ACCTING 7019 - Accounting Concepts and Methods (M)

North Terrace Campus - Summer - 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 Summer
    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:
    • 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
    Lectures and tutorials

    Each three hour session will provide students with accounting concepts that underpin all accounting procedures, and give explanations and examples of analysing, recording, and summarising accounting information in formats suitable for users to make economic decisions. The material presented will be expanded and reinforced with in-class questions and problems that can be done individually or in groups during the three hour session. This will be further reinforced with set homework that will be discussed prior to the start of the next topic.

    The information below is provided as a guide to assist students in engaging appropriately with the course requirements.

    The University expects full-time students (i.e. those taking 12 units per semester) to devote a total of 48 hours per week to their studies. This means that you are expected to commit approximately 9 hours for a three-unit course or 13 hours for a four-unit course of private study outside of your regular classes.

    Students in this course are expected to attend all sessions.
    Learning Activities Summary
    Accounting Concepts and Methods (M) covers the topics outlined below. Topics include: accounting information in its decision making context; accounting systems and the accounting cycle; external financial reports; accounting for assets; different organisational structures; and financial statement analysis.

    The schedule of lecture topics for the course is as follows:

    TOPIC                                    READING - TEXT
     Jan 7 Accounting and decision making, regulatory framework for external reports and forms of organisation. Chapter 1, pp. 2 – 13; Chapter 2, pp. 29 – 33; Chapter 8, pp. 341 – 344; Chapter 9, pp. 376 – 380; Chapter 10, pp. 428 – 434; and Chapter 17, pp. 716 – 720.
    Conceptual framework, Statement of Financial Position. Chapter 2, pp. 31 – 33 and 37 - 40; Chapter 10, pp. 436 – 451; and Chapter 17, pp. 722 – 725.
    Measurement of profit, Statement of Comprehensive Income and Statement of Cash Flows. Chapter 10, pp. 449 – 450; Chapter 17, pp. 720 – 721; and Chapter 18, pp. 748 – 768 and 787 - 788.
    Jan 14 Recording financial transactions. Chapter 2, pp. 41 – 45, Chapter 3, and Appendix Chapter 3, pp. 102-104.
    Adjusting entries and the accounting cycle. Chapter 4 and Chapter 5
    Accounting for retailing. Chapter 6
    Jan 21 Manual and computerised accounting systems. Chapter 7
    Cash management and control. Chapter 11
    Accounting for receivables and Accounting for inventory. Chapter 12 and Chapter 13
    Jan 28 Accounting for non-current assets. Chapter 14, pp. 599-616 and Chapter 15, pp 638-648 and pp.653-658
    Accounting for partnerships and companies. Chapter 8, pp. 342 - 356 and Chapter 9, pp. 376 – 380, pp. 382 – 405.
    Financial statement analysis. Chapter 19, pp. 826 – 849.
    To be advised Final Examination

  • 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
    Assessment Due Date and time Weighting Related Learning Outcome
    Short Answer format test
    Held during the session on Wednesday 15 January 5 % 1 & 15
    Held during the session on Cash Management and Control Wednesday 22 January 20 % 1,2,3,4,5,6,7,and 8
    Part 1
    Part 2
    Formative and Summative
    To be announced 15 % 6,7,8,9,15,16, and 17
    Final Examination
    3 hours
    TBC 60% All
    Total 100%
    Assessment Related Requirements
    To gain a pass for this course, a mark of at least 45% must be obtained on the final examination as well as a total of at least 50% overall result.
    Students not achieving the minimum final examination mark will be awarded no more than 49 for the course.
    Assessment Detail
    The assessment components are as follows:

    Short Answer format test: 5%

    A 20 minute „short answer format‟ test covering Topics 1 to 3 will be held during the session on Wednesday 15 January. Students must demonstrate they can explain underlying accounting concepts and apply these concepts to practical problems using the short answer format as specified in the Business School „Communication Skills Guide‟ guidelines:

     The topic will be introduced in the first session on Tuesday 7 January. A practice short answer test will be held on Thursday 9 January during the session. Further information on the short answer format test will be provided via Myuni.

    Test: 20%

    A one and half hour class test will be held during the session on Wednesday 22 January. The test will cover Topics 1 to 5. A sample test with suggested answers will be available on MyUni.

    Assignment 2: 15%

    Assignment 2 is in two parts. Both parts require students to record transactions for a period of one month for a fictitious company, and prepare financial statements at the end of the month. Part 1 involves the manual recording of the transactions; in Part 2, the transactions are recorded in MYOB – a widely used computerised accounting package. This assignment will be required to be completed online.

    Final Exam: 60%
    There will be a three (3) hour examination. The examination covers all of the topics studied in the course. A sample examination and the suggested answers will be available on MyUni.

    Notes on Assessment

    In this course, students’ continuing assessment will be assessed using specific guidelines and marking criteria determined by the lecturer-in-charge.

    Legible hand-writing and the quality of English expression are considered to be integral parts of the assessment process. Marks may be deducted in the mid-semester test and the final examination because of poor hand-writing.

    Students in this course are not permitted to take a DICTIONARY (English or English-Foreign) into the examination. In this course, the use of a calculator that is incapable of storing text is permitted in the examination.

    Assignment Guidelines including Referencing Details

    A copy of the Postgraduate Programs: Communication Skills Guide will have been given to you at the beginning of your program. This guide will assist you structure your assignments. A copy of the guide can also be downloaded from:
    This publication also provides guidelines on a range of other important communication skills including writing essays and management reports, making oral presentations etc.

    In preparing any written piece of assessment for your postgraduate studies, it is important to draw on the relevant ‘literature’ to support critical analysis. Also essential is to reference the literature used. Correct referencing is important because it identifies the source of the ideas and arguments that you present, and sometimes the source of the actual words you use, and helps to avoid the problem of plagiarism. (Further information on plagiarism is provided later in this course outline.)
    The Harvard system is widely used in the Business School. Guidelines for the use of this style of referencing can be found in the Communication Skills Guide.

    Further assistance with referencing is available from the Faculty’s Learning Support Advisors. The contact details are provided on page 6 of the Communication Skills Guide.
    Presentation of Assignments

    Please retain a copy of all assignments submitted.

    Please attach an ‘Assignment Cover Sheet’, which must be signed and dated by you before submission. Please read carefully the statement you are signing as it relates to plagiarism.

    Lecturers can refuse to accept assignments, which do not have a signed acknowledgement of the University’s policy on plagiarism (

    Students must not submit work for an assignment that has previously been submitted for this course or any other course without prior approval from the lecturer-in-charge.

    Late Assignment Submission

    Students are expected to submit their work by the due date to maintain a fair and equitable system. Extensions will generally only be given for medical or other serious reasons.

    All requests for extensions must be emailed to the lecturer in charge of the course a minimum of 5 days before the due date. Each request will be assessed on its merits. A late assignment (without prior arrangement) will be penalised by 20% of the total assignment mark for each day that it is late.

    Return of Assignments

    Assignments will be returned to students within one (1) week of the due date with written feedback. Students are responsible for collecting their marked assignments at the appropriate session. If assignments aren’t collected, the assignments will be available at the Postgraduate Student Hub on Level 1, Nexus 10 until the end of semester. Thereafter, the remaining assignments will be destroyed.
    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 ( 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.

The University of Adelaide is committed to regular reviews of the courses and programs it offers to students. The University of Adelaide therefore reserves the right to discontinue or vary programs and courses without notice. Please read the important information contained in the disclaimer.