textbook).
Final exam: The exam will contain direct questions practical and written questions covering material from weeks 6-13, although this will require background knowledge and skills from weeks 1 to 13. The final exam is listed as a HURDLE TASK which means that you must complete the assessment with a result of 45% or above in order to pass the unit. Students who fail to complete this assessment, or get a mark of less than 45% for it (even when their aggregate mark for the entire unit of study is above 50%), will be given a Fail grade for this unit. As a result, a student's academic transcript will show a Fail grade and the actual mark achieved if the final mark of the unit is between 0-49; and a Fail grade and a capped moderated mark of 49 for all other final marks.

Replacement exams: The Business School has determined that second replacement exams (both mid-semester and final) will not be offered for this unit of study should a student submit two special considerations for the same exam as this unit forms part of the professional accounting accreditation pathway. Should a student be granted a replacement exam via special consideration, and is then unable to attend or does not complete the replacement exam, any subsequent special consideration will result in a DC grade (Discontinue Without Fail).

Detailed information for each assessment can be found on Canvas.

Assessment criteria

The University awards common result grades, set out in the Coursework Policy 2014 (Schedule 1).

As a general guide, a high distinction indicates work of an exceptional standard, a distinction a very high standard, a credit a good standard, and a pass an acceptable standard.

Result name	Mark range	Description
High distinction	85 - 100	Awarded when you demonstrate the learning outcomes for the unit at an exceptional standard, as defined by grade descriptors or exemplars outlined by your faculty or school.
Distinction	75 - 84	Awarded when you demonstrate the learning outcomes for the unit at a very high standard, as defined by grade descriptors or exemplars outlined by your faculty or school.
Credit	65 - 74	Awarded when you demonstrate the learning outcomes for the unit at a good standard, as defined by grade descriptors or exemplars outlined by your faculty or school.
Pass	50 - 64	Awarded when you demonstrate the learning outcomes for the unit at an acceptable standard, as defined by grade descriptors or exemplars outlined by your faculty or school.
Fail	0 - 49	When you don’t meet the learning outcomes of the unit to a satisfactory standard.

For more information see sydney.edu.au/students/guide-to-grades.

Late submission

In accordance with University policy, these penalties apply when written work is submitted after 11:59pm on the due date:

Deduction of 5% of the maximum mark for each calendar day after the due date.
After ten calendar days late, a mark of zero will be awarded.

Special consideration

If you experience short-term circumstances beyond your control, such as illness, injury or misadventure or if you have essential commitments which impact your preparation or performance in an assessment, you may be eligible for special consideration or special arrangements.

Academic integrity

The Current Student website provides information on academic honesty, academic dishonesty, and the resources available to all students.

The University expects students and staff to act ethically and honestly and will treat all allegations of academic dishonesty or plagiarism seriously.

We use similarity detection software to detect potential instances of plagiarism or other forms of academic dishonesty. If such matches indicate evidence of plagiarism or other forms of dishonesty, your teacher is required to report your work for further investigation.

Weekly schedule

WK	Topic	Learning activity
Week 01	The role of accounting in decision making	Lecture (3 hr)
Week 02	Recording business transactions	Lecture (3 hr)
Week 03	The adjusting process	Lecture (3 hr)
Week 04	Completing the accounting cycle	Lecture (3 hr)
Week 05	Retailing operations	Lecture (3 hr)
Week 07	Retail Inventory	Lecture (3 hr)
Week 08	Accounting Systems and cash control	Lecture (3 hr)
Week 09	Accounts receivable, and property, plant, and equipment	Lecture (3 hr)
Week 10	Selected current and non-current liabilities	Lecture (3 hr)
Week 11	Company formation and shareholders' equity	Lecture (3 hr)
Week 12	The cash flow statement	Lecture (3 hr)
Week 13	Review questions and problems	Lecture (3 hr)

Attendance and class requirements

Lecture recordings: A lecture stream will be recorded each week and will be made available on Canvas at the end of the week for student use. Please note the Business School does not own the system and cannot guarantee that the system will operate or that every class will be recorded. Students should ensure they attend and participate in all classes.

Study commitment

Typically, there is a minimum expectation of 1.5-2 hours of student effort per week per credit point for units of study offered over a full semester. For a 6 credit point unit, this equates to roughly 120-150 hours of student effort in total.

Required readings

All required readings for each topic in this unit are from the textbook

Nobles, T., Mattison, B., Matsumura, E., Best, P., Fraser, D., Tan, R., and Willet, R. (2016). Horngren's Financial Accounting, 8th edition, Melbourne Australia, Pearson Australia

Restricted reference sources required for the individual assignment are available in links on Canvas (under ‘Assessment’ tab and then ‘Individual Assignment’.

Learning outcomes

Learning outcomes are what students know, understand and are able to do on completion of a unit of study. They are aligned with the University’s graduate qualities and are assessed as part of the curriculum.

Outcomes
Graduate qualities

At the completion of this unit, you should be able to:

LO1. describe the purpose of accounting and accounting processes; identify users and uses of accounting information; and explain why accounting is important noting potential business, social, professional or ethical issues
LO2. process (identify, analyse, record, store and summarise) business transactions in the accounting system
LO3. identify and prepare end of period adjustments required in accordance with accounting principles and accrual accounting
LO4. prepare appropriately classified accrual accounting financial statements to report the financial performance and the changes of equity for the period, and the financial position at the end of the period
LO5. use different assumptions or methods in the preparation of financial reports, and consider the possible motivations and impact of accounting policy choice
LO6. explain and demonstrate how the use of special journals and subsidiary ledgers can improve the efficiency of a manual and computerised accounting system
LO7. identify general internal control principles, and demonstrate specific applications and processes to control cash
LO8. outline and explain accounting principles and concepts underlying accounting and financial reporting
LO9. apply accounting principles, concepts, and different methods in accounting and reporting to specific current and non-current assets and liabilities
LO10. distinguish a company from other forms of business structure, account for equity transactions during the period, and report shareholders' equity at the end of the period
LO11. process/construct relevant cash flow data and prepare an appropriately classified statement of cash flows, in accordance with options allowed in the accounting standard
LO12. use ratios to analyse accounting information and reports to help make financial evaluations about the entity.

Graduate qualities

The graduate qualities are the qualities and skills that all University of Sydney graduates must demonstrate on successful completion of an award course. As a future Sydney graduate, the set of qualities have been designed to equip you for the contemporary world.

GQ1	Depth of disciplinary expertise Deep disciplinary expertise is the ability to integrate and rigorously apply knowledge, understanding and skills of a recognised discipline defined by scholarly activity, as well as familiarity with evolving practice of the discipline.
GQ2	Critical thinking and problem solving Critical thinking and problem solving are the questioning of ideas, evidence and assumptions in order to propose and evaluate hypotheses or alternative arguments before formulating a conclusion or a solution to an identified problem.
GQ3	Oral and written communication Effective communication, in both oral and written form, is the clear exchange of meaning in a manner that is appropriate to audience and context.
GQ4	Information and digital literacy Information and digital literacy is the ability to locate, interpret, evaluate, manage, adapt, integrate, create and convey information using appropriate resources, tools and strategies.
GQ5	Inventiveness Generating novel ideas and solutions.
GQ6	Cultural competence Cultural Competence is the ability to actively, ethically, respectfully, and successfully engage across and between cultures. In the Australian context, this includes and celebrates Aboriginal and Torres Strait Islander cultures, knowledge systems, and a mature understanding of contemporary issues.
GQ7	Interdisciplinary effectiveness Interdisciplinary effectiveness is the integration and synthesis of multiple viewpoints and practices, working effectively across disciplinary boundaries.
GQ8	Integrated professional, ethical, and personal identity An integrated professional, ethical and personal identity is understanding the interaction between one’s personal and professional selves in an ethical context.
GQ9	Influence Engaging others in a process, idea or vision.

Outcome map

Learning outcomes	Graduate qualities
Learning outcomes

Closing the loop

No changes have been made since this unit was last offered.

Additional information

More information can be found on Canvas.

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Disclaimer

The University reserves the right to amend units of study or no longer offer certain units, including where there are low enrolment numbers.

To help you understand common terms that we use at the University, we offer an online glossary.

Current students

Overview

Details

Enrolment rules

Teaching staff and contact details

Assessment

Assessment criteria

Late submission

Special consideration

Academic integrity

Weekly schedule

Attendance and class requirements

Study commitment

Required readings

Learning outcomes

Graduate qualities

Outcome map

Closing the loop

Additional information

Disclaimer

On this page

Useful links

Media

Student links

About us

Connect

Current students

ACCT5001: Accounting Principles

Overview

Details

Enrolment rules

Teaching staff and contact details

Assessment

Assessment criteria

Late submission

Special consideration

Academic integrity

Weekly schedule

Attendance and class requirements

Study commitment

Required readings

Learning outcomes

Graduate qualities

Outcome map

Closing the loop

Additional information

Disclaimer

On this page

Useful links

Media

Student links

About us

Connect