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Accounting 1

Unit code: QCF120
Contact hours: 4 per week
Credit points: 12
Information about fees and unit costs

This unit introduces the essential concepts of debit and credit; processing of financial transactions via journals and ledger through to trial balance for a sole-trading enterprise (including GST); end of accounting period adjustments and final reports (specifically preparation of Income Statement and Balance Sheet) and accounting controls over cash.

Availability
Semester Available
2013 13TP1 Yes
2013 13TP2 Yes
2013 13TP3 Yes

Sample subject outline - 13 Week Teaching Period - 1 2013

Note: Subject outlines often change before the semester begins. Below is a sample outline.

Rationale

Accounting plays a vital role in the successful management of financial aspects in personal, business and social contexts and involves recording, reporting, analysing and interpreting financial and other information used for making and evaluating decisions about the allocation of resources. Accurate and timely accounting information is essential for effective business decision-making regarding performance evaluation, operational control and long term survival.

Aims

This unit, designed for students with little or no previous exposure to accounting, aims to equip them with the basic background and accounting techniques to process financial data from source documents through to end of period reports for a sole-trading entity.

Objectives

On completion of this unit students should be able to:

  1. Develop the principles of double-entry accounting and apply these principles and practices to record financial information (incorporating GST) by preparing:

    a) Journals, posting journal entries to ledger accounts and extracting a trial balance from the ledger

    b) Suitable balance day adjustments and employing closing procedures at end of period

    c) Part classified final reports and interpreting and communicating the results of the reports to interested users

    d) Discuss the use of computer technology in Accounting and employ simple applications in an accounting context.(FGC2).

  2. Explain concepts and analyse accounting information using basic written genre including definitions, paragraphs and short analytical reports and employ accounting terminology appropriately. (FGC2).

  3. Use critical thinking skills to interpret and evaluate a range of basic accounting information and relate these principles to the real world accounting environment. (FGC4).


Key: Foundation Graduate Capabilities
FGC 1: Effective communication in a variety of contexts and modes
FGC 2: Knowledge pertinent to a range of subject areas
FGC 3: Skills appropriate to a range of subject areas at the level of entry to the degree
FGC 4: Critical, creative and analytical thinking and effective problem solving for academic and real world contexts
FGC 5: The ability to work independently and collaboratively
FGC 6: Social and ethical responsibility

Content

Weekly Topics

Weeks 1 - 3

  • Introduction to accounting: including the ledger, accounts, analysis of transactions; rules for debit and credit; preparation of the journal, relationship between journal and ledger; Income Statement and Balance Sheet

    Week 4
  • The accounting process; source documents and journals; general journal; ledger posting from journals; the trial balance

    Week 5
  • The Australian Goods and Services Tax (GST); its operation and application for service industries; changes required to accounting records to incorporate GST - the GST Clearing account; transactions with GST for Service businesses.

    Week 6
  • Review session and Test 1 (in class)

    Week 7
  • GST and Trading enterprises (using general journal and perpetual inventory); recording purchase and sale of inventory, recording other general journal transactions (purchase/sale of assets, drawings etc.), correction of errors

    Week 8
  • Application exercises from source documents through journal and ledger to trial balance - the accounting process.

    Week 9
  • Balance-day adjustments (accruals and prepayments) and closing entries for service and trading entities; preparation of trading and profit and loss accounts for trading enterprises

    Week 10
  • Financial reports: preparation of end of period financial statements including Income Statement and classified Balance Sheet

    Week 11-12
  • Introduction to the use of computer technology in Accounting; analysis and interpretation of financial statement (ratio analysis).

    Week 13
  • Revision of Weeks 8-12 topics

    Week 14
  • Final Exam

    Approaches to Teaching and Learning

    There are four (4) hours of class contact per week.

    Teaching and learning strategies are designed to facilitate the aims and objectives of this unit, providing a thorough grounding in the theoretical and practical elements of each topic. Practical class and homework exercises are designed to assist development of the skills and procedures involved, to consolidate the learning process, develop communication and critical thinking skills and provide information about formative progress.

    Late Assignment Policy
    Penalties apply for late submission of assignments. Refer to the Foundation Course Guide for details.

    Review of Grades or Academic Rulings
    For rules on how to apply for a review of grade, refer to the Foundation Course Guide.

    Consultation
    The teacher will be available for consultation from Week 2. Times will be advised in class, on the Blackboard site and displayed in a schedule on noticeboards in the International College. Consultation is strongly encouraged to overcome difficulties.

    Exam Timetable
    The exam timetable will be displayed on the Noticeboard on Level 4 by Week 11 of the semester.

    Assessment

    Types of assessment

    Assessment has been designed to allow students to both:

  • receive feedback on their learning as they progress towards the development of knowledge, understanding, skills and approach in the subject (Formative assessment); and
  • demonstrate their learning assessed against prescribed criteria and standards of achievement in order to attain a final grade (Summative assessment)

    Unit Criteria:
    There are three criteria that will be used in determining the level of achievement at the conclusion of this unit.

    1. Knowledge (including Communication)
    2. Skills and Procedures
    3. Critical Thinking and Problem Solving

    Criteria are equally weighted.

    Each criterion may be assessed through a variety of assessment items during the semester.
    Note: For more complete details on assessment refer to the Week 1 Document and the Blackboard site for this unit.

    This unit may require students to submit their assessment items through SafeAssign.
    Please refer to the Week 1 document for this unit.

    Assessment name: Weekly Assignment
    Description: Formative
    Weekly Assignment of Nominated Exercises
    (As per each week content).
    Relates to objectives: 1, 2 and 3.
    Internal or external: Internal
    Group or individual: Individual
    Due date: 1st class each week

    Assessment name: Mid-Semester Exam
    Description: Summative.
    Accounting Process-Service Industries: Journals, Ledgers, Trial Balance.
    2 Hours.
    Relates to objectives: 1, 2 and 3
    Weight: 20%
    Internal or external: Internal
    Group or individual: Individual
    Due date: Week 6

    Assessment name: Assignment
    Description: Summative.
    Assignment Practical.
    In-class Quiz based on Assignment.
    Accounting Process - Trading Enterprises: Journals to Trial Balance, Accruals and Prepayments.
    Relates to objectives: 1, 2 and 3
    Weight: 40%
    Internal or external: Internal
    Group or individual: Individual
    Due date: Week 11

    Assessment name: Final Exam
    Description: Summative.
    End of Period Adjustments and closing procedure.
    End of Period Report preparation
    Financial Ratio Analysis
    Interpretation of Accounting Reports
    Relates to objectives: 1,2 and 3
    Weight: 40%
    Internal or external: Internal
    Group or individual: Individual
    Due date: Week 14

    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

    Texts

    1. Kirkwood, L., C. Ryan, J. Falt and T. Stanley. 2007. Accounting: an Introductory Framework. 3rd ed. Melbourne: Addison-Wesley, Longman. (LATEST EDITION)

    2. Pearson Website resources:
      http://www.pearson.com.au/LinkedFiles/Free/0123603528/AAIF2e%20Web%20Questions.pdf
    References
    1. Horngren, C., W.T. Harrison, L.S. Bamber, P.Best, D. Fraser and R. Willett. 2010. Accounting. 6th ed. Sydney: Prentice-Hall.

    2. Hoggett, J., L. Edwards and J. Medlin. 2005. Accounting in Australia. 6th ed. Brisbane: John Wiley and Sons.

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    Risk assessment statement

    There are no out of the ordinary risks 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: 14-Mar-2013