Outline

Overview

As the 'language of business', accounting provides decision makers with relevant and reliable financial information. Accounting information helps investors to decide whether to buy, hold or sell shares in a company. Financial institutions like banks rely upon accounting information to make lending decisions. Business analysts use accounting information to assess whether a company is outperforming its competitors. This unit of study provides students with the skills and knowledge required to analyse and record business transactions, to prepare financial statements, to communicate financial information to decision makers, and to evaluate the financial performance and financial position of business organisations to make relevant decisions. The unit enables students to develop the core analytical, communication, collaboration and management skills needed to succeed in an increasingly digital and data driven society. It also develops awareness of broader business, social, and ethical issues through tutorial problem-solving exercises and small group discussions, interactive case assignments, and additional online learning materials. The accounting knowledge and the interpersonal skills gained from this unit of study play an important role in students’ future careers in accounting, finance, data analytics, management and beyond.

Unit details and rules

Unit code	ACCT5001
Academic unit	Accounting
Credit points	6
Prohibitions ?	None
Prerequisites ?	None
Corequisites ?	None
Assumed knowledge ?	None
Available to study abroad and exchange students	Yes

Teaching staff

Coordinator	Roel Boomsma, roel.boomsma@sydney.edu.au

Type	Description	Weight	Due	Length
Supervised exam ?	Final exam Closed book exam	50%	Formal exam period	2 hours
Outcomes assessed:
Participation	Tutorial participation Requirement to actively participate in tutorials.	5%	Ongoing	1.5 hours per week
Outcomes assessed:
Skills-based evaluation	Group business case Group business case completed in a 4-hour timetabled session in week 5.	20%	Week 05 Due date: 24 Mar 2023 at 17:00 Closing date: 24 Mar 2023	4 hours
Outcomes assessed:
Assignment	Individual business case (short-release) Individual business case - students have 72 hr to complete the assignment	25%	Week 09 Due date: 28 Apr 2023 at 23:59 Closing date: 30 Apr 2023	Up to 5 pages (72 hr duration)
Outcomes assessed:
= hurdle task ? = group assignment ?

Assessment summary

Tutorial participation (5%)
Students are required to attend tutorials and actively participate in discussions and quizzes.

Group business case (20%)
The group business case requires students to apply critical thinking, work within a team, and develop a deeper level of understanding of financial accounting. Students are required to complete a business case in small groups in a 4-hour timetabled session in week 5.

Individual business case (25%)
The individual business case is a short-release (72 hours) assignment that addresses strategic thinking, the use of accounting software, accounting policy choices, and business acumen. Students are required to complete a business case individually in week 9.

Final exam (50%):
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.

For more information see 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.

Academic integrity

The Current Student website provides information on academic integrity 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 integrity breaches seriously.

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

You may only use artificial intelligence and writing assistance tools in assessment tasks if you are permitted to by your unit coordinator, and if you do use them, you must also acknowledge this in your work, either in a footnote or an acknowledgement section.

Studiosity is permitted for postgraduate units unless otherwise indicated by the unit coordinator. The use of this service must be acknowledged in your submission.

Learning support

Simple extensions

If you encounter a problem submitting your work on time, you may be able to apply for an extension of five calendar days through a simple extension.  The application process will be different depending on the type of assessment and extensions cannot be granted for some assessment types like exams.

Special consideration

If exceptional circumstances mean you can’t complete an assessment, you need consideration for a longer period of time, or if you have essential commitments which impact your performance in an assessment, you may be eligible for special consideration or special arrangements.

Special consideration applications will not be affected by a simple extension application.

Using AI responsibly

Co-created with students, AI in Education includes lots of helpful examples of how students use generative AI tools to support their learning. It explains how generative AI works, the different tools available and how to use them responsibly and productively.

Weekly schedule

WK	Topic	Learning activity
Week 01	The role of accounting in decision making	Lecture (1.5 hr)
Week 01	The role of accounting in decision making	Tutorial (1.5 hr)
Week 02	Recording business transactions	Lecture (1.5 hr)
Week 02	Recording business transactions	Tutorial (1.5 hr)
Week 03	The adjusting process	Lecture (1.5 hr)
Week 03	The adjusting process	Tutorial (1.5 hr)
Week 04	Completing the accounting cycle	Lecture (1.5 hr)
Week 04	Completing the accounting cycle	Tutorial (1.5 hr)
Week 05	Retailing operations	Lecture (1.5 hr)
	Retailing operations	Tutorial (1.5 hr)
	Group business case	Workshop (4 hr)
Week 06	Retail Inventory	Lecture (1.5 hr)
Week 06	Retail Inventory	Tutorial (1.5 hr)
Week 07	The role of technology in accounting	Lecture (1.5 hr)
Week 07	The role of technology in accounting	Tutorial (1.5 hr)
Week 08	Accounts receivable, and property, plant, and equipment	Lecture (1.5 hr)
Week 08	Accounts receivable, and property, plant, and equipment	Tutorial (1.5 hr)
Week 09	Support session for the individual business case assignment	Lecture (1.5 hr)
Week 10	Selected current and non-current liabilities	Lecture (1.5 hr)
Week 10	Selected current and non-current liabilities	Tutorial (1.5 hr)
Week 11	Company formation and shareholders' equity	Lecture (1.5 hr)
Week 11	Company formation and shareholders' equity	Tutorial (1.5 hr)
Week 12	The cash flow statement (direct)	Lecture (1.5 hr)
Week 12	The cash flow statement (direct)	Tutorial (1.5 hr)
Week 13	The cash flow statement (indirect)	Lecture (1.5 hr)
Week 13	The cash flow statement (indirect)	Tutorial (1.5 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. Discuss the impact of technology on accounting, identify the key elements of accounting information systems, and explain how accounting software is used to record business transactions.
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

Responding to student feedback

This section outlines changes made to this unit following staff and student reviews.

Student feedback has been used to further enhance the student learning experience in the business case assignments.

Additional information

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

Overview

Unit details and rules

Teaching staff

Assessment

Assessment

Assessment summary

Assessment criteria

Late submission

Academic integrity

Learning support

Learning support

Simple extensions

Special consideration

Using AI responsibly

Weekly schedule

Weekly schedule

Attendance and class requirements

Study commitment

Required readings

Learning outcomes

Learning outcomes

Graduate qualities

Outcome map

Responding to student feedback

Responding to student feedback

Additional information

Additional information

Disclaimer

On this page

Useful links

Media

Student links

About us

Connect

Current students

ACCT5001: Foundation in Accounting

Semester 1, 2023 [Normal day] - Camperdown/Darlington, Sydney

Overview

Overview

Unit details and rules

Teaching staff

Assessment

Assessment

Assessment summary

Assessment criteria

Late submission

Academic integrity

Learning support

Learning support

Simple extensions

Special consideration

Using AI responsibly

Weekly schedule

Weekly schedule

Attendance and class requirements

Study commitment

Required readings

Learning outcomes

Learning outcomes

Graduate qualities

Outcome map

Responding to student feedback

Responding to student feedback

Additional information

Additional information

Disclaimer

On this page

Useful links

Media

Student links

About us

Connect