ACCT5930 Financial Accounting

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ACCT5930 Financial Accounting


Course Details & Outcomes

Course Description

Accounting is the language of business, and this course is designed for future professionals in the accounting and finance field and entrepreneurs needing a solid foundation in financial accounting principles. This course will provide you with the foundations to prepare financial statements and communicate the financial impact of business events or decisions. You will also learn to interpret the key financial statements as well as sustainability performance to facilitate informed decision-making.

Course Aims

Financial accounting is essential for understanding and running a business. It is the means by which an enterprise’s financial situation is reported and communicated. This course, together with subsequent financial accounting courses, aims to provide you with the skills needed to measure and communicate that financial situation.

ACCT5930 lays a broad foundation so that more advanced financial accounting topics and issues can be explored in subsequent courses.

Relationship to Other Courses

Financial accounting is the language of business. It is the means by which an enterprise's financial situation is reported and communicated. This course, together with subsequent financial accounting courses, aims to provide you with the skills needed to measure and report that financial situation. ACCT5930 lays a broad foundation so that more advanced financial accounting topics and issues can be presented in subsequent courses.

The course aims are to:

Develop the knowledge and ability to prepare Balance Sheets, Income Statements, and Cash Flow Statements, for organisations characterised by moderately complex financial transactions. Develop an ability to identify and build opportunities for financial accountants to add value to an organisation and, more broadly, improve the efficiency of capital markets.

Course Learning Outcomes

Course Learning Outcomes
CLO1 : Apply the accounting cycle, including identification and recording of business transactions, financial period adjustments and prepare accurate and appropriately classified financial statements to assist decision-makers.
CLO2 : Decide the appropriate accounting treatment that aligns with the organisation’s objectives, regulatory requirements and financial reporting needs.
CLO3 : Execute the accounting cycle through to the creation of key financial statements for a simulated business in a commonly used accounting information system.
CLO4 : Analyse and communicate the impact of business events or decisions on accounting policy choice on the key financial statements.
CLO5 : Analyse and interpret the key financial statements and sustainability performance to facilitate and contribute to informed decision-making of stakeholders.


Course Learning Outcomes Assessment Item
CLO1 : Apply the accounting cycle, including identification and recording of business transactions, financial period adjustments and prepare accurate and appropriately classified financial statements to assist decision-makers.
  • Assessment 1: Online Quizzes
  • Assessment 2: Accounting Systems
  • Assessment 3: Final Exam
CLO2 : Decide the appropriate accounting treatment that aligns with the organisation’s objectives, regulatory requirements and financial reporting needs.
  • Assessment 1: Online Quizzes
  • Assessment 2: Accounting Systems
  • Assessment 3: Final Exam
CLO3 : Execute the accounting cycle through to the creation of key financial statements for a simulated business in a commonly used accounting information system.
  • Assessment 1: Online Quizzes
  • Assessment 2: Accounting Systems
  • Assessment 3: Final Exam
CLO4 : Analyse and communicate the impact of business events or decisions on accounting policy choice on the key financial statements.
  • Assessment 1: Online Quizzes
  • Assessment 3: Final Exam
CLO5 : Analyse and interpret the key financial statements and sustainability performance to facilitate and contribute to informed decision-making of stakeholders.
  • Assessment 1: Online Quizzes
  • Assessment 3: Final Exam

Learning and Teaching Technologies

Moodle - Learning Management System | Echo 360

Learning and Teaching in this course

At university, the focus is on your self-directed search for knowledge. Seminars, textbooks, exams, and other resources are all provided to help you learn. You are therefore required to attend all seminars, and we recommend that you read all required readings, in order to fully grasp and appreciate the concepts of financial accounting.

Whilst it is up to you to choose how much work you do in each part of the course, we have found that preparation for seminars, completion of seminar exercises, studying for quizzes and exams, and seeking assistance to clarify your understanding, all have a positive relationship with your achievement of the learning outcomes in this course. It is up to you to choose an approach that best suits your learning style and goals in this course. This course has been designed so that students may experience a flexible but directed learning approach to the study of financial accounting.

Assessments

Assessment Structure

Assessment Item Weight Relevant Dates Program learning outcomes
Assessment 1: Online Quizzes
Assessment FormatIndividual
30%
Start DateNot Applicable
Due DateNot Applicable
  • PLO1 : Business Knowledge
  • PLO2 : Problem Solving
  • PLO3 : Business Communication
Assessment 2: Accounting Systems
Assessment FormatIndividual
20%
Start DateNot Applicable
Due DateNot Applicable
  • PLO1 : Business Knowledge
  • PLO2 : Problem Solving
Assessment 3: Final Exam
Assessment FormatIndividual
50%
Start DateNot Applicable
Due DateNot Applicable
  • PLO1 : Business Knowledge
  • PLO2 : Problem Solving
  • PLO3 : Business Communication

Assessment Details

Assessment 1: Online Quizzes
Assessment Overview

This assessment task is to provide you with feedback relating to your understanding and learning progress in the course. There are two quizzes worth 15% each.

Assesses: PLO1, PLO2, PLO3

Course Learning Outcomes
  • CLO1 : Apply the accounting cycle, including identification and recording of business transactions, financial period adjustments and prepare accurate and appropriately classified financial statements to assist decision-makers.
  • CLO2 : Decide the appropriate accounting treatment that aligns with the organisation’s objectives, regulatory requirements and financial reporting needs.
  • CLO3 : Execute the accounting cycle through to the creation of key financial statements for a simulated business in a commonly used accounting information system.
  • CLO4 : Analyse and communicate the impact of business events or decisions on accounting policy choice on the key financial statements.
  • CLO5 : Analyse and interpret the key financial statements and sustainability performance to facilitate and contribute to informed decision-making of stakeholders.
Detailed Assessment Description

There are two quizzes worth 15 percent each.

Quiz 1 is a Moodle quiz that will run Friday week 4 (21 June 2024) and will cover topics 1, 2 & 3. Students will have the option of attempting the quiz at either 1pm or 5pm Sydney Time.

Quiz 2 is a Moodle quiz that will run Friday week 7 (12 July 2024) and will cover topics 1-5. The quiz will be accessible between 10am and 4pm Sydney Time. We advise students to reserve up to 1 hour of uninterrupted time to complete the quiz.

The aim of assessment tasks 1 & 2 is to provide you with feedback relating to your understanding and learning progress in the course. More information regarding these assessments will be made available on Moodle closer to the assessment date.

Assessment information

Short Extensions are not available for this assessment.

Assessment 2: Accounting Systems
Assessment Overview

In order to develop your understanding of, and practical skills in book-keeping and preparing financial statements, you will use an accounting software package to complete transactions for a simulated business.

Assesses: PLO1, PLO2, PLO3

Course Learning Outcomes
  • CLO1 : Apply the accounting cycle, including identification and recording of business transactions, financial period adjustments and prepare accurate and appropriately classified financial statements to assist decision-makers.
  • CLO2 : Decide the appropriate accounting treatment that aligns with the organisation’s objectives, regulatory requirements and financial reporting needs.
  • CLO3 : Execute the accounting cycle through to the creation of key financial statements for a simulated business in a commonly used accounting information system.
Detailed Assessment Description

In order to develop your understanding of, and practical skills in book-keeping and preparing financial statements within an accounting system, you will work on an individual assessment throughout the course. The detailed guidelines will be released during the term.

This assessment item includes working with the accounting software package Xero. 

Assessment information

Short Extensions are not available for this assessment.

Assessment 3: Final Exam
Assessment Overview

The final exam requires students to demonstrate their understanding of fundamentals of financial accounting for entities of simple organisational design, and broad foundation knowledge of advanced financial accounting topics.

Assesses: PLO1, PLO2, PLO3

Course Learning Outcomes
  • CLO1 : Apply the accounting cycle, including identification and recording of business transactions, financial period adjustments and prepare accurate and appropriately classified financial statements to assist decision-makers.
  • CLO2 : Decide the appropriate accounting treatment that aligns with the organisation’s objectives, regulatory requirements and financial reporting needs.
  • CLO3 : Execute the accounting cycle through to the creation of key financial statements for a simulated business in a commonly used accounting information system.
  • CLO4 : Analyse and communicate the impact of business events or decisions on accounting policy choice on the key financial statements.
  • CLO5 : Analyse and interpret the key financial statements and sustainability performance to facilitate and contribute to informed decision-making of stakeholders.
Detailed Assessment Description

You are required to sit a Final Examination in this course. The duration of the Final Examination is 2 hours. A separate announcement detailing the general format of the Final Examination will be posted on Moodle during the final week of the term. The Final Examination will cover material from the entire course. 

This course will have an invigilated exam held on UNSW’s Kensington campus. The exam will be conducted on Inspera, an online assessment platform. It is a mandatory requirement that you attend the exam on-campus and that you come with a fully charged laptop which has the Safe Exam Browser (SEB) installed.

Further instructions on how to prepare for this exam will be provided to you during the term.

Assessment information

Short Extensions are not available for this assessment.

Hurdle rules

You must achieve a satisfactory level of performance in the Final Examination to be eligible for a passing grade.

General Assessment Information

As a student at UNSW you are expected to display academic integrity in your work and interactions. Where a student breaches the UNSW Student Code with respect to academic integrity, the University may take disciplinary action under the Student Misconduct Procedure. To assure academic integrity, you may be required to demonstrate reasoning, research and the process of constructing work submitted for assessment.

To assist you in understanding what academic integrity means, and how to ensure that you do comply with the UNSW Student Code, it is strongly recommended that you complete the Working with Academic Integrity module before submitting your first assessment task. It is a free, online self-paced Moodle module that should take about one hour to complete.

You are expected to complete all assessment tasks for your courses in the School of Accounting, Auditing & Taxation. In some courses, there will be a minimum pass mark required on the final exam due to the need to assure individual mastery of specific course learning outcomes for accounting accreditation requirements.  Where applicable this is explained in the assessment section of this course outline.

This course will have an invigilated exam held on UNSW’s Kensington campus. The exam will be conducted on Inspera, an online assessment platform. It is a mandatory requirement that you attend the exam on-campus (even if you are only attending online classes) and that you come with a fully charged laptop with Safe Exam Browser (SEB) installed. For information about On-Campus Invigilated Exams requirements and conditions please visit here.

Further instructions on how to prepare for this exam will be provided to you during the term.

Grading Basis

Standard

Requirements to pass course

In order to pass this course, you must:

  • achieve a composite mark of at least 50 out of 100;
  • meet any additional requirements described in the Assessment Tasks section.

You are expected to attempt all assessment requirements in the course.

Course Schedule

Teaching Week/Module Activity Type Content
Week 1 : 27 May - 2 June Seminar

Introduction/The Balance Sheet

 

 

 

Week 2 : 3 June - 9 June Seminar

The Income Statement/Revenue Recognition & Transaction Analysis

 

 

 

Week 3 : 10 June - 16 June Seminar

Record Keeping/The Accounting Cycle

 

 

 

Week 4 : 17 June - 23 June Seminar

Adjustments/Inventory

Assessment Task 1 (Quiz 1) - Friday

 

 

Week 5 : 24 June - 30 June Seminar

Non-current assets

 

 

 

Week 6 : 1 July - 7 July Other

Self Study Week - No classes

Week 7 : 8 July - 14 July Seminar

Liabilities and Equity

Assessment Task 1 (Quiz 2) - Friday

Week 8 : 15 July - 21 July Seminar

Financial Statement Analysis

 

 

 

Week 9 : 22 July - 28 July Seminar

The Cash Flow Statement (Part 1)

 

 

 

Week 10 : 29 July - 4 August Seminar

The Cash Flow Statement (Part 2)

 

 

 

Attendance Requirements

Students are strongly encouraged to attend all classes and review lecture recordings.

Course Resources

Prescribed Resources

Textbook

  • “Fundamentals of Accounting and Financial Management”, by K. Trotman, K. Humphreys, V. Clout and K. Morgan, 8th Edition (2022). The textbook is published by Cengage Learning as an e-book.

Students should also note that only the 8th Edition of the textbook is supported in this course. Earlier editions are not supported. Links to where to purchase the textbook will be loaded to the course website.

Seminar Slides

Seminar slides for each topic are available on the course website.

Exercise Solutions

Solutions to exercises set for each topic will be available on the course website for that week's seminar.

Additional Online Materials

The course website may also contain important self-study material and self-practice quizzes relating to topics.

Course website

The website for this course is on Moodle.

You must be enrolled in the course to access the website. The website will contain seminar slides for each topic, announcements, copies of the suggested solutions for weekly questions, the additional self-study material, the online quizzes, and any other material deemed suitable by staff teaching on the course from time to time.

Course Evaluation and Development

Feedback is regularly sought from students and continual improvements are made based on this feedback. At the end of this course, you will be asked to complete the myExperience survey, which provides a key source of student evaluative feedback. Your input into this quality enhancement process is extremely valuable in assisting us to meet the needs of our students and provide an effective and enriching learning experience. The results of all surveys are carefully considered and do lead to action towards enhancing educational quality.

The course that you are enrolled in this session reflects changes that have been made in response to feedback received from students in previous sessions. 


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