Units

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Sample subject outline - 13 Week Teaching Period - 1 2013

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

Rationale

This is the second level accounting subject in the Foundation Program, further developing students knowledge of accounting sub-systems, enhancing their ability to understand and employ practical accounting applications. Acquisition of these skills prepares students for accounting and finance units encountered later in degree courses. Accurate and timely accounting information is essential for effective business decision-making, performance evaluation, operational control and long term success.

Aims

The aim of this unit is to provide students with the accounting background, enhancements and extensions to basic accounting subsystems and controls for a sole trader to enable a fuller understanding of accounting applicable to the accounting cycle as it operates in a real world context.

Objectives

On completion of this unit students should be able to:

1. Employ accounting terminology and communication genre appropriately to define and explain the basic principles of selected accounting subsystems including accounting for both cash and credit, inventory, non-current assets, budgeting and financial analysis in relation to their business environments. (FGC1, FGC2)
   
   
2. Be able to apply accounting principles and practices and perform accounting entries for:
   
   (a) preparation of cash journals and bank reconciliation
   (b) credit journals, control accounts and subsidiary ledgers
   (c) inventory and various inventory valuation methods
   (d) non-current assets including selected depreciation methods
   (e) use financial ratio techniques to analyse accounting reports and prepare cash budgets. (FGC2, FGC3)
   
   
3. Critically analyse, interpret and report on aspects of the accounting system investigated during the semester including depreciation, cash budgets and financial ratios for nominated and varying accounting situations. (FGC3, 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 & 2
   

4. Review of accounting processes to Final Accounts;
   Preparation of specialised cash journals (CRJ & CPJ)
   
   Weeks 3 & 4
   
5. Accounting for cash (continued):
   Cash journals; the Bank Reconciliation and Internal Controls in an accounting system.
   
   Weeks 5 & 6
   
6. Accounting and Control of Credit Transactions
   Specialised Journals for Sales and Purchases; Control accounts and subsidiary ledgers;
   entries relating to Receivables and Payables
   
   Week 7
   
7. Review session and mid semester exam (in class)
   
   Weeks 8 & 9
   
8. Accounting for Inventory
   Inventory valuation, inventory control, perpetual inventory system and alternative systems, advantages and disadvantages of the perpetual system.
   
   Weeks 9 & 10
   
9. Accounting for Non-Current Assets
   Capital expenditure and Revenue Expenditure, Depreciation methods, Accounting for Depreciation, Asset Registers
   
   Weeks 11 & 12
   
10. Accounting for Management Purposes
    Budgeting and Cash Budgets;
    Financial Analysis and Interpretation
    
    Week 13
    
11. Review and revision
    
    Week 14
    
12. Final exam

    Approaches to Teaching and Learning

    There are four 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 and to 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 at Reception in the International College. Early consultation is strongly encouraged if difficulties are experienced.
    
    Exam Timetable
    The exam timetable will be displayed on the Noticeboard on Level 3 by Week 11 of the semester.

    Assessment

    Types of Assessment
    
    Assessment has been designed to allow students to both:
    

13. receive feedback on their learning as they progress towards the development of knowledge, understanding, skills and approach in the subject (Formative assessment); and
    
14. 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. These are:
    
    1. Knowledge (including Communication)
    2. Skills and Procedures
    3. Critical Thinking and Problem Solving
    
    Criteria are weighted equally. Each criterion may be evaluated through a variety of assessment items during the semester.
    
    Note: More complete details on assessment, criteria and weighting are provided in the Week 1 Document and on 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 Assignments
    Description: Formative and Summative.
    Weeks 1-12 (as per week's content).
    Relates to objectives: 2
    Internal or external: Internal
    Group or individual: Individual
    Due date: 1st class each week
    

    Assessment name: Mid-Semester Exam (2 hours)
    Description: Summative.
    Topics in weeks 2 - 6.
    Relates to objectives: 1 and 2
    Weight: 30%
    Internal or external: Internal
    Group or individual: Individual
    Due date: Week 7
    

    Assessment name: Assign, Prac & Quiz
    Description: Summative.
    Major Assignment Prac Set + In class Quiz.
    Issued Week 7. Class time: 2 hours. Own time: 3 weeks. In class Quiz: 60 mins max.
    Relates to objectives: 1, 2, 3.
    Weight: 40%
    Internal or external: Internal
    Group or individual: Individual
    Due date: Week 10
    

    Assessment name: Final Exam (2 hours)
    Description: Summative.
    Topics covered in Weeks 9 - 12.
    Relates to objectives: 1, 2, 3.
    Weight: 30%
    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. Stanley, T., Ryan, C., Falt, J. and Kirkwood, L. 2007, Accounting: An Introductory Framework. 3rd ed. Melbourne: Pearson Longman. (Latest Edition)
       
       
    2. Pearson Website resources:
       
       http://www.pearson.com.au/LinkedFiles/Free/0123603528/AAIF2e%20Web%Questions.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