Students

ACCG6011 – Principles of Accounting

2024 – Session 1, In person-scheduled-weekday, North Ryde

General Information

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Unit convenor and teaching staff Unit convenor and teaching staff Unit Convener
Peipei Pan
accg6011@mq.edu.au
Contact via Email
Room 328, Level 3, 4ER Building, 4 Eastern Road
TBA
Lecturer
Daisy Chen
accg6011@mq.edu.au
Moderator
Jessica Chen
accg6011@mq.edu.au
Credit points Credit points
10
Prerequisites Prerequisites
Admission to MAccg or MCom or MIntBus or MProfAcc or MBusAnalytics or GradCertAcctPrac or GradDipAcctPrac
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 economic, financial and other related information and transactions for use by a variety of stakeholders. Students completing this unit are expected to be able to prepare, analyse and discuss financial reports in various business contexts. Classes cover the core aspects of the preparation and basic analysis of financial statements and the underlying accounting policies and principles.

Important Academic Dates

Information about important academic dates including deadlines for withdrawing from units are available at https://www.mq.edu.au/study/calendar-of-dates

Learning Outcomes

On successful completion of this unit, you will be able to:

  • ULO1: Explain the purpose of accounting and accounting processes and appreciate the role of accounting in business sustainability and ethical decision making.
  • ULO2: Identify, record and process business transactions in the accounting system and report their effect by preparing structured financial statements.
  • ULO3: Undertake basic analysis of the financial statements of organisations, through ratio analysis.
  • ULO4: Explain the value of internal control and management’s responsibility in relation to it and apply internal control principles to the sales and purchases cycles and the cash guarding procedure.
  • ULO5: Calculate and describe the use of cost–volume–profit (CVP) analysis in management decision making.
  • ULO6: Apply the principles involved in analysing and managing an organisation’s cash flow and working capital requirements.

General Assessment Information

Late Assessment Submission Penalty (written assessments)  

 Unless a Special Consideration request has been submitted and approved, a 5% penalty (of the total possible mark) will be applied each day a written assessment is not submitted, up until the 7th day (including weekends). After the 7th day, a grade of ‘0’ will be awarded even if the assessment is submitted. Submission time for all written assessments is set at 11.55pm. A 1-hour grace period is provided to students who experience a technical concern.   

 For any late submissions of time-sensitive tasks, such as scheduled tests/exams, performance assessments/presentations, and/or scheduled practical assessments/labs, students need to submit an application for Special Consideration. 

Assessment Tasks

Name Weighting Hurdle Due
Virtual experience and class participation 20% No Various weeks
Class Test 40% No Various weeks
Xero assignment 15% No Week 9
Group Report 25% No Week 13

Virtual experience and class participation

Assessment Type 1: Participatory task
Indicative Time on Task 2: 10 hours
Due: Various weeks
Weighting: 20%

 

During the session, students are required to attempt a number of participatory tasks including the virtual experience program and the participation activities. The purpose of these participatory tasks is to provide students with feedback on their learning of the accounting topics. Detailed information about the tasks will be released on iLearn.

 
On successful completion you will be able to:
  • 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 structured financial statements.
  • Undertake basic analysis of the financial statements of organisations, through ratio analysis.
  • Explain the value of internal control and management’s responsibility in relation to it and apply internal control principles to the sales and purchases cycles and the cash guarding procedure.
  • Calculate and describe the use of cost–volume–profit (CVP) analysis in management decision making.
  • Apply the principles involved in analysing and managing an organisation’s cash flow and working capital requirements.

Class Test

Assessment Type 1: Quiz/Test
Indicative Time on Task 2: 30 hours
Due: Various weeks
Weighting: 40%

 

The class tests are designed to give feedback to students' understanding of key topics and concepts covered and to identify any particular learning challenges or areas of difficulty. More details will be provided on iLearn.

 
On successful completion you will be able to:
  • 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 structured financial statements.
  • Undertake basic analysis of the financial statements of organisations, through ratio analysis.
  • Explain the value of internal control and management’s responsibility in relation to it and apply internal control principles to the sales and purchases cycles and the cash guarding procedure.
  • Calculate and describe the use of cost–volume–profit (CVP) analysis in management decision making.
  • Apply the principles involved in analysing and managing an organisation’s cash flow and working capital requirements.

Xero assignment

Assessment Type 1: Practice-based task
Indicative Time on Task 2: 20 hours
Due: Week 9
Weighting: 15%

 

This assignment is designed to prepare students with the accounting software skills they need to work in a modern day practice. Through the completion of an accounting cycle for a fictional business, students will gain experience in the practical and technical skills essential to accounting.

 

 
On successful completion you will be able to:
  • 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 structured financial statements.
  • Explain the value of internal control and management’s responsibility in relation to it and apply internal control principles to the sales and purchases cycles and the cash guarding procedure.

Group Report

Assessment Type 1: Report
Indicative Time on Task 2: 20 hours
Due: Week 13
Weighting: 25%

 

This assessment aims to evaluate the attainment of specific learning outcomes related to financial analysis, cost-volume-profit analysis (CVP), and managing an organization's cash flow and working capital. Students will collaborate in groups to produce a comprehensive report demonstrating their understanding and application of these key concepts.

 
On successful completion you will be able to:
  • Undertake basic analysis of the financial statements of organisations, through ratio analysis.
  • Calculate and describe the use of cost–volume–profit (CVP) analysis in management decision making.
  • Apply the principles involved in analysing and managing an organisation’s cash flow and working capital requirements.

1 If you need help with your assignment, please contact:

  • the academic teaching staff in your unit for guidance in understanding or completing this type of assessment
  • the Writing Centre for academic skills support.

2 Indicative time-on-task is an estimate of the time required for completion of the assessment task and is subject to individual variation

Delivery and Resources

Required Text: 

  • Shirley Carlon, Rosina McAlpine, Chrisann Lee, Lorena Mitrione, Ngaire Kirk, Lily Wong (2022). Accounting: Reporting, Analysis and Decision Making, 7th Edition, Wiley, QLD, Australia. ISBN: 978-0-730-39191-3, 978-0-730-39190-6
  • The prescribed textbook can be purchased directly online via the following link: https://www.wileydirect.com.au/buy/accounting-reporting-analysis-and-decision-making/
  • In addition, copies of the textbook are available in the reserve section of the library.

Unit Schedule

 

Week

Topic

1

 An overview of accounting, the role of ethics and sustainability in accounting, and conceptual framework

 

2

 The recording process

3

 Accrual accounting concepts

4

 Closing entries and preparing financial statements

5

 Account receivables

6

 Internal control and reconciliations
7 Inventories (AASB102)

8

Non-current assets

9

 Liabilities and equity

10

 Financial ratio analysis and working capital management

11

 Statement of cash flows

12

 CVP analysis

13

 Review Week

Policies and Procedures

Macquarie University policies and procedures are accessible from Policy Central (https://policies.mq.edu.au). Students should be aware of the following policies in particular with regard to Learning and Teaching:

Students seeking more policy resources can visit Student Policies (https://students.mq.edu.au/support/study/policies). It is your one-stop-shop for the key policies you need to know about throughout your undergraduate student journey.

To find other policies relating to Teaching and Learning, visit Policy Central (https://policies.mq.edu.au) and use the search tool.

Student Code of Conduct

Macquarie University students have a responsibility to be familiar with the Student Code of Conduct: https://students.mq.edu.au/admin/other-resources/student-conduct

Results

Results published on platform other than eStudent, (eg. iLearn, Coursera etc.) 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 connect.mq.edu.au or if you are a Global MBA student contact globalmba.support@mq.edu.au

Academic Integrity

At Macquarie, we believe academic integrity – honesty, respect, trust, responsibility, fairness and courage – is at the core of learning, teaching and research. We recognise that meeting the expectations required to complete your assessments can be challenging. So, we offer you a range of resources and services to help you reach your potential, including free online writing and maths support, academic skills development and wellbeing consultations.

Student Support

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

The Writing Centre

The Writing Centre provides resources to develop your English language proficiency, academic writing, and communication skills.

The Library provides online and face to face support to help you find and use relevant information resources. 

Student Services and Support

Macquarie University offers a range of Student Support Services including:

Student Enquiries

Got a question? Ask us via the Service Connect Portal, or contact Service Connect.

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.

Unit information based on version 2024.05 of the Handbook