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ACCTING 1004 - Accounting Foundations
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 | Accounting |
| Term | Semester 2 |
| Level | Undergraduate |
| Location/s | North Terrace Campus |
| Units | 3 |
| Contact | Up to 3 hours per week |
| Available for Study Abroad and Exchange | Y |
| Prerequisites | ACCTING 1002 or ACCTING 1002OUA |
| Incompatible | ACCTING 2502 |
| Assessment | Tests, assignments and final exam |
Course Staff
Course Coordinator: Dr Su Kim
Course Timetable
The full timetable of all activities for this course can be accessed from Course Planner.
Course Learning Outcomes
| 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. |
1,2,3,4,5 |
|
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. |
1,2,3,4,5 |
|
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 6: Australian Aboriginal and Torres Strait Islander cultural competency Graduates have an understanding of, and respect for, Australian Aboriginal and Torres Strait Islander values, culture and knowledge. |
. |
|
Attribute 7: Digital capabilities Graduates are well prepared for living, learning and working in a digital society. |
. |
|
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
During this course we will be making extensive use of the electronic resources associated with the text:
Financial Accounting, 12th 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 Practice questions and suggested solutions
o Assessment task related documents
Learning & Teaching Activities
Learning & Teaching Modes
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.
Students in this course are expected to attend all lectures throughout the semester plus one tutorial class each week.
Learning Activities Summary
1. Presentation of Financial Statements
2. Regulatory and Institutional Environment of Accounting in Australia
3. Conceptual Framework
4. Recording Process
5. Adjusting, Closing, and Reversing Entries
6. Accounting for Retailing
7. Inventories (Part 1)
8. Inventories (Part 2)
9. Receivables
10. Non-current assets: Property, Plant and Equipment
11. Partnerships
12. Companies and Equity
13. Revision
Assessment
The University's policy on Assessment for Coursework Programs is based on the following four principles:
- Assessment must encourage and reinforce learning.
- Assessment must enable robust and fair judgements about student performance.
- Assessment practices must be fair and equitable to students and give them the opportunity to demonstrate what they have learned.
- 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 | 10% | 5 |
| Mid-semester test | Individual/Summative | Week 6 | 45 min | 20% | 3 |
| Accounting Software assignment | Individual/Formative and summative | Week 7 - 11 | 20 hours | 25% | 4 |
| Final exam | Individual/Summative | Exam Period | 180 min | 45% | 1, 2, 3, 4 |
Assessment Detail
This assessment component relates to students’ preparation and active engagement in tutorials. 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 Outcome 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 3.
Accounting Software Assignment (25%)
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 Outcome 4.
Final Exam (45%)
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
For each topic, students are required to submit their answers to the tutorial questions labelled as "Tutorial Preparation Exercises for Submission" on MyUni before the beginning of their tutorial.
Submission of Accounting Software assessments
The Accounting Software assessments will need to be submitted on MyUni. Details of the 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 |