Units
Real Estate Accounting and Taxation
Unit code: UDB342
Contact hours: 4 per week
Credit points: 12
Information about fees and unit costs
This unit provides the opportunity for students to develop basic financial accounting, cost and management accounting and financial management skills, all within the context of the property industry. In addition, students will learn principles involved in accounting for Real Estate Trust Accounts, and various taxation aspects related to property transactions.
Availability
| Semester | Available |
|---|---|
| 2013 Semester 1 | Yes |
Offered in these courses
- UD40
Sample subject outline - Semester 1 2013
Note: Subject outlines often change before the semester begins. Below is a sample outline.
Rationale
Property professionals need an understanding of accounts and accounting procedures for business management generally and property management, sales, leasing and valuation purposes. The unit seeks to provide a basic level of understanding and competency to satisfy that need.
Aims
By developing financial management and accounting skills, the aim of this unit is to introduce property-focussed financial management from a holistic viewpoint, i.e. that of the entire firm.
Objectives
1. Develop accounting knowledge and skills pertinent to the property discipline
2. Understand the application of accounting principles and basic accounting concepts
3. Develop techniques in data collection and analysis, including an ability to search and critically evaluate information from a variety of sources
4. Develop the ability to work independently and collaboratively, including managing time and prioritising activities, and being a cooperative and productive team member or leader
Content
Introduction to business environment surrounding the property industry. Introduction to accounting. Financial accounting (recording accounting information and basic financial statements, company accounts and other business structures, cash flow statements, interpretation of accounts). Cost and management accounting (accounting for inventory and manufacturing, basic cost accounting procedures, and direct and indirect costs). Financial management (accounting systems, cash control, and payroll). Accounting for Real Estate Trust Accounts. Taxation (interpretation of income, capital gains tax and the GST, deductions and allowances).
Approaches to Teaching and Learning
Generally
This unit will involve lectures, tutorials and directed private study. Lectures (normally 3 hours/week) will convey the essential background to the unit. Tutorials (normally 1 hour/week) will help you understand and apply the key concepts. You will be expected to undertake directed private study to supplement the lectures and tutorials.
Lectures
Ample opportunity exists for you to ask questions and clarify points if needed. Each week you will need to download the Lecture Notes from the Blackboard site for UDB342 prior to the lecture. During the lecture, we will work through the lecture notes covering the important aspects of each week's work including both theory and practical aspects.
Tutorials
Tutorials are held on a weekly basis, commencing in Week 2. Tutorials are designed to help you perform the best you can in your assessment. Therefore, you will get the most out of tutorials by working on questions set in lecture prior to tutorials in weeks 2-4 (in preparation for Mid-Semester Test), by working on specified parts of the assignment prior to tutorials in weeks 5-8 and by working on example exam questions set in lecture prior to tutorials in weeks 9-13.
Assessment
The assessment for this unit follows the assessment policy stated in section 5.1.1
Assessment name:
Quiz/Test
Description:
Closed-book, comprising 50 multiple choice questions relating to theory covered during weeks 1 to 4
Relates to objectives:
1. Develop accounting knowledge and skills pertinent to the property discipline
2. Understand the application of accounting principles and basic accounting concepts
Weight:
30%
Internal or external:
Internal
Group or individual:
Individual
Due date:
Week 6
Assessment name:
Report
Description:
Written report based on an assignment brief to be handed out early semester, covering a selected topic specifically related to accounting principles.
Individual OR Group (Students have the choice of completing individually or by forming a group of two. Whether students choose to do this assignment individually or in a group, one piece of work is to be submitted. Marking criteria will be same for all submissions regardless of students choice
Relates to objectives:
. Develop accounting knowledge and skills pertinent to the property discipline
2. Understand the application of accounting principles and basic accounting concepts
3. Develop techniques in data collection and analysis, including an ability to search and critically evaluate information from a variety of sources
4. Develop the ability to work independently and collaboratively, including managing time and prioritising activities, and being a cooperative and productive team member or leader
Weight:
10%
Internal or external:
Internal
Group or individual:
Group
Due date:
Week 8
Assessment name:
Examination (written)
Description:
Closed book examination
Relates to objectives:
1.Develop accounting knowledge and skills pertinent to the property discipline
2.Understand the application of accounting principles and basic accounting concepts
3.Develop techniques in data collection and analysis, including an ability to search and critically evaluate information from a variety of sources
Weight:
50%
Internal or external:
Internal
Group or individual:
Individual
Due date:
End of semester
Assessment name:
Problem Solving Task
Description:
Description:Written report (scenario based task)
Exercise to solve financial accounting problems using appropriate rules or techniques specifically related to accounting principles.
Individual OR Group (Students have the choice of completing individually or by forming a group of two. Whether students choose to do this assignment individually or in a group, one piece of work is to be submitted. Marking criteria will be same for all submissions regardless of students choice)
Relates to objectives:
1.Develop accounting knowledge and skills pertinent to the property discipline
2.Understand the applicatio10n of accounting principles and basic accounting concepts
3.Develop techniques in data collection and analysis, including an ability to search and critically evaluate information from a variety of sources
4.Develop the ability to work independently and collaboratively, including managing time and prioritising activities, and being a cooperative and productive team member or leader
Weight:
10%
Internal or external:
Internal
Group or individual:
Individual
Due date:
Week 10
Academic Honesty
QUT is committed to maintaining high academic standards to protect the value of its qualifications. To assist you in assuring the academic integrity of your assessment you are encouraged to make use of the support materials and services available to help you consider and check your assessment items. Important information about the university's approach to academic integrity of assessment is on your unit Blackboard site.
A breach of academic integrity is regarded as Student Misconduct and can lead to the imposition of penalties.
Resource materials
Required Texts You are required to have a copy of the following:
a. Hoggett, Edwards, Medlin (2008) 'Accounting, 7th Ed.', John Wiley & Sons. References The following are recommended for you to use:
b. John Hoggett (2006) 'Accounting 6E Study. John Wiley & Sons.
c. Atrill, McLaney Harvey and Jenner (2003) 'Accounting, an Introduction, 2nd Edition', Prentice Hall/ Pearson Education.
d. Guilding, Auyeung and Delaney (2003) 'The Key Elements of Introductory Accounting, 2nd Ed.', John Wiley & Sons.
e. Any other accounting text (eg Year 12 Accounting texts).
f. Various company reports, quality newspapers and magazines. Referencing & Assignment Writing · QUT cite|write - a set of resources to assist the development of citing, referencing and academic writing skills. The resource consists of two booklets and a number of print-on-demand style guides and writing guides, located on website
Guides to assignment writing - Learn how to write in specific formats such as a literature review, annotated bibliography or thesis. Refer website located at
Other Resources
You are required to visit and use the following:
1. The Blackboard site: https://blackboard.qut.edu.au/
Risk assessment statement
There are no out-of-the ordinary risks associated with this unit.
Additional Costs
There are no extra costs associated with this unit.
Disclaimer - Offer of some units is subject to viability, and information in these Unit Outlines is subject to change prior to commencement of semester.
Last modified: 19-Oct-2012
