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Unit of study_

ACCT5001: Accounting Principles

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.


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

Available to study abroad and exchange students


Teaching staff and contact details

Coordinator Ronald James Day,
Administrative staff Larina Schulz
Type Description Weight Due Length
Final exam hurdle task Final exam
On-line exam
50% Formal exam period 2 hours
Outcomes assessed: LO5 LO6 LO7 LO8 LO9 LO10 LO11 LO12
In-semester test Mid-semester test
On-line timed test
25% Week 06 2 hours
Outcomes assessed: LO1 LO12 LO8 LO4 LO3 LO2
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: LO1 LO8
hurdle task = 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


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. 


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.


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.


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. 


0 - 49

When you don’t meet the learning outcomes of the unit to a satisfactory standard.

For more information see

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.

WK Topic Learning activity Learning outcomes
Week 01 The role of accounting in decision making Lecture (3 hr) LO1 LO2 LO8
Week 02 Recording business transactions Lecture (3 hr) LO2 LO4
Week 03 The adjusting process Lecture (3 hr) LO2 LO3 LO4 LO8
Week 04 Completing the accounting cycle Lecture (3 hr) LO3 LO4 LO8 LO12
Week 05 Retailing operations Lecture (3 hr) LO2 LO4 LO9 LO12
Week 07 Retail Inventory Lecture (3 hr) LO2 LO5 LO9 LO12
Week 08 Accounting Systems and cash control Lecture (3 hr) LO1 LO2 LO6 LO7 LO9
Week 09 Accounts receivable, and property, plant, and equipment Lecture (3 hr) LO3 LO5 LO9 LO12
Week 10 Selected current and non-current liabilities Lecture (3 hr) LO3 LO8 LO9
Week 11 Company formation and shareholders' equity Lecture (3 hr) LO2 LO10
Week 12 The cash flow statement Lecture (3 hr) LO5 LO7 LO11
Week 13 Review questions and problems Lecture (3 hr) LO9 LO11

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 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.

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


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