ACC1100D Accounting

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DESCRIPTION: Welcome to ACC1100D Accounting 1. This unit is a foundation unit in the Bachelor of Business programme. Accounting 1 is an introductory unit designed to help students understand, prepare and use financial statements, including statements of financial position, comprehensive income, changes in equity and cash flows. The unit covers a range of financial and managerial accounting concepts with an appropriate mix of theory and application. As a result of increasing reliance on technology and significant changes in the financial reporting environment in recent years, there has been a fundamental shift in the role of an accountant from that of a “number cruncher” towards a wide ranging advisory role. A qualification with accounting knowledge opens the door to a wide variety of careers. These could include the following choices: public practice (providing accounting services to clients); strategic business planning; cost and management accounting; stockbroking; auditing; treasury; taxation; information systems; superannuation; insurance; business consulting; mergers, acquisitions and corporate reconstructions; foreign exchange; financial planning; corporate planning; and management consulting.

LEARNING OUTCOMES: On successful completion of this unit students should be able to: 1. Analyze, process, record, and present financial accounting information in a manual format. 2. Apply cost behaviour analysis for managerial accounting applications. 3. Prepare an analysis and interpretation of financial statements at an introductory level. 4. State the basic differences between financial and managerial accounting. 5. State the concepts, assumptions, principles, and characteristics of conventional financial reporting systems and the role they play in assisting in the preparation of financial reports. Prepared by Neville Ruwanpathirana Jan 2018

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UNIT CONTENT: 1. The underlying concepts, principles, and characteristics of financial reporting systems. 2. The full accounting cycle that includes the recording of business transactions, preparing balance-day adjustments and completing with closing entries. 3. The preparation of financial statements. 4. The analysis and interpretation of financial reports using ratio techniques. 5. Accounting for inventory. 6. Accounting for non-current assets including concept and calculation of depreciation. 7. Planning and control of costs and cost behaviour by applying cost-volume-profit analysis.

TEACHING AND LEARNING PROCESSES: Students attend one session per week of four hours contact time seminar style OR two hour lecture/seminar, one hour tutorial and one hour workshop. Lectures are used to introduce main concepts and to guide students through important points. Tutorials/workshops are used to assist students in the practical application of concepts through problem solving exercises and class discussions. Assignments provide students with the opportunity to demonstrate they have met the learning outcomes of the unit.

ASSESSMENT: Progress and learning outcomes will be assessed throughout the trimester. 

The tutorial / homework / participation mark is based on completing any tutorial / homework questions, attendance, and general participation including asking questions and emailing lecturer.

The Week 4 Exercise will be diagnostic in nature to judge student progression at an early stage. It will comprise topics from the first three weeks either processes and/or theory. This is a closed-book assessment

The Mid-Term Test will be both practical accounting processes and some theory.

This will comprise topics from the first six weeks. This is a closed-book assessment.

The Week 9 assessment will be related to the Accounting Cycle, and any related theory, and is an open-book assessment. Prepared by Neville Ruwanpathirana Jan 2018

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Week 13 Exam – students must achieve a minimum mark of 25/60 for the final exam to pass the unit.

All questions will be similar, in nature, to questions completed in both Tutorials and Lectures. The assessment dates are subject to possible change.

Assessment Homework / Participation Diagnostic Exercise Mid-Term Test Open-Book Exercise Examination*

Week Due Weekly 4 7 9 13

Weighting % 5 5 20 10 60

Disability Standards for Education (Commonwealth 2005) For the purposes of considering a request for Reasonable Adjustments under the Disability Standards for Education (Commonwealth 2005), inherent requirements for this subject are articulated in the Unit Description, Learning Outcomes, Graduate Attributes and Assessment Requirements of this entry. ECC will provide support advice (within the limits of reasonable adjustment) to those with special requirements. For further information regarding support for students with disabilities or medical conditions please contact the Senior Deputy Principal or nominee.

Prepared by Neville Ruwanpathirana Jan 2018

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Quality Assured by ECC