ACCTING 7019 - Accounting Concepts and Methods (M)

North Terrace Campus - Semester 2 - 2014

This course introduces students to the fundamentals of financial accounting practice. It develops students' understanding of key accounting concepts, recording methods and measuring and disclosing requirements. Topics include an introduction to accounting information in decision contexts, the conceptual framework (SAC 1, SAC 2, the Conceptual Framework), Income Statement and Balance Sheet, recording financial transactions, adjusting entries and the accounting cycle, inventory, revaluations, cost of acquisition, depreciation, introductory financial statement analysis, organisational structures (sole proprietors, partnerships, companies, not for profit), cash flow statements, and other selected issues relating to financial reporting standards.

  • General Course Information
    Course Details
    Course Code ACCTING 7019
    Course Accounting Concepts and Methods (M)
    Coordinating Unit Business School
    Term Semester 2
    Level Postgraduate Coursework
    Location/s North Terrace Campus
    Units 3
    Contact Up to 3 hours per week
    Incompatible ACCTING 7000
    Course Description This course introduces students to the fundamentals of financial accounting practice. It develops students' understanding of key accounting concepts, recording methods and measuring and disclosing requirements. Topics include an introduction to accounting information in decision contexts, the conceptual framework (SAC 1, SAC 2, the Conceptual Framework), Income Statement and Balance Sheet, recording financial transactions, adjusting entries and the accounting cycle, inventory, revaluations, cost of acquisition, depreciation, introductory financial statement analysis, organisational structures (sole proprietors, partnerships, companies, not for profit), cash flow statements, and other selected issues relating to financial reporting standards.
    Course Staff

    Course Coordinator: Mr Michael Jones

    Course Timetable

    The full timetable of all activities for this course can be accessed from Course Planner.

  • Learning Outcomes
    Course Learning Outcomes
    1 Explain and apply the concepts that underlie the preparation of general purpose financial statements.
    2 Explain the purpose of, and factors which influence the content of, a Statement of Financial Position, a Statement of Comprehensive Income and a Statement of Cash Flows.
    3 Prepare a simple Statement of Comprehensive Income, Statement of Financial Position and Statement of Cash Flows.
    4 Discuss the various business structures through which an entity can operate.
    5 Discuss the accounting system (source documents, journals, ledgers) used to record, classify and summarise transactions.
    6 Explain and apply the rules of debit and credit.
    7 Record transactions using the accounting system.
    8 Prepare adjusting entries and an adjusted trial balance.
    9 prepare financial statements from an adjusted trial balance or using a worksheet.
    10 Record transactions and prepare a set of financial statements using the MYOB computer package.
    11 Discuss and account for various assets including inventory, receivables and non-current assets.
    12 Account for various organisation structures including sole proprietors, partnerships and companies.
    13 Analyse financial statements.
    14 Participate in tutorial discussions.
    15 Write analytical short answers.
    16 Be aware of ethical issues in business.
    17 Be aware of the changing business environment, in particular in relation to accounting procedures and developments of the International Accounting Standards Board (IASB).
    University Graduate Attributes

    This course will provide students with an opportunity to develop the Graduate Attribute(s) specified below:

    University Graduate Attribute Course Learning Outcome(s)
    Knowledge and understanding of the content and techniques of a chosen discipline at advanced levels that are internationally recognised. 1-13
    The ability to locate, analyse, evaluate and synthesise information from a wide variety of sources in a planned and timely manner. 13,14
    An ability to apply effective, creative and innovative solutions, both independently and cooperatively, to current and future problems. 11-15
    Skills of a high order in interpersonal understanding, teamwork and communication. 14,15
    A proficiency in the appropriate use of contemporary technologies. 10
    A commitment to continuous learning and the capacity to maintain intellectual curiosity throughout life. 1-17
    A commitment to the highest standards of professional endeavour and the ability to take a leadership role in the community. 1-17
    An awareness of ethical, social and cultural issues within a global context and their importance in the exercise of professional skills and responsibilities. 16,17
  • Learning Resources
    Required Resources

    Text Books:
    Hoggett, J., Medlin, J., Edwards, L., Tilling, M. & Hogg, E., Financial Accounting, 2012, 8th Edition, John Wiley & Sons.

    Accounting Practice Sets – Assignment 2 will involve practice sets and further information will be provided at a later date.

    Financial press:
    In this course we may use articles from the financial press to illustrate the concepts discussed. All major newspapers have a business section and many are currently on the internet. The Australian Financial Review is the most comprehensive financial newspaper in Australia.

    Use of the internet:
    Accounting Concepts and Methods (M) will make use of various internet sites which are accounting related. Access to the internet can be via the library or various computer pools located within the university.

    Online Learning
    • Course resources are available on the course website: www.myuni.adelaide.edu.au:
    • Course materials (topic outlines and powerpoint slides).
    • Selected workshop answers.
    • A sample examination with suggested answers and a sample test with suggested answers.
    • Assignment and test material.

  • Learning & Teaching Activities
    Learning & Teaching Modes

    No information currently available.

    Workload

    No information currently available.

    Learning Activities Summary

    No information currently available.

  • Assessment

    The University's policy on Assessment for Coursework Programs is based on the following four principles:

    1. Assessment must encourage and reinforce learning.
    2. Assessment must enable robust and fair judgements about student performance.
    3. Assessment practices must be fair and equitable to students and give them the opportunity to demonstrate what they have learned.
    4. Assessment must maintain academic standards.

    Assessment Summary

    No information currently available.

    Assessment Detail

    No information currently available.

    Submission

    No information currently available.

    Course Grading

    Grades for your performance in this course will be awarded in accordance with the following scheme:

    M10 (Coursework Mark Scheme)
    Grade Mark Description
    FNS   Fail No Submission
    F 1-49 Fail
    P 50-64 Pass
    C 65-74 Credit
    D 75-84 Distinction
    HD 85-100 High Distinction
    CN   Continuing
    NFE   No Formal Examination
    RP   Result Pending

    Further details of the grades/results can be obtained from Examinations.

    Grade Descriptors are available which provide a general guide to the standard of work that is expected at each grade level. More information at Assessment for Coursework Programs.

    Final results for this course will be made available through Access Adelaide.

  • Student Feedback

    The University places a high priority on approaches to learning and teaching that enhance the student experience. Feedback is sought from students in a variety of ways including on-going engagement with staff, the use of online discussion boards and the use of Student Experience of Learning and Teaching (SELT) surveys as well as GOS surveys and Program reviews.

    SELTs are an important source of information to inform individual teaching practice, decisions about teaching duties, and course and program curriculum design. They enable the University to assess how effectively its learning environments and teaching practices facilitate student engagement and learning outcomes. Under the current SELT Policy (http://www.adelaide.edu.au/policies/101/) course SELTs are mandated and must be conducted at the conclusion of each term/semester/trimester for every course offering. Feedback on issues raised through course SELT surveys is made available to enrolled students through various resources (e.g. MyUni). In addition aggregated course SELT data is available.

  • Student Support
  • Policies & Guidelines
  • Fraud Awareness

    Students are reminded that in order to maintain the academic integrity of all programs and courses, the university has a zero-tolerance approach to students offering money or significant value goods or services to any staff member who is involved in their teaching or assessment. Students offering lecturers or tutors or professional staff anything more than a small token of appreciation is totally unacceptable, in any circumstances. Staff members are obliged to report all such incidents to their supervisor/manager, who will refer them for action under the university's student’s disciplinary procedures.

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