General Information
This subject introduces students to accounting concepts, procedures, and influences under which basic financial statements are prepared, and focuses on how financial and business information is used for decision-making by various stakeholders. Students are also introduced to concepts of governance, social responsibility, business ethics, and the ethical standards expected of accountants, and they will integrate this knowledge to make decisions and solve problems in a range of complex, contemporary business situations. The use of both manual and computerised accounting systems is explored, and the use of other contemporary business software platforms will develop technology skills which are fundamental to accounting practice.
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Details
Academic unit: Bond Business School Subject code: ACCT71-100 Subject title: Accounting Principles Subject level: Postgraduate Semester/Year: September 2024 Credit points: 10.000 -
Delivery & attendance
Timetable: https://bond.edu.au/timetable Delivery mode: Standard Workload items: - Computer Lab: x12 (Total hours: 24) - Computer Lab 1
- Computer Lab: x12 (Total hours: 24) - Computer Lab 2
- Personal Study Hours: x12 (Total hours: 72) - Recommended study time & reviewing materials
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. +++++ BBS uses a self and peer-evaluation system to support students engaged in group-based assessments. Students are expected to provide this feedback in a timely fashion as part of their assessment. The information gathered is used by the educator as partial evidence of equitable contributions by all group members and helps to determine individual marks for group assessments. -
Resources
Prescribed resources: Books
- Ken Trotman, Elizabeth Carson, Kate Morgan (2019). Financial Accounting: An Integrated Approach. 7th, Cengage AU 720
iLearn@Bond & Email: iLearn@Bond is the Learning Management System at Bond University and is used to provide access to subject materials, class 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
| Academic unit: | Bond Business School |
|---|---|
| Subject code: | ACCT71-100 |
| Subject title: | Accounting Principles |
| Subject level: | Postgraduate |
| Semester/Year: | September 2024 |
| Credit points: | 10.000 |
| Timetable: | https://bond.edu.au/timetable |
|---|---|
| Delivery mode: | Standard |
| Workload items: |
|
| 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. +++++ BBS uses a self and peer-evaluation system to support students engaged in group-based assessments. Students are expected to provide this feedback in a timely fashion as part of their assessment. The information gathered is used by the educator as partial evidence of equitable contributions by all group members and helps to determine individual marks for group assessments. |
| Prescribed resources: | Books
|
|---|---|
| iLearn@Bond & Email: | iLearn@Bond is the Learning Management System at Bond University and is used to provide access to subject materials, class 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 |
Enrolment requirements
| Requisites: |
Nil |
|---|---|
| Assumed knowledge: |
Assumed knowledge is the minimum level of knowledge of a subject area that students are assumed to have acquired through previous study. It is the responsibility of students to ensure they meet the assumed knowledge expectations of the subject. Students who do not possess this prior knowledge are strongly recommended against enrolling and do so at their own risk. No concessions will be made for students’ lack of prior knowledge. Basic spreadsheet skills are required for learning activities |
| Restrictions: |
Nil |
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:
- Explain the purpose of accounting and financial reporting, and the influences on the preparation and presentation of financial statements.
- Identify, measure, record, and report financial information in accordance with the Conceptual Framework of Accounting and generally accepted accounting principles.
- Critically apply accounting concepts and principles to record business transactions for a range of business structures using accrual accounting and the double-entry system.
- Use an accounting software package to record and process accounting information.
- Critically evaluate and synthesise financial and other business-related information in complex decision-making situations.
- Apply the standards, ethics, and professional values of the accounting profession to solve complex issues.
Generative Artificial Intelligence in Assessment
The University acknowledges that Generative Artificial Intelligence (Gen-AI) tools are an important facet of contemporary life. Their use in assessment is considered in line with students’ development of the skills and knowledge which demonstrate learning outcomes and underpin study and career success. Instructions on the use of Gen-AI are given for each assessment task; it is your responsibility to adhere to these instructions.
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Assessment details
Type Task % Timing* Outcomes assessed Computer-aided Test (Open) Test to assess your learning consisting of multiple-choice, short answer and/or similar question types. 20.00% Week 3 1,2,6 Computer-aided Test (Open) Test to assess your learning consisting of multiple-choice, short answer and/or similar question types. 20.00% Week 6 2,3,6 Computer-aided Test (Open) Test to assess your learning consisting of multiple-choice, short answer and/or similar question types. 20.00% Week 9 2,3,5,6 Project Use accounting software to record business transactions, perform manual journals and bank reconciliations. Extract financial statements and reports. Analyse financial and non-financial performance. Report findings, insights, and recommendations. 40.00% Week 12 2,4,5,6 - * 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.
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Assessment criteria
Assessment criteria
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. Quality assurance
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.
| Type | Task | % | Timing* | Outcomes assessed |
|---|---|---|---|---|
| Computer-aided Test (Open) | Test to assess your learning consisting of multiple-choice, short answer and/or similar question types. | 20.00% | Week 3 | 1,2,6 |
| Computer-aided Test (Open) | Test to assess your learning consisting of multiple-choice, short answer and/or similar question types. | 20.00% | Week 6 | 2,3,6 |
| Computer-aided Test (Open) | Test to assess your learning consisting of multiple-choice, short answer and/or similar question types. | 20.00% | Week 9 | 2,3,5,6 |
| Project | Use accounting software to record business transactions, perform manual journals and bank reconciliations. Extract financial statements and reports. Analyse financial and non-financial performance. Report findings, insights, and recommendations. | 40.00% | Week 12 | 2,4,5,6 |
- * 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.
Assessment criteria
| 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. |
Quality assurance
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.
Study Information
Submission procedures
Students must check the iLearn@Bond 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 the Lead Educator grants an extension. 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.
Academic Integrity
Bond University‘s Student Code of Conduct Policy , Student Charter, Academic Integrity Policy and our Graduate Attributes guide expectations regarding student behaviour, their rights and responsibilities. Information on these topics can be found on our Academic Integrity webpage recognising that academic integrity involves demonstrating the principles of integrity (honesty, fairness, trust, professionalism, courage, responsibility, and respect) in words and actions across all aspects of academic endeavour.
Staff are required to report suspected misconduct. This includes all types of plagiarism, cheating, collusion, fabrication or falsification of data/content or other misconduct relating to assessment such as the falsification of medical certificates for assessment extensions. The longer term personal, social and financial consequences of misconduct can be severe, so please ask for help if you are unsure.
If your work is subject to an inquiry, you will be given an opportunity to respond and appropriate support will be provided. Academic work under inquiry will not be marked until the process has concluded. Penalties for misconduct include a warning, reduced grade, a requirement to repeat the assessment, suspension or expulsion from the University.
Feedback on assessment
Feedback on assessment will be provided to students according to the requirements of the Assessment Procedure Schedule A - Assessment Communication Procedure.
Whilst in most cases feedback should be provided within two weeks of the assessment submission due date, the Procedure should be checked if the assessment is linked to others or if the subject is a non-standard (e.g., intensive) subject.
Accessibility and Inclusion Support
Support is available to students where a physical, mental or neurological condition exists that would impact the student’s capacity to complete studies, exams or assessment tasks. For effective support, special requirement needs should be arranged with the University in advance of or at the start of each semester, or, for acute conditions, as soon as practicable after the condition arises. Reasonable adjustments are not guaranteed where applications are submitted late in the semester (for example, when lodged just prior to critical assessment and examination dates).
As outlined in the Accessibility and Inclusion Policy, to qualify for support, students must meet certain criteria. Students are also required to meet with the Accessibility and Inclusion Advisor who will ensure that reasonable adjustments are afforded to qualifying students.
For more information and to apply online, visit BondAbility.
Additional subject information
This is a compulsory subject for eligibility requirements for Certified Practising Accountants Australia (CPA Australia) and Chartered Accountants Australia and New Zealand (CA ANZ). +++++ 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.
Subject curriculum
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Introduction to Financial Accounting, Contemporary Issues
An introduction to the purpose and importance of financial accounting to its various users. Fundamental accounting concepts, principles and assumptions underlying financial accounting are covered. The difference between cash and accrual accounting is highlighted. Emphasis is given to the key financial statements, their informational content, and how they interconnect. Current issues in financial accounting and reporting are discussed.
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Corporate Responsibilities, Professional Ethical Expectations
This topic covers key concepts of business ethics, governance, and responsible business practices. Students are introduced to professional codes of conduct, with particular focus given to the ethical requirements of professional accountants and how a professional accountant should go about resolving their own ethical conflicts.
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Balance Sheet, Income Statement, and Business Structures
The content and use of financial statements with an emphasis on financial position and financial performance. This topic establishes the elements of financial statements, recognition and measurement criteria, and considers accounting policy choice. Students learn about different types of business structures and how reporting for equity differs among them.
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Double-entry System and Record keeping
Focus is given to transaction analysis and the impact of transactions on the accounting equation and, consequently, on the financial statements. Students will become familiar with the double entry system of record-keeping from which the Balance Sheet and Income Statement are constructed. Instruction is given in the preparation of journal entries, posting entries to ledger accounts, balancing ledger accounts, and production of a trial balance.
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Completing the Accounting Cycle, and Preparing Financial Statements
Making end-of-period adjustments to apply the matching principle, closing the accounts, and producing basic financial statements. The multi-column worksheet is featured, and attention is also given to contra accounts. Basic financial statement analysis typically used by internal and external users of the reports is introduced.
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Managing and Accounting for Receivables and Inventory
Issues relating to sales revenues and cost of goods sold, including making sales on credit and how to account for non-payment of customers’ accounts. Accounting for the effects of providing or receiving trade and settlement discounts is featured. Inventory control and the perpetual and periodic inventory systems are investigated. The relationship between inventory valuation and cost of goods sold, and therefore, impact on profits, is established through a close analysis of popular inventory cost flow assumptions and valuation methods. More complex inventory valuation concepts are also considered. Also highlighted is an overview of the role of special journals, subsidiary ledgers and control accounts.
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Statement of Cash Flows
The liquidity of a business entity is just as important, if not more important, as its profitability. We learn how to prepare a statement of cash flows and discover how it represents the key decision areas of management: operating, investing, and financing. We give focus to how this financial statement provides users with the ability to evaluate management’s performance in managing these critical cash flows as we analyse the health of the organization using basic financial statement analysis techniques.
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Using Accounting Software
Students will be introduced to a contemporary, cloud-based accounting platform with which to process accounting transactions, reconcile accounts, and produce reports.
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Internal Controls
Management has an imperative to maintain good internal control systems in order to protect an entity’s assets from loss, damage, misuse, and fraud, and to prevent financial statement errors. Control systems design are considered and students will learn how to perform basic reconciliations, including the reconciliation of bank accounts. This topic also considers the importance of budgeting and working capital management, and highlights systems and controls required to monitor and manage working capital.
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Non-current Assets
Measuring the cost of an asset and various methods of calculating depreciation. We consider how the method chosen impacts profits and the balance sheet and learn how to account for transactions relating to the purchase, depreciation, and sale of an asset. More complex concepts of intangible assets, asset impairments, asset revaluations, and disclosure requirements are introduced. We use fundamental financial analysis techniques to reflect on how managers’ judgements in relation to accounting treatments of non-current assets affect the measurement of their performance.
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Liabilities and Owners’ Equity
We turn our attention to the balance sheet accounts representing sources of funding. We explore the accounting treatment for current liabilities, including accounts payable, GST-liabilities, employee deductions, and other short-term accruals and liabilities. Also covered are the accounting for, and reporting of, various types of long-term debt, as are provisions and contingent liabilities. Similar focus is given to accounting for and reporting the various components of equity. The application of financial statement analysis techniques continues.