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Unit of study_

ACCT5001: Foundation in Accounting

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 Foundation in Accounting
Session, year
? 
Semester 1, 2021
Attendance mode Normal day
Location Remote
Credit points 6

Enrolment rules

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

Yes

Teaching staff and contact details

Coordinator Janine Coupe, janine.coupe@sydney.edu.au
Type Description Weight Due Length
Small continuous assessment group assignment Group Assignment
Online business cases
25% - 3 x 3 hours
Outcomes assessed: LO1 LO10 LO9 LO7 LO6 LO5 LO4 LO3 LO2
Final exam (Record+) Type B final exam hurdle task Final exam
Online exam
50% Formal exam period 2 hours
Outcomes assessed: LO5 LO6 LO7 LO8 LO9 LO10
Participation Tutorial participation
Requirement to actively participate in tutorials.
5% Ongoing 1.5 hours per week
Outcomes assessed: LO1 LO2 LO3 LO4 LO5 LO6 LO7 LO8 LO9 LO10
In-semester test (Record+) Type B in-semester exam Mid-semester exam
Online exam
20% Week 06
Due date: 17 Apr 2021 at 14:30
1.5 hours
Outcomes assessed: LO1 LO2 LO3 LO4 LO6 LO7
hurdle task = hurdle task ?
group assignment = group assignment ?
Type B final exam = Type B final exam ?
Type B in-semester exam = Type B in-semester exam ?

Tutorial participation
Students are required to attend tutorials and actively participate in discussions and quizzes.

Group assignment:
The group assignment involves case-based work to promote active and collaborative learning. More specifically, it involves the completion of a business case in week 4 (5%), week 9 (10%), and week 13 (10%). Each case is to be completed in a 3-hour timetabled session. The group assignment requires students to apply critical thinking, work as team, and develop a deeper level of understanding of financial accounting.

Mid-semester exam:
The mid-semester exam will cover the material from modules 1 to 5.

Final exam:
The final exam will cover the material from modules 6-12, although this will require background knowledge and skills from modules 1 to 12. This assessment is listed as MANDATORY which means you must undertake the assessment and achieve at least 45% of the available marks in that assessment. Students who fail to achieve this minimum standard in this assessment, 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.

 

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.

WK Topic Learning activity Learning outcomes
Week 01 The role of accounting in decision making Lecture (1.5 hr) LO1 LO2 LO6
Week 02 Recording business transactions Lecture (1.5 hr) LO2 LO3
The role of accounting in decision making Tutorial (1.5 hr) LO1 LO2 LO6
Week 03 The adjusting process Lecture (1.5 hr) LO2 LO3 LO4 LO6
Recording business transactions Tutorial (1.5 hr) LO2 LO3
Week 04 Completing the accounting cycle Lecture (1.5 hr) LO3 LO4 LO6 LO7
The adjusting process Tutorial (1.5 hr) LO2 LO3 LO4 LO6
Group assignment - Case 1 Workshop (3 hr) LO1 LO2 LO3 LO4
Week 05 Retailing operations Lecture (1.5 hr) LO2 LO3 LO5 LO7
Completing the accounting cycle Tutorial (1.5 hr) LO3 LO4 LO6 LO7
Week 06 Retail Inventory Lecture (1.5 hr) LO2 LO5 LO6 LO7
Retailing operations Tutorial (1.5 hr) LO2 LO3 LO5 LO7
Week 07 Accounting information systems and cash control Lecture (1.5 hr) LO1 LO2 LO7 LO8 LO10
Retail Inventory Tutorial (1.5 hr) LO2 LO5 LO6 LO7
Week 08 Accounts receivable, and property, plant, and equipment Lecture (1.5 hr) LO4 LO5 LO6 LO7
Accounting information systems and cash control Tutorial (1.5 hr) LO1 LO2 LO7 LO8 LO10
Week 09 Selected current and non-current liabilities Lecture (1.5 hr) LO4 LO5 LO6
Accounts receivable, and property, plant, and equipment Tutorial (1.5 hr) LO4 LO5 LO6 LO7
Group assignment - Case 2 Workshop (3 hr) LO1 LO2 LO3 LO4 LO5 LO6 LO7
Week 10 Company formation and shareholders' equity Lecture (1.5 hr) LO2 LO9
Selected current and non-current liabilities Tutorial (1.5 hr) LO4 LO5 LO6
Week 11 The cash flow statement (direct) Lecture (1.5 hr) LO3 LO5 LO6 LO10
Company formation and shareholders' equity Tutorial (1.5 hr) LO2 LO9
Week 12 The cash flow statement (indirect) Lecture (1.5 hr) LO3 LO5
The cash flow statement (direct) Tutorial (1.5 hr) LO3 LO5 LO6 LO10
Week 13 The cash flow statement (indirect) Tutorial (1.5 hr) LO3 LO5
Group assignment - Case 3 Workshop (3 hr) LO1 LO2 LO3 LO4 LO5 LO6 LO7 LO9

Attendance and class requirements

Students are required to actively participate in tutorials.

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

The required weekly readings in this unit are from the following textbook:

  • Miller-Nobles, T., Mattison, B., Matsumura, E., Best, P., Tan, R., and Willet, R. (2020). Horngren's Financial Accounting, 9th edition, Melbourne Australia, Pearson Australia.

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 importance, use and purpose of accounting and identify its users as well as potential business, social, professional or ethical issues.
  • LO2. Process (identify, analyse, record, store and summarise) business transactions in the accounting system during the accounting period (and at the end of the period).
  • LO3. Construct the data and prepare appropriately classified financial statements to report financial performance for the period, financial position at the end of the period, changes in equity, and a statement of cash flows for the period.
  • LO4. Identify and prepare end of period adjustments required in accordance with accounting principles and accrual accounting.
  • LO5. Apply accounting principles, concepts, different methods and selected accounting standards in accounting and reporting for specific assets, liabilities and owners' equity elements.
  • LO6. Discuss relevant underlying conceptual principles, assumptions and/or accounting policy choices on the preparation and decision usefulness of general purpose financial reports.
  • LO7. Analyse and interpret accounting information and reports to help make evaluations and decisions about the entity.
  • LO8. Explain and demonstrate how the use of special journals and subsidiary ledgers can improve the efficiency of a manual and computerised accounting system.
  • LO9. 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.
  • LO10. Identify general internal control principles and demonstrate specific applications.

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
GQ1 GQ2 GQ3 GQ4 GQ5 GQ6 GQ7 GQ8 GQ9
No changes have been made since this unit was last offered.

Disclaimer

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