ACCTING 1004 - Accounting Foundations

North Terrace Campus - Semester 1 - 2022

This course introduces students to identifying, recording, and reporting business events and transactions for decision-making. Students will develop an understanding of principles and concepts in the conceptual framework which sets students up for success in later accounting courses. Students will learn the fundamentals of the double entry accounting system and preparing financial statements alongside the practical aspects of using a computerised accounting system. Specific topics include accounting for inventories, accounts receivable, non-current assets, liabilities and equity.

  • General Course Information
    Course Details
    Course Code ACCTING 1004
    Course Accounting Foundations
    Coordinating Unit Adelaide Business School
    Term Semester 1
    Level Undergraduate
    Location/s North Terrace Campus
    Units 3
    Contact Up to 3 hours per week
    Available for Study Abroad and Exchange Y
    Incompatible ACCTING 1002, ACCTING 2502
    Course Description This course introduces students to identifying, recording, and reporting business events and transactions for decision-making. Students will develop an understanding of principles and concepts in the conceptual framework which sets students up for success in later accounting courses. Students will learn the fundamentals of the double entry accounting system and preparing financial statements alongside the practical aspects of using a computerised accounting system. Specific topics include accounting for inventories, accounts receivable, non-current assets, liabilities and equity.
    Course Staff

    Course Coordinator: Dr Sabine Schuhrer

    Melbourne Campus Trimester 2:

    Course Coordinator: Janice Loftus

    Contact details: janice.loftus@adelaide.edu.au
    Course Timetable

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

    Melbourne Campus students
    - Students in this course are expected to attend two 1-hour lectures and one 2-hour practical (tutorial) class each week.
    - PRACTICALS (tutorials) commence in WEEK 2 and ASSESSMENT in practicals BEGINS in WEEK 2.
    - Melbourne Campus students are asked to refer to MyUni for applicable timetable and assessment information.

  • Learning Outcomes
    Course Learning Outcomes
    On successful completion of this course students will be able to:

    1. Explain the nature, role and purpose of financial accounting in accordance with the Conceptual Framework.
    2. Describe the main features of the institutional and regulatory context in which financial accounting is practiced in Australia.
    3. Explain and apply the concepts of definition, recognition, measurement, and disclosure outlined in the Conceptual Framework and across selected accounting standards.
    4. Perform tasks involved in accounting cycle manually and using accounting software (for example recording transactions in journals, ledgers, adjusting and closing entries and generating income statement and balance sheet from trial balance)
    5. Display professional behaviour consistent with business expectations
    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)

    Attribute 1: Deep discipline knowledge and intellectual breadth

    Graduates have comprehensive knowledge and understanding of their subject area, the ability to engage with different traditions of thought, and the ability to apply their knowledge in practice including in multi-disciplinary or multi-professional contexts.

    1 - 5

    Attribute 2: Creative and critical thinking, and problem solving

    Graduates are effective problems-solvers, able to apply critical, creative and evidence-based thinking to conceive innovative responses to future challenges.

    3, 4

    Attribute 3: Teamwork and communication skills

    Graduates convey ideas and information effectively to a range of audiences for a variety of purposes and contribute in a positive and collaborative manner to achieving common goals.

    5

    Attribute 4: Professionalism and leadership readiness

    Graduates engage in professional behaviour and have the potential to be entrepreneurial and take leadership roles in their chosen occupations or careers and communities.

    1 - 5

    Attribute 5: Intercultural and ethical competency

    Graduates are responsible and effective global citizens whose personal values and practices are consistent with their roles as responsible members of society.

    2, 5

    Attribute 8: Self-awareness and emotional intelligence

    Graduates are self-aware and reflective; they are flexible and resilient and have the capacity to accept and give constructive feedback; they act with integrity and take responsibility for their actions.

    5
  • Learning Resources
    Required Resources
    Text Book:
    During this course we will be making extensive use of the electronic resources associated with the text:
    Financial Accounting, 11th Edition by Hogget, Medlin, Chalmers, Beattie, Hellman and Maxfield.
    Details of where you can purchase the text will be provided on MyUni.


    Use of the internet:
    Accounting Foundations will make extensive use of MyUni and various internet sites which are accounting related, including the Conceptual Framework and Accounting Standards from the AASB’s website https://www.aasb.gov.au/. AASB documents will not be posted on MyUni, as it is important in our profession to go to the original source for the most accurate and up-to-date information.

    Access to the internet can be via the library or various computer pools located within the university.
    Online Learning
    Many course resources are available on the course website: www.myuni.adelaide.edu.au, including:

    o Lecture recordings
    o Lecture and tutorial documents;
    o Sample exams and suggested solutions; and
    o Assessment task related documents.
  • Learning & Teaching Activities
    Learning & Teaching Modes
    Design of this course is based on facilitating learning in an environment where students are actively engaged by applying abstract concepts to practical problems that are meaningful to students. By giving students a range of activities and time to reflect on what they have learnt, students get the opportunity to build up a good understanding which they can demonstrate through assessment tasks at appropriate times throughout the semester. The course design has been well thought out to help students learn but it will only work if students put the effort in and work consistently throughout the semester. If students do work consistently there is no reason why they will not do well.

    There are four key activities:

    1. Pre-class activity – Preparation
    Each week students should read through the appropriate chapter of the textbook and watch the online lecture modules. Do this online by following the link in the weekly module on MyUni. Students are not expected to be able to do activities 100% correctly at this stage but they should at least watch and attempt them as it will give you a broad overview of the weekly topic which enables you to get the maximum benefit from the following lecture and tutorial time. After reading the relevant chapter and activities students should also have a first attempt at the relevant tutorial activity.

    2. In-class activities – Understanding
    Having completed the preparation students can come to the face-to-face lecture - which will be conducted as an interactive workshop - and tutorial ready to actively listen and participate in discussion and activities. The lecturer or tutor will not need to labour the key terms, as they were covered in the preparation and minimal explanation should see students grasp these concepts. Examples will be worked through, questions asked and answered, concepts compared, discussed, and relationships formed with previous work. This will build up the students’ body of knowledge and understanding. Not all of the weekly material will be covered in each class. The activities are designed so that students can use the skills they have learned to answer the remaining questions. In particular, students will have a chance to discuss and reflect on their prepared answers from the pre-class activities in more depth. Suggested tutorial answers are provided to assist with revision.

    3. Application in software case – Consolidation
    Many of our examples are often looked at in topic ‘silos’. The real test comes in applying the concepts students have learned across the semester in a more comprehensive case study. This means that we take abstract concepts demonstrated in examples in the textbook and lectures/tutorials and illustrate these in more complexity in a case that resembles transactions from the real world. In this assignment, students will not only learn how to use accounting software, but they will also apply the knowledge they have acquired across several topics, as they would in the real world. By applying your knowledge in this way, students will consolidate their understanding. The software assignment contains both formative and summative activities.

    4. Assessment - Demonstration
    At various points throughout the semester and ultimately at the end of the semester, students will complete assessment tasks. These give students an opportunity to demonstrate that they have achieved the learning outcomes of the course. In addition, and most importantly, students get feedback and find out which concepts they are struggling with so that they can work on these areas.
    Workload

    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 per week.

    Students in this course are expected to attend all lectures throughout the semester plus one tutorial class each week.
    Learning Activities Summary
    1. Introduction to Accounting
    2. Conceptual Framework (Part 1)
    3. Conceptual Framework (Part 2)
    4. Recording Process
    5. Adjusting, Closing, and Reversing Entries
    6. Accounting for Retailing
    7. Accounting Systems
    8. Current assets: Cash Management and Control
    9. Current assets: Accounts receivable, Allowance for doubtful debts and inventory
    10. Non-current assets: Property, Plant and Equipment
    11. Partnership and Companies and Equity
    12. Revision
  • 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 Task Task Type Due Word count / time Weighting Learning Outcome
    Professionalism Individual/Formative and summative

    Ongoing

    Various 5% 3, 4, 5
    Mid-semester test Individual/Summative Week 6 45 min 20% 1, 2, 3, 4
    Accounting Software assignment Individual/Formative and summative Week 7 - 11 20 hours 20% 3, 4
    Final exam Individual/Summative Exam Period 180 min 55% 1, 2, 3, 4
    Assessment Detail
    Professionalism (5%)
    This assessment component relates to students’ active engagement and communication skills. Professional behaviour is an essential part of becoming and being an accountant. This assessment component aims to provide an incentive for you to engage in a professional manner as you transition into the labour market. It is also designed to incentivise students to be prepared and develop their understanding through active engagement with the course content in both face-to-face classes and the students’ own time.

    More detail about this assessment component will be communicated to you in the first lecture.

    Marks can be deducted for poor communication or disrespectful behaviour and other behaviour, which might be considered unprofessional. 

    In this assessment component, students are able to demonstrate they have achieved Learning Outcomes 3, 4 and 5.

    Mid-semester Test (20%)
    In the mid-semester test, students will demonstrate their learning relating to topics 1 to 4 inclusive. The test will be conducted during week 6. Further details, including location(s), will be posted on MyUni.
    In this assessment, students are able to demonstrate that they partially achieve Learning Outcomes 1 to 4.

    Accounting Software Assignment (20%)
    In this activity, students will learn and demonstrate their learning to use accounting software, which is used by a wider variety of companies and entities both in Australia and nationally. Students will have access to a formative learning module for a two week period. Following this period, students will have access to the summative assessment over a further two week period. During this time, you will be able apply the content covered in lectures and tutorials using the software.
    In the summative assessment component, students are able to demonstrate that they achieve Learning Outcomes 3 and 4.

    Final Exam (55%)
    There will be a three-hour exam. All content from this course is examinable. As such, students will be able to demonstrate that they have achieved all learning outcomes of this course, with the exception of Learning Outcome 5 and the software component of Learning Outcome 4.
    Please note that to successfully pass this course, students need to obtain 50% overall.

    Submission
    Submissions relating to Professionalism

    Across the semester, there are two activities where you will have to submit an individually prepared response to a tutorial question via MyUni before the tutorial. You can find details about the submission on MyUni. 

    Submission of Accounting Software assessment

    Details of the accounting software assessments will be announced in the course.
    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.

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.