Introduces a broad and important foundation in accounting concepts, tools and processes. Particular emphasis is given to the preparation and interpretation of the balance sheet as a statement of business value, profit and loss reports and cash flow statements. The use of management accounting information to enable effective planning, control and evidence-based decision-making is also considered in depth. Modern software tools, databases and related resources are additional features of this practically-oriented subject.
|Academic unit:||Bond Business School|
|Subject title:||Accounting Principles|
Delivery & attendance
|Attendance and learning activities:||Attendance at all class sessions is expected. Students are expected to notify the instructor of any absences with as much advance notice as possible.|
|Prescribed resources:|| |
|[email protected] & Email:||[email protected] is the online learning environment at Bond University and is used to provide access to subject materials, lecture recordings and detailed subject information regarding the subject curriculum, assessment and timing. Both iLearn and the Student Email facility are used to provide important subject notifications. Additionally, official correspondence from the University will be forwarded to students’ Bond email account and must be monitored by the student.|
To access these services, log on to the Student Portal from the Bond University website as www.bond.edu.au
Assurance of learning
Assurance of Learning means that universities take responsibility for creating, monitoring and updating curriculum, teaching and assessment so that students graduate with the knowledge, skills and attributes they need for employability and/or further study.
At Bond University, we carefully develop subject and program outcomes to ensure that student learning in each subject contributes to the whole student experience. Students are encouraged to carefully read and consider subject and program outcomes as combined elements.
Program Learning Outcomes (PLOs)
Program Learning Outcomes provide a broad and measurable set of standards that incorporate a range of knowledge and skills that will be achieved on completion of the program. If you are undertaking this subject as part of a degree program, you should refer to the relevant degree program outcomes and graduate attributes as they relate to this subject.
Subject Learning Outcomes (SLOs)
On successful completion of this subject the learner will be able to:
- Apply fundamental accounting concepts and principles for recording business transactions using accrual accounting and the double entry system.
- Critically evaluate the three main different business structures within diverse business, social and regulatory contexts
- Demonstrate the ability to analyse accounting information, develop recommendations and communicate accounting information for decision making from a stakeholder perspective.
- Demonstrate basic digital literacy skills in the use of spread sheeting applications, and searching, retrieval and analysis of online data.
- Prepare, analyse and interpret a Statement of Financial Position, Statement of Comprehensive Income and Statement of Cash Flows.
- Use financial and non-financial measures to critically analyse organisational performance.
|Written Report||Event Study – individual research and write up of the stock market’s reaction to the release of accounting information||10%||Week 3||3, 4, 6.|
|Written Report §||Group analysis of general purpose financial statements and annual reports. A peer evaluation system will be used to assess the performance of each group member.||20%||Week 12||1, 2, 3, 4, 5, 6.|
|Online Quiz||Set of Online quizzes||15%||In Consultation||1, 3, 5, 6.|
|Computer-Aided Examination (Closed) ^||Comprehensive Final Examination||40%||Final Examination Period||1, 2, 3, 4, 5, 6.|
|Computer-Aided Examination (Closed)||Excel-based Test – includes recording business transactions and producing financial statements.||15%||Week 6 (Mid-Semester Examination Period)||1, 4, 5.|
Students must pass the final examination and achieve a mark of 50% or better overall in order to pass the subject.
- ^ Students must pass this assessment to pass the subject
- § Indicates group/teamwork-based assessment
- * Assessment timing is indicative of the week that the assessment is due or begins (where conducted over multiple weeks), and is based on the standard University academic calendar
- C = Students must reach a level of competency to successfully complete this assessment.
|High Distinction||85-100||Outstanding or exemplary performance in the following areas: interpretative ability; intellectual initiative in response to questions; mastery of the skills required by the subject, general levels of knowledge and analytic ability or clear thinking.|
|Distinction||75-84||Usually awarded to students whose performance goes well beyond the minimum requirements set for tasks required in assessment, and who perform well in most of the above areas.|
|Credit||65-74||Usually awarded to students whose performance is considered to go beyond the minimum requirements for work set for assessment. Assessable work is typically characterised by a strong performance in some of the capacities listed above.|
|Pass||50-64||Usually awarded to students whose performance meets the requirements set for work provided for assessment.|
|Fail||0-49||Usually awarded to students whose performance is not considered to meet the minimum requirements set for particular tasks. The fail grade may be a result of insufficient preparation, of inattention to assignment guidelines or lack of academic ability. A frequent cause of failure is lack of attention to subject or assignment guidelines.|
For the purposes of quality assurance, Bond University conducts an evaluation process to measure and document student assessment as evidence of the extent to which program and subject learning outcomes are achieved. Some examples of student work will be retained for potential research and quality auditing purposes only. Any student work used will be treated confidentially and no student grades will be affected.
Students must check the [email protected] subject site for detailed assessment information and submission procedures.
Policy on late submission and extensions
A late penalty will be applied to all overdue assessment tasks unless an extension is granted by the subject coordinator. The standard penalty will be 10% of marks awarded to that assessment per day late with no assessment to be accepted seven days after the due date. Where a student is granted an extension, the penalty of 10% per day late starts from the new due date.
Policy on plagiarism
University’s Academic Integrity Policy defines plagiarism as the act of misrepresenting as one’s own original work: another’s ideas, interpretations, words, or creative works; and/or one’s own previous ideas, interpretations, words, or creative work without acknowledging that it was used previously (i.e., self-plagiarism). The University considers the act of plagiarising to be a breach of the Student Conduct Code and, therefore, subject to the Discipline Regulations which provide for a range of penalties including the reduction of marks or grades, fines and suspension from the University.
Feedback on assessment
Feedback on assessment will be provided to students within two weeks of the assessment submission due date, as per the Assessment Policy.
If you have a disability, illness, injury or health condition that impacts your capacity to complete studies, exams or assessment tasks, it is important you let us know your special requirements, early in the semester. Students will need to make an application for support and submit it with recent, comprehensive documentation at an appointment with a Disability Officer. Students with a disability are encouraged to contact the Disability Office at the earliest possible time, to meet staff and learn about the services available to meet your specific needs. Please note that late notification or failure to disclose your disability can be to your disadvantage as the University cannot guarantee support under such circumstances.
Additional subject information
A peer-evaluation system will be used in this subject to help determine the individual marks for all group assessments. As part of the requirements for Business School quality accreditation, the Bond Business School employs an evaluation process to measure and document student assessment as evidence of the extent to which program and subject learning outcomes are achieved. Some examples of student work will be retained for potential research and quality auditing purposes only. Any student work used will be treated confidentially and no student grades will be affected.
What is accounting? Why is it important? This introduction addresses these questions and provides insight into the tools of the trade.
The rules of debit and credit are introduced to the double entry system of accounting to capture business transactions and produce financial statements. This includes the process of posting transactions into a journal, ledger and trial balance which illustrates the importance of accounting principles and procedures to ensure the accuracy and reliability of information.
Using the accounting cycle to prepare a full set of financial statement, focusing on the end of period adjustment and closing process for accrual accounting. Introduces the use of spreadsheet software to map out the entire process.
Accounting for retailing operations (selling goods) and perpetual and periodic inventory systems is examined, including the methods of valuing inventory and accounting for bad and doubtful debts.
Protecting business assets through general and accounting controls; the management of current assets, specifically, cash resources and best practice controls for managing accounts receivables.
Horizontal, vertical and ratio analysis are introduced to provide a full analysis of company financial performance and position as well as investment decision outcomes.
Featuring recording the acquisition, disposal, depreciation and revaluation of property, plant and equipment.
A continuation of the use of the balance sheet reporting current and non-current liabilities, including accounting for share issues, dividends and other transactions impacting shareholder's equity.
Introduction to the cash flow statement and its formats; preparing a cash flow statement by the direct method; and identifying earnings management techniques.
An introduction to the elements of a corporate governance framework, corporate social responsibility concepts, and stakeholders’ expectations for sustainability.