General Information
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.
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Details
Academic unit: Bond Business School Subject code: ACCT71-600 Subject title: Accounting Principles Subject level: Postgraduate Semester/Year: January 2019 Credit points: 10.000 -
Delivery & attendance
Timetable: https://bond.edu.au/timetable Delivery mode: Standard Workload items: - Computer Lab: x12 (Total hours: 24) - Seminar 1
- Computer Lab: x12 (Total hours: 24) - Seminar 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. -
Resources
Prescribed resources: Books
- Nobles, Mattison, Matsumara, Best, Fraser, Tan & Willett (eBook or hardcopy) (2016). Horngren's Financial Accounting. 8th Ed, Pearson
iLearn@Bond & Email: iLearn@Bond 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
| Academic unit: | Bond Business School |
|---|---|
| Subject code: | ACCT71-600 |
| Subject title: | Accounting Principles |
| Subject level: | Postgraduate |
| Semester/Year: | January 2019 |
| 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. |
| Prescribed resources: | Books
|
|---|---|
| iLearn@Bond & Email: | iLearn@Bond 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 |
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.
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| 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:
- 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.
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 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 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 - ^ 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.
Pass requirement
Students must earn a minimum average of 50% over the Mid-semester exam and the Comprehensive Final exam to pass the subject.
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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 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 |
| 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 |
- ^ 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.
Pass requirement
Students must earn a minimum average of 50% over the Mid-semester exam and the Comprehensive Final exam to pass the subject.
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 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.
Academic Integrity
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.
Bond University utilises Originality Reporting software to inform academic integrity.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.
Accessibility and Inclusion Support
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.
Subject curriculum
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Introduction to Business Reporting
What is accounting? Why is it important? This introduction addresses these questions and provides insight into the tools of the trade.
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Recording Business Transactions
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.
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Completing the Accounting Cycle - Adjusting and Closing Entries
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.
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Retailing Operations and Inventory
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.
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Internal Control, Cash and Receivables
Protecting business assets through general and accounting controls; the management of current assets, specifically, cash resources and best practice controls for managing accounts receivables.
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Financial Statement Analysis
Horizontal, vertical and ratio analysis are introduced to provide a full analysis of company financial performance and position as well as investment decision outcomes.
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Non-current Assets
Featuring recording the acquisition, disposal, depreciation and revaluation of property, plant and equipment.
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Liabilities and Equity
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.
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Cash Flow & Earnings Management
Introduction to the cash flow statement and its formats; preparing a cash flow statement by the direct method; and identifying earnings management techniques.
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Corporate Governance, CSR and Sustainability
An introduction to the elements of a corporate governance framework, corporate social responsibility concepts, and stakeholders’ expectations for sustainability.