Students
ACCG6011 – Principles of Accounting
2024 – Session 2, In person-scheduled-weekday, North Ryde
General Information
Download as PDF
| Unit convenor and teaching staff |
Unit convenor and teaching staff
Unit convenor
Jessica Chen
Unit moderator
Peipei Pan
Lecturer
Daisy Chen
|
|---|---|
| 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.
Assessment Tasks
| Name | Weighting | Hurdle | Due |
|---|---|---|---|
| Virtual experience and class participation | 20% | No | Various weeks |
| Group Report | 25% | No | Week 13 |
| Xero assignment | 15% | No | Week 10 |
| Class Test | 40% | No | Various weeks |
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.
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.
Xero assignment
Assessment Type 1: Practice-based task
Indicative Time on Task 2: 20 hours
Due: Week 10
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.
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.
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 |
|
|
Mid-session break |
|
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:
- Academic Appeals Policy
- Academic Integrity Policy
- Academic Progression Policy
- Assessment Policy
- Fitness to Practice Procedure
- Assessment Procedure
- Complaints Resolution Procedure for Students and Members of the Public
- Special Consideration Policy
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 ask.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.
- Workshops
- Chat with a WriteWISE peer writing leader
- Access StudyWISE
- Upload an assignment to Studiosity
- Complete the Academic Integrity Module
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:
- IT Support
- Accessibility and disability support with study
- Mental health support
- Safety support to respond to bullying, harassment, sexual harassment and sexual assault
- Social support including information about finances, tenancy and legal issues
- Student Advocacy provides independent advice on MQ policies, procedures, and processes
Student Enquiries
Got a question? Ask us via AskMQ, 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