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	Foundation in Accounting
Session, year ?	Semester 2, 2021
Attendance mode	Normal day
Location	Remote
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	Zhiyuan Tan, simon.tan@sydney.edu.au

Type	Description	Weight	Due	Length
Final exam (Record+)	Final exam Online exam	50%	Formal exam period	2 hours
Outcomes assessed:
Assignment	Group Assignment Online business cases	25%	Multiple weeks	2 x 3 hours
Outcomes assessed:
Participation	Tutorial participation Requirement to actively participate in tutorials.	5%	Ongoing	1.5 hours per week
Outcomes assessed:
In-semester test (Record+)	In-semester exam Online exam	20%	Week 08 Due date: 09 Oct 2021 at 13:30	1.5 hours
Outcomes assessed:
= hurdle task ? = group assignment ? = Type B final 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 6 and week 13. 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 6.

Final exam:
The final exam will cover the material from modules 7-12, although this will require background knowledge and skills from modules 1 to 12. This assessment is listed as HURDLE TASK. An assessment that is listed as HURDLE TASK means you must undertake the assessment and achieve a mark above a minimum standard. Students who fail to achieve this minimum standard in this assessment, even when their aggregate mark for the entire unit is above 50%, will be given a Fail grade for the unit. As a result the student's academic transcript will show a fail grade and the actual mark achieved if between 0-49 and a fail grade and a capped moderated mark of 49 for all other marks. The hurdle mark for this assessment is 45%.

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

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

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 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
Learning outcomes

Closing the loop

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

Additional information

Key dates
Key dates through the academic year, including teaching periods, census, payment deadlines and exams.
Student administration
Enrolment, course planning, fees, graduation, support services, student IT
Expectations of student conduct
Code of Conduct for Students, Conditions of Enrollment, University Privacy Statement, Academic Integrity
Academic appeals
Academic appeals process, special consideration, rules and guidelines, advice and support
Learning and teaching policy
Policy register, policy search
Financial support
Scholarships, interest free loans, bursaries, money management
Study resources
Learning Centre, faculty and school programs, Library, online resources
Health and support
Student Centre, counselling & psychological services, University Health Service, general health and wellbeing

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: Foundation in Accounting

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