Course coordinator
Ms Kirsty Dunbar
Course overview
- Study period
- Semester 2, 2024 (22/07/2024 - 18/11/2024)
- Study level
- Postgraduate Coursework
- Location
- St Lucia
- Attendance mode
- In Person
- Units
- 2
- Administrative campus
- St Lucia
- Coordinating unit
- Business School
An introductory course that equips students with an integrated base of theoretical and technical knowledge and skills in financial accounting. Financial accounting is a system used to prepare reports that disseminate information about the performance and financial status of a business to external parties. For example, the system used by the directors of a public company to prepare financial statements in the annual report issued to shareholders of that company. This course commences with an introduction to accounting terminology, the basic financial statements required for most businesses in the context of the Australian regulatory environment and the latest Australian Accounting Standards after harmonisation with the International Accounting Standards. The body of the course focuses on the skills necessary for the preparation and analysis of information contained in external financial statements, these being - the Income Statement, the Balance Sheet, the Statement of Changes in Equity and the Cash Flow Statement. Specific accounting issues relating to revenues, expenses, assets, liabilities and equity are addressed within the context of the financial statements. Interpretation and evaluation of information presented in financial statements are also undertaken using ratio analysis techniques.
This course covers a range of topics in financial reporting (assuming no prior knowledge of accounting) to provide a broad understanding of accounting concepts and methods. On completion of the course,
students should possess the skills to understand and analyse financial reports. To ensure that this outcome is realised, financial statements are used extensively in the classroom to illustrate and extend
each topic.
Course requirements
Assumed background
ACCT7101 operates under the assumption that students do not have a background in accounting and therefore starts at the beginning of the accounting process.
Incompatible
You can't enrol in this course if you've already completed the following:
ACCT1110 or 2101 or 2111 or 2112 or 7804
Course contact
Course staff
Lecturer
Ms Kirsty Dunbar
Timetable
The timetable for this course is available on the UQ Public Timetable.
Additional timetable information
Please note: Teaching staff do not have access to the timetabling system to help with class allocation. Therefore, should you need help with your timetable and/or allocation of classes, please ensure you email business.mytimetable@uq.edu.au from your UQ student email account with the following details:
- Full name,
- Student ID, and
- the Course Code
Aims and outcomes
This course aims to provide a broad understanding of accounting concepts and methods. On completion of the course, students should possess the skills to understand and analyse financial reports.
Learning outcomes
After successfully completing this course you should be able to:
LO1.
understand the role of financial accounting in the business world including financial accounting framework and processes
LO2.
prepare accounting records and financial reports
LO3.
apply relevant accounting standards to accounting issues
LO4.
perform basic financial statement analysis
LO5.
evaluate financial accounting information to make business decisions
Assessment
Assessment summary
| Category | Assessment task | Weight | Due date |
|---|---|---|---|
| Examination |
In-Semester Exam
|
25% Topics 1 to 4 |
In-semester Saturday 31/08/2024 - 14/09/2024 |
| Paper/ Report/ Annotation | Financial Report Analysis and Decision Making | 25% |
10/10/2024 1:00 pm |
| Examination |
Final Exam
|
50% All topics |
End of Semester Exam Period 2/11/2024 - 16/11/2024 |
Assessment details
In-Semester Exam
- Identity Verified
- In-person
- Mode
- Written
- Category
- Examination
- Weight
- 25% Topics 1 to 4
- Due date
In-semester Saturday
31/08/2024 - 14/09/2024
- Other conditions
- Time limited.
- Learning outcomes
- L01, L02, L03
Task description
In-semester exam consists of multiple choice questions, short answer theory questions, practical questions including the preparation of journal entries (including adjusting and closing entries), and the preparation of basic financial statements. The material will be drawn from Topics 1 to 4 inclusive. In preparing for the in-semester exam you should review all lecture material, tutorial questions and exercises.
The in-semester exam is a centrally scheduled & administered PAPER-BASED exam invigilated on campus.
The exam will be scheduled by UQ Central Examinations for the Saturday In-Semester Exam period.
More detailed information will be discussed in the lecture prior to the exam.
AI Statement:
Note: This assessment task is to be completed in person. The use of generative Artificial Intelligence (AI) tools will not be permitted. Any attempted use of Generative AI may constitute student misconduct under the Student Code of Conduct.
Note: "Learning objectives" refer to the objectives listed in section 2.2 of the course outline, NOT lecture topics.
Exam details
| Planning time | 10 minutes |
|---|---|
| Duration | 90 minutes |
| Calculator options | (In person) Casio FX82 series or UQ approved , labelled calculator only |
| Open/closed book | Closed Book examination - no written materials permitted |
| Exam platform | Paper based |
| Invigilation | Invigilated in person |
Submission guidelines
Deferral or extension
You may be able to defer this exam.
Financial Report Analysis and Decision Making
- Mode
- Written
- Category
- Paper/ Report/ Annotation
- Weight
- 25%
- Due date
10/10/2024 1:00 pm
- Learning outcomes
- L01, L02, L03, L04, L05
Task description
You will be randomly assigned two ASX listed companies that operate in the same industry (Company A and Company B). Research the financial press and other sources of available information to familiarise yourself with the industry in which your allocated companies operate and with company-specific factors that may have or will affect either company’s performance.
(a) Assume you are a loan officer who evaluates loan applications. Make a recommendation to the bank head office advising if the bank should accept or reject the loan application of company A.
(b) Assume you are an investment manager who evaluates private equity placements. Make a recommendation to the board of directors advising which company to invest.
The written responses to this assignment are limited to a maximum of 5 pages (Times Roman 12 point type, 1.5 line spacing and minimum 2 cm margin on either side). The Excel table of financial ratios and a list of references are excluded from this page limit.
AI Statement:
Note: This assessment task evaluates students' abilities, skills and knowledge without the aid of Artificial Intelligence (AI). Students are advised that the use of AI technologies to develop responses is strictly prohibited and may constitute student misconduct under the Student Code of Conduct.
More details of the assignment will be provided in the lecture.
Submission guidelines
Submit your assignment before or on the due date. Follow the instructions below.
a) Submit the assignment electronically as a PDF to the Turn-it-in link located in the Blackboard Assessment link. Follow the submission instructions. The title of your assignment in the Turn-it-in Submission Page must be the ASX code of your assigned Company A. Do not add anything else in the title. For example, Super Retail Group Ltd title would be: SUL.
b) The assignment can be submitted once only. Once submitted your assignment cannot be modified and re-submitted. However, before submitting the assignment you can test it for text matching through a draft submission in the Draft Turn-it-in Assignment - To Test Originality folder.
Deferral or extension
You may be able to apply for an extension.
Late submission
A penalty of 10% of the maximum possible mark will be deducted per 24 hours from time submission is due for up to 7 days. After 7 days, you will receive a mark of 0.
Final Exam
- Identity Verified
- In-person
- Mode
- Written
- Category
- Examination
- Weight
- 50% All topics
- Due date
End of Semester Exam Period
2/11/2024 - 16/11/2024
- Other conditions
- Time limited.
- Learning outcomes
- L01, L02, L03, L04, L05
Task description
The final exam will cover all the topics 1 to 11.
The final exam consists of multiple-choice questions and written questions, including both practical and theoretical components. More detailed information regarding the exam will be provided in the revision lecture.
This exam is a closed book, invigilated exam as required by UQ and Professional Accounting organisations.
AI Statement:
Note: This assessment task is to be completed in person. The use of generative Artificial Intelligence (AI) tools will not be permitted. Any attempted use of Generative AI may constitute student misconduct under the Student Code of Conduct.
Note: Sample exams are available on the university library website. Please note, however, that these are provided for revision purposes only.
Exam details
| Planning time | 10 minutes |
|---|---|
| Duration | 120 minutes |
| Calculator options | (In person) Casio FX82 series or UQ approved , labelled calculator only |
| Open/closed book | Closed Book examination - no written materials permitted |
| Exam platform | Paper based |
| Invigilation | Invigilated in person |
Submission guidelines
Deferral or extension
You may be able to defer this exam.
Course grading
Full criteria for each grade is available in the Assessment Procedure.
| Grade | Cut off Percent | Description |
|---|---|---|
| 1 (Low Fail) | 0 - 29 |
Absence of evidence of achievement of course learning outcomes. |
| 2 (Fail) | 30 - 46 |
Minimal evidence of achievement of course learning outcomes. |
| 3 (Marginal Fail) | 47 - 49 |
Demonstrated evidence of developing achievement of course learning outcomes |
| 4 (Pass) | 50 - 64 |
Demonstrated evidence of functional achievement of course learning outcomes. |
| 5 (Credit) | 65 - 74 |
Demonstrated evidence of proficient achievement of course learning outcomes. |
| 6 (Distinction) | 75 - 84 |
Demonstrated evidence of advanced achievement of course learning outcomes. |
| 7 (High Distinction) | 85 - 100 |
Demonstrated evidence of exceptional achievement of course learning outcomes. |
Additional course grading information
Grades will be allocated according to University-wide standards of criterion-based assessment.
Supplementary assessment
Supplementary assessment is available for this course.
Learning resources
You'll need the following resources to successfully complete the course. We've indicated below if you need a personal copy of the reading materials or your own item.
Library resources
Find the required and recommended resources for this course on the UQ Library website.
Learning activities
The learning activities for this course are outlined below. Learn more about the learning outcomes that apply to this course.
Filter activity type by
Please select
| Learning period | Activity type | Topic |
|---|---|---|
Week 1 |
Lecture |
Lecture 1 - Introduction to Financial Reporting Introduction to Financial Reporting - This lecture will provide an introduction to accounting including the business environment, the regulatory environment and the financial statements. Learning outcomes: L01, L04, L05 |
Week 2 |
Tutorial |
Tutorial 1 - Introduction to Financial Reporting Introduction to Financial Reporting & Learning outcomes: L01, L04, L05 |
Lecture |
Lecture 2 - Double Entry Accounting Recording Transactions: Double Entry Accounting - Students will learn the principle of double-entry accounting (debits and credits) and how they are used to record accounting transactions. Learning outcomes: L02, L03 |
|
Week 3 |
Tutorial |
Tutorial 2 - Double Entry Accounting Recording Transactions - Double Entry Accounting & Xero workshop(1): Preparing journal entries and trial balance using Xero Learning outcomes: L02, L03 |
Lecture |
Lecture 3 - Revenue and Expense Recognition Revenue and Expense Recognition in Accrual Accounting - Students will learn the accrual accounting concepts and how they are used in making adjusting entries for prepayments and accruals. Learning outcomes: L02 |
|
Week 4 |
Tutorial |
Tutorial 3 - Revenue and Expense Recognition Revenue and Expense Recognition in Accrual Accounting & Xero workshop(2): Preparing adjusting journal entries and financial statements using Xero Royal Queensland Show Public Holiday - No tutorial Wednesday 14 August 2024. Please attend alternative tutorial this week only. Learning outcomes: L02 |
Lecture |
Lecture 4 - Accounting for Merchandising Firms Accounting for Merchandising Firms - Students will learn the accounting treatment of different inventory systems and cost flow methods. No in-person lecture this week due to Royal Queensland Show Public Holiday, a pre-recording will be offered instead. Learning outcomes: L02, L03, L04, L05 |
|
Week 5 |
Tutorial |
Tutorial 4 - Accounting for Merchandising Firms Learning outcomes: L02, L03, L04, L05 |
Lecture |
Lecture 5 - Financial Statement Analysis Financial Statement Analysis - Students will learn different tools of financial statement analysis including ratio analysis for assessing a company's creditworthiness and profitability. Learning outcomes: L01, L04, L05 |
|
Week 6 |
Tutorial |
Tutorial 5 - Financial Statement Analysis Learning outcomes: L01, L04, L05 |
Lecture |
Lecture 6 - Accounting for Current Assets Accounting for Current Assets - Students will learn internal control principles for handling cash and the reporting of cash and receivables in the financial statements. Learning outcomes: L02, L03, L05 |
|
Week 7 |
No student involvement (Breaks, information) |
In-Semester Exam: No Tutorials Or Lecture There will be no lectures or tutorials in the week conducting the Saturday in-semester exam, which will cover the material from lectures 1 to 4. |
Week 8 |
Tutorial |
Tutorial 6 - Accounting for Current Assets Learning outcomes: L02, L03, L05 |
Lecture |
Lecture 7 - Accounting for Non-Current Assets Accounting for Non-Current Assets - Students will learn the accounting treatment of non-current assets including the concept of depreciation, asset impairments and revaluation. Learning outcomes: L02, L03, L05 |
|
Week 9 |
Tutorial |
Tutorial 7 - Accounting for Non-Current Assets Learning outcomes: L02, L03, L05 |
Lecture |
Lecture 8 - Liabilities Liabilities - Students will learn the accounting treatment of current and non-current liabilities including debentures, provisions and contingent liabilities. Learning outcomes: L02, L03, L05 |
|
Mid Sem break |
No student involvement (Breaks, information) |
In-Semester Break |
Week 10 |
Tutorial |
Tutorial 8 - Liabilities Learning outcomes: L02, L03, L05 |
Lecture |
Lecture 9 - Equity Equity - Students will learn the accounting treatment of equity including the issuance of ordinary shares, share splits, cash dividends and share dividends. Learning outcomes: L02, L03, L05 |
|
Week 11 |
Tutorial |
Tutorial 9 - Equity King's Birthday Public Holiday - No tutorial Monday 7 October 2024. Please attend alternative tutorial this week only. Learning outcomes: L02, L03, L05 |
Lecture |
Lecture 10 - Statement of Cash Flows I Statement of Cash Flows I - Students will learn how to prepare a statement of cash flows using the direct method and how to evaluate an entity using cash flows. Learning outcomes: L02, L03, L04, L05 |
|
Week 12 |
Tutorial |
Tutorial 10 - Statement of Cash Flows I Learning outcomes: L02, L03, L04, L05 |
Lecture |
Lecture 11 - Statement of Cash Flows II Statement of Cash Flows II & Analysing and Integrating GAAP - Students will learn how to prepare a statement of cash flows using the indirect method. Students will also understand the Conceptual Framework, concepts, principles and qualitative characteristics of financial reporting. Learning outcomes: L02, L03, L04, L05 |
|
Week 13 |
Tutorial |
Tutorial 11 - Statement of Cash Flows II Statement of Cash Flows II & Analysing and Integrating GAAP Learning outcomes: L02, L03, L04, L05 |
Lecture |
Lecture 11 - Revision Lecture Revision Lecture - This is a revision lecture and all the important concepts and principles learned in this course will be reviewed. Learning outcomes: L01, L02, L03, L04, L05 |
Policies and procedures
University policies and procedures apply to all aspects of student life. As a UQ student, you must comply with University-wide and program-specific requirements, including the:
- Student Code of Conduct Policy
- Student Integrity and Misconduct Policy and Procedure
- Assessment Procedure
- Examinations Procedure
- Reasonable Adjustments - Students Policy and Procedure
Learn more about UQ policies on my.UQ and the Policy and Procedure Library.