Logo Students

ACCG611 – Principles of Accounting

2017 – S1 Evening

General Information

Pdf icon Download as PDF
Unit convenor and teaching staff Unit convenor and teaching staff Lecturer
Kym Butcher
Contact via accg611@mq.edu.au
E4A 243
To be advised via consultation schedule in Week 2
Lecturer
Andreas Hellmann
Contact via accg611@mq.edu.au
E4A 233
To be advised via consultation schedule in Week 2
Lecturer
Milica Misic
Contact via accg611@mq.edu.,au
E4A 326
To be advised via consultation schedule in Week 2
To Be Advised
Teaching Assistant
Contact via accg611@mq.edu.au
Moderator
Rajni Mala
Contact via Email
Credit points Credit points
4
Prerequisites Prerequisites
Admission to MAccg(Adv) or MAccg or MAcc(CPA) or MAcc(Prof) or MAcc(Prof)MCom or MBioBus or MIntAccg or MCom or MIntBus or MIntBusMIntComm or MIntBusMIntRel
Corequisites Corequisites
Co-badged status Co-badged status
Unit description Unit description
This unit provides students with a graduate-level understanding of accounting as a business process of recording, measuring, classifying and reporting relevant economic, financial and other related information and transactions for use by a variety of stakeholders. Students completing the unit are expected to be able to prepare, analyse and discuss financial reports in various business contexts. Seminars cover the core aspects of the preparation and basic analysis of financial statements and the underlying policies and principles.

Important Academic Dates

Information about important academic dates including deadlines for withdrawing from units are available at http://students.mq.edu.au/student_admin/enrolmentguide/academicdates/

Learning Outcomes

  1. Explain the purpose of accounting and accounting processes and appreciate the role of accounting in business sustainability and ethical decision making.
  2. Identify, record and process business transactions in the accounting system and report their effect by preparing appropriately structured financial statements.
  3. Undertake basic analysis of the financial statements of organisations.
  4. Explain the importance of budgeting and costing in an organisation and use such information to make business decisions.
  5. Participate in group work activity and communicate the results of group work in appropriate reports.

General Assessment Information

What is required to pass the Unit?

To achieve a passing grade for the unit students MUST obtain an overall mark greater than 50%.

Assessment Tasks

Name Weighting Due
Assessed coursework 25% Weeks 2,3,5 6, 9 & 11
Class Tests 20% Weeks 4 and10
Final examination 55% University examination period

Assessed coursework

Due: Weeks 2,3,5 6, 9 & 11
Weighting: 25%

There are two parts to the Assessed coursework mark.

Part 1: Homework Corrections (10%)

Homework solutions will be available immediately after the topic is covered during seminars. Students are expected to correct their homework and bring this to seminars. Homework corrections will be assessed in Weeks 2, 6 & 9. Each homework correction will be marked out of 5.  Of the three homework corrections assessed, the best two will be included.

Part 2: Participation in Group Activity (15%)

Students will form groups during seminars to complete an unseen question or questions during Weeks 2, 3, 5, 9 & 11. The unseen question(s) will be based on the homework completed for that week. Each of the five group activities will be marked out of 3, i.e., 1.5 marks for group participation and 1.5 marks for a quality individual attempt.

Submission

Submission is only possible in your registered seminar class. 

Extensions and penalties

No extensions will be granted. Students who do not complete homework corrections or participate in group activity will be awarded a mark of 0 for the tasks. This penalty does not apply in cases for which an application for Disruption to Studies is made and approved.


This Assessment Task relates to the following Learning Outcomes:
  • Explain the purpose of accounting and accounting processes and appreciate the role of accounting in business sustainability and ethical decision making.
  • Identify, record and process business transactions in the accounting system and report their effect by preparing appropriately structured financial statements.
  • Undertake basic analysis of the financial statements of organisations.
  • Explain the importance of budgeting and costing in an organisation and use such information to make business decisions.
  • Participate in group work activity and communicate the results of group work in appropriate reports.

Class Tests

Due: Weeks 4 and10
Weighting: 20%

Students are required to attempt two class tests.

The first test will be a 30 minute online multiple choice test at the end of Week 4. The test is weighted 10% and will serve as a diagnostic indicator of student performance.

The second class test will be in Week 10 during seminars. The test will be weighted 10% and be of one hour duration.

Detailed information about the class tests will be released on iLearn.

Submission

The first diagnostic test will be online. You can only attempt the second class test in your registered seminar.

Extensions and penalties

No extensions will be granted. Students who have not attempted the class tests will be awarded a mark of 0 for the test. This penalty does not apply for cases in which an application for Disruption to Studies is made and approved. Note that there will be no supplementary tests. Students who are absent from the first class test will increase the weighting on the second or third test and vice versa if an application for Disruption to Studies is made and approved. Students who miss all tests will shift the assessment percentage to the Assignment if an application for Disruption to Studies is made and approved.


This Assessment Task relates to the following Learning Outcomes:
  • Explain the purpose of accounting and accounting processes and appreciate the role of accounting in business sustainability and ethical decision making.
  • Identify, record and process business transactions in the accounting system and report their effect by preparing appropriately structured financial statements.
  • Undertake basic analysis of the financial statements of organisations.
  • Explain the importance of budgeting and costing in an organisation and use such information to make business decisions.
  • Participate in group work activity and communicate the results of group work in appropriate reports.

Final examination

Due: University examination period
Weighting: 55%

Submission

A 2 hour final examination for this unit will be held during the University Examination period. Detailed information will be available on ilearn prior to the Week 13 seminar.

The University Examination period in Session 1 2017 is Monday 12 June through Friday 30 June.

You are expected to present yourself for examination at the time and place designated in the University Examination Timetable. The timetable will be available in Draft form approximately eight weeks before the commencement of the examinations and in Final form approximately four weeks before the commencement of the examination: http://students.mq.edu.au/student_admin/exams/

Grade

Grade descriptors and other information concerning grading are contained in the Macquarie University Grading Policy which is available at: http://www/mq/edu/au/policy/docs/grading/policy.html. 

Students will be awarded one of these grades. All final grades in the Department of Accounting and Corporate Governance are determined by a grading committee and are not the sole responsibility of the Unit Coordinator. The final grade awarded reflects the corresponding grade descriptor in the Grading Policy. 

Extensions and penalties

The only exception to not sitting an examination at the designated time is because of documented illness or unavoidable disruption. In these circumstances you may wish to consider applying for Disruption to Studies. If a Supplementary Examination is granted as a result of the Disruption to Studies process the examination will be scheduled after the conclusion of the official examination period. Please note that the supplementary examination will be of similar format as the final examination. The Macquarie University examination policy details the principles and conduct of examinations at the University, The policy is available at: http://www.mq.edu.au/policy/docs/examination/policy.html

 


This Assessment Task relates to the following Learning Outcomes:
  • Explain the purpose of accounting and accounting processes and appreciate the role of accounting in business sustainability and ethical decision making.
  • Identify, record and process business transactions in the accounting system and report their effect by preparing appropriately structured financial statements.
  • Undertake basic analysis of the financial statements of organisations.
  • Explain the importance of budgeting and costing in an organisation and use such information to make business decisions.
  • Participate in group work activity and communicate the results of group work in appropriate reports.

Delivery and Resources

Classes

The unit has 3 hours face-to-face teaching per week. The class will run in a seminar style.

The timetable for classes can be found on the University website at: http://www.timetables.mq.edu.au/

Students are expected to spend 150 hours working on this unit. As a guide a student should spend these approximate amounts of time on each of the following activities:

Expectations and Workload

Activity No.

Activity Description

Hours

1

Weekly seminars/lectures/tutorials

39

2

Assessment Task 1 (Assessed Coursework – weighting 25%)

13

3

Assessment Task 2 (In-class tests - weighting: 20%)

2

4

Assessment Task 3 (Final examination – weighting: 55%)

3

5

Readings/self-study/tests and exam preparation

93

Consultation

Consultation is available every week starting from Week 2. The consultation schedule will be provided on ilearn.

Required Textbook and Recommended Texts and/or Materials

Carlon, S., McAlpine-Mladenovic, R., Palm, C., Mitrione, L., Kirk, N. and Wong, L. (2016). Financial Accounting: Reporting, Analysis and Decision Making, Wiley, QLD, Australia.

The prescribed textbook (with Wiley Plus) can be purchased directly from the Co-op Bookshop on campus or online via the following link: http://www.wileydirect.com.au/buy/financial-accounting-5th-edition/. In addition, copies of the textbook are available in the reserve section of the library. Note that WileyPlus is not a required learning material in ACCG611 yet can be used as a revision tool.

Unit Web Page

Course materials are available on the learning management system (ilearn).

Technology Used and Required

In this unit, students require computer technology sufficient to regularly access the learning materials on the unit ilearn webpage via the internet.

Unit Schedule

Seminar Week

Week Commencing

Topic

 

Text Reference

(Carlon et al. (2015))

Assessment/Activities

1

Monday 27 February

An overview of accounting

Chapter 1

(pgs 4-19 & 40-43)

 

2

Monday 6 March

The role of sustainability & ethics in accounting

TBA

Homework Corrections Due/Group Activity

3

Monday 13 March

Financial accounting for business: accounting cycle and double-entry accounting

Chapter 2 (pgs. 92-109) &

Chapter 3

(pgs. 154-155)

Group Activity

4

Monday 20 March

Financial accounting for business: recording transactions

Chapter 2

(pg. 110-124)

Class test 1 (diagnostic online test)

5

Monday 27 March

Financial accounting for business: adjusting entries 1

Chapter 3 – (up to pg. 178)

Group Activity

6

Monday 3 April

Financial accounting for business: adjusting entries 2

Chapter 3 – (up to pg. 178)

Homework Corrections Due

7

Monday 10 April

Financial accounting for business: closing entries & preparing financial statements

Chapter 1 (pg. 20-29) & Chapter 3 (pgs. 179-183)

 

8

Monday 1 May

Financial accounting for business: worksheets and ratio analysis

Chapter 3 (pg. 187-188) &

 

Chapter 12 (pgs. 731-743)

 

9

Monday 8 May

Financial accounting for business: accounting for inventory

Chapter 5

Homework Corrections Due/Group Activity

10

Monday 15 May

Internal control and cash management

Chapter 6 (up to pg. 338) & Chapter 7 (pg. 406-421)

Class test 2 (in class)

11

Monday 22 May

Introduction to management accounting and budgeting

TBA

Group Activity

12

Monday 29 May

Cost volume profit analysis

TBA

 

13

Monday 5 June

Revision

NA

 

Policies and Procedures

Macquarie University policies and procedures are accessible from Policy Central. Students should be aware of the following policies in particular with regard to Learning and Teaching:

Academic Honesty Policy http://mq.edu.au/policy/docs/academic_honesty/policy.html

Assessment Policy http://mq.edu.au/policy/docs/assessment/policy_2016.html

Grade Appeal Policy http://mq.edu.au/policy/docs/gradeappeal/policy.html

Complaint Management Procedure for Students and Members of the Public http://www.mq.edu.au/policy/docs/complaint_management/procedure.html​

Disruption to Studies Policy http://www.mq.edu.au/policy/docs/disruption_studies/policy.html The Disruption to Studies Policy is effective from March 3 2014 and replaces the Special Consideration Policy.

In addition, a number of other policies can be found in the Learning and Teaching Category of Policy Central.

Student Code of Conduct

Macquarie University students have a responsibility to be familiar with the Student Code of Conduct: https://students.mq.edu.au/support/student_conduct/

Results

Results shown in iLearn, or released directly by your Unit Convenor, are not confirmed as they are subject to final approval by the University. Once approved, final results will be sent to your student email address and will be made available in eStudent. For more information visit ask.mq.edu.au.

Student Support

Macquarie University provides a range of support services for students. For details, visit http://students.mq.edu.au/support/

Learning Skills

Learning Skills (mq.edu.au/learningskills) provides academic writing resources and study strategies to improve your marks and take control of your study.

Student Enquiry Service

For all student enquiries, visit Student Connect at ask.mq.edu.au

Equity Support

Students with a disability are encouraged to contact the Disability Service who can provide appropriate help with any issues that arise during their studies.

IT Help

For help with University computer systems and technology, visit http://www.mq.edu.au/about_us/offices_and_units/information_technology/help/

When using the University's IT, you must adhere to the Acceptable Use of IT Resources Policy. The policy applies to all who connect to the MQ network including students.

Graduate Capabilities

Discipline Specific Knowledge and Skills

Our graduates will take with them the intellectual development, depth and breadth of knowledge, scholarly understanding, and specific subject content in their chosen fields to make them competent and confident in their subject or profession. They will be able to demonstrate, where relevant, professional technical competence and meet professional standards. They will be able to articulate the structure of knowledge of their discipline, be able to adapt discipline-specific knowledge to novel situations, and be able to contribute from their discipline to inter-disciplinary solutions to problems.

This graduate capability is supported by:

Learning outcomes

  • Explain the purpose of accounting and accounting processes and appreciate the role of accounting in business sustainability and ethical decision making.
  • Identify, record and process business transactions in the accounting system and report their effect by preparing appropriately structured financial statements.
  • Undertake basic analysis of the financial statements of organisations.
  • Explain the importance of budgeting and costing in an organisation and use such information to make business decisions.
  • Participate in group work activity and communicate the results of group work in appropriate reports.

Assessment tasks

  • Assessed coursework
  • Class Tests
  • Final examination

Critical, Analytical and Integrative Thinking

We want our graduates to be capable of reasoning, questioning and analysing, and to integrate and synthesise learning and knowledge from a range of sources and environments; to be able to critique constraints, assumptions and limitations; to be able to think independently and systemically in relation to scholarly activity, in the workplace, and in the world. We want them to have a level of scientific and information technology literacy.

This graduate capability is supported by:

Learning outcomes

  • Explain the purpose of accounting and accounting processes and appreciate the role of accounting in business sustainability and ethical decision making.
  • Identify, record and process business transactions in the accounting system and report their effect by preparing appropriately structured financial statements.
  • Undertake basic analysis of the financial statements of organisations.
  • Explain the importance of budgeting and costing in an organisation and use such information to make business decisions.
  • Participate in group work activity and communicate the results of group work in appropriate reports.

Assessment tasks

  • Assessed coursework
  • Class Tests
  • Final examination

Capable of Professional and Personal Judgement and Initiative

We want our graduates to have emotional intelligence and sound interpersonal skills and to demonstrate discernment and common sense in their professional and personal judgement. They will exercise initiative as needed. They will be capable of risk assessment, and be able to handle ambiguity and complexity, enabling them to be adaptable in diverse and changing environments.

This graduate capability is supported by:

Learning outcomes

  • Explain the purpose of accounting and accounting processes and appreciate the role of accounting in business sustainability and ethical decision making.
  • Identify, record and process business transactions in the accounting system and report their effect by preparing appropriately structured financial statements.
  • Undertake basic analysis of the financial statements of organisations.
  • Explain the importance of budgeting and costing in an organisation and use such information to make business decisions.
  • Participate in group work activity and communicate the results of group work in appropriate reports.

Assessment tasks

  • Assessed coursework
  • Class Tests
  • Final examination

Research and Practice, Global and Sustainability

This unit addresses global and sustainability issues as direct areas of study and as necessary implications arising from the materials, assessment and academic discussion and debate in classes/seminars. We promote sustainability by developing the ability of students to research and locate information within the accounting discipline. We aim to provide students with an opportunity to obtain skills which will benefit them throughout their career.

The unit materials have a reference list at the end of each chapter/module/text containing all references cited by the author. These provide some guidance to references that could be used to research particular issues.

Changes since First Published

Date Description
14/02/2017 Changes to the content in the course schedule.