ACCT100 - Introduction to Accounting

Year

Credit points

Campus offering

Prerequisites

Incompatible

BUSN104 Money Matters

Teaching organisation

Unit rationale, description and aim

This unit is the gateway for learning the complex discipline of accounting. It is a discipline that is becoming more and more in demand with the growth and evolution of the world economy. This unit introduces basic concepts of accounting and the application of these concepts in decision-making by a wide range of potential stakeholders. Students will learn how to reflect and integrate the ethical, theoretical and technical knowledge of accounting to promote the common good for individuals, society and the environment. Students will be able to identify the fundamental elements of accounting and learn how business transactions are recorded in order to prepare financial statements. Building on this, students will develop the skills to evaluate organisational performance through analysis of financial statement information and communicate student's interpretation to stakeholders. As students develop their accounting skills they will learn how to evaluate and manage internal control aspects of an organisation's accounting elements. Ultimately, the aim of this unit is to ground students in the primary aspects of accounting to prepare you for further education in the discipline.

Learning outcomes

To successfully complete this unit you will be able to demonstrate you have achieved the learning outcomes (LO) detailed in the below table.

Each outcome is informed by a number of graduate capabilities (GC) to ensure your work in this, and every unit, is part of a larger goal of graduating from ACU with the attributes of insight, empathy, imagination and impact.

Explore the graduate capabilities.

On successful completion of this unit, students should be able to:

LO1 - Apply the fundamental ethical role of accountants in economic decision making to ensure stewardship of resources for society and sustainable business and natural environments. (GA2, GA5).

LO2 - Analyse financial statement information using financial analysis tools to assess organisational performance and communicate your interpretation to stakeholders (GA5, GA8).

LO3 - Show knowledge of communication theory and information literacies by applying relevant knowledge, skills and judgement for business and academic audiences (GA5, GA9).

LO4 - Identify and demonstrate, using double entry accounting, the financial effect of basic business transactions on the elements of accounting in an organisation’s accounting records over a complete accounting cycle (GA5).

LO5 - Appraise the effectiveness of internal controls within an organisation in both local and global contexts (GA5).

Graduate attributes

GA2 - recognise their responsibility to the common good, the environment and society 

GA5 - demonstrate values, knowledge, skills and attitudes appropriate to the discipline and/or profession 

GA8 - locate, organise, analyse, synthesise and evaluate information 

GA9 - demonstrate effective communication in oral and written English language and visual media

Content

Topics will include: 

• decision making and the role of accounting
• communicating effectively with different stakeholders
• recording and analysing business transactions
• the complete accounting cycle
• Financial statement analysis and interpretation
• accounting for retailing
• asset management and control
• The stewardship role of accountants
• Accounting for sustainability

Learning and teaching strategy and rationale

The philosophy of this unit is that the best way to learn is to: 

1. Look at material with an inquiring mind 
2. Self-study those materials before workshops 
3. Enhance that learning with workshop activities. 

To that end we have implemented the flipped classroom model of teaching and learning that emphasises student-centred self-learning with guidance from the course materials and teacher. As such, the roles and expectations of students and teachers are different to traditional classes.  

• Students take more responsibility for their own learning and study core content either individually or in teams before class and then apply knowledge and skills to a range of activities using higher order thinking. 
• Teachers facilitate and moderate rather than lecture. You will be able to gain a more active learning experience, the workshop leader will be able to engage more with you in class, guiding your learning, correcting misunderstandings and provide timely feedback. 

This unit is taught in a flipped classroom format and will require face-to-face attendance in specific physical location/s. Students will have face-to-face interactions with lecturer(s) to further their achievement of the learning outcomes.  

This unit is structured with required upfront preparation before workshops, most students report that they spend an average of one hour preparing before the workshop and one or more hours after the workshop practicing and revising what was covered. The online learning platforms used in this unit provide multiple forms of preparatory and practice opportunities for you to prepare and revise. It is up to individual students to ensure that the out of class study is adequate for the optimal learning outcomes and successes. 

The following resources will be accessible to students online: 

• unit outline 
• notices/announcements 
• assessment information, submission, marking and return of results/feedback 
• learning resources (readings, direction to further sources of online information, lecture slides, audio and video recorded material) 
• Interactive online self-study activities and quizzes.  

Mode of delivery: This unit is offered in different modes. These are: “Attendance” mode, “Blended” mode and “Online” mode. This unit is offered in three modes to cater to the learning needs and preferences of a range of participants and maximise effective participation for isolated and/or marginalised groups.

Attendance Mode

In a weekly attendance mode, students will require face-to-face attendance in specific physical location/s. Students will have face-to-face interactions with lecturer(s) to further their achievement of the learning outcomes. This unit is structured with required upfront preparation before workshops, most students report that they spend an average of one hour preparing before the workshop and one or more hours after the workshop practicing and revising what was covered. The online learning platforms used in this unit provide multiple forms of preparatory and practice opportunities for you to prepare and revise.

Blended Mode

In a blended mode, students will require face-to-face attendance in blocks of time determined by the School. Students will have face-to-face interactions with lecturer(s) to further their achievement of the learning outcomes. This unit is structured with required upfront preparation before workshops. The online learning platforms used in this unit provide multiple forms of preparatory and practice opportunities for you to prepare and revise.

Online Mode

This unit uses an active learning approach to support students in the exploration of the essential knowledge associated with introductory accounting. Students can explore the essential knowledge underpinning accounting and develop knowledge in a series of online interactive lessons and modules. Students are given the opportunity to attend facilitated synchronous online seminar classes with other students and participate in the construction and synthesis of knowledge, while developing their knowledge of accounting. Students are required to participate in a series of online interactive workshops which include activities, knowledge checks, discussion and interactive sessions. This approach allows flexibility for students and facilitates learning and participation for students with a preference for virtual learning.

Assessment strategy and rationale

To pass this unit, students are required to complete and submit three graded assessment tasks and achieve an aggregate mark of at least 50%. Marking will be in accordance with a rubric specifically developed to measure students’ level of achievement of the learning outcomes for each item of assessment. Students will also be awarded a final grade which signifies their overall achievement in the unit.

Assessment is an integral part of the learning process. Assessment tasks in ACCT100 are aimed at measuring and developing student’s achievement of both the learning outcomes and graduate attributes noted above. In this unit there are multiple forms of formative assessment for a student to assess their progress against the learning objectives as well as three (3) main pieces of summative assessment.. The same assessment strategy applies to all modes of delivery. 

Overview of assessments

Representative texts and references

Accounting, Auditing and Accountability Journal [a peer-reviewed academic journal covering accounting theory and practice], Emerald Publishing Group, <https://www-proquest-com.ezproxy1.acu.edu.au/publication/31671?OpenUrlRefId=info:xri/sid:primo&accountid=8194>

Accounting, organizations and society [The journal focuses on the relationships between accounting and both human behaviour and organizations' structures, processes, social, and political environments], Elsevier Publishing <https://www-sciencedirect-com.ezproxy1.acu.edu.au/journal/accounting-organizations-and-society>

Birt, J, Chalmers, K, Maloney, S, Brooks, A & Oliver, J 2017, Accounting: Business Reporting for Decision Making, 6th edn. John Wiley and Sons, Milton.

Carlon, S., McAlpine, R., Lee, C., Mitrione, L., Kirk, N. and Wong, L. (2019). Financial Accounting: Reporting, Analysis and Decision Making, (Sixth edition). John Wiley & Sons Australia, Ltd

Contemporary accounting research [a peer-reviewed academic journal covering research on all aspects of accounting's role within organizations, markets, or society], Elsevier Publishing, <http://globalbizresearch.org/accounting/>

Cunningham, BM, Nikolai, LA, Bazley, JD, Kavanagh, M, Slaughter, G & Simmons, S 2018, Accounting: Information for business decisions 3rd edn, Cengage Learning, Melbourne.

Dwyer, J 2020, Communication for Business and the Professions: Strategies and Skills, 7th edn, Pearson, Melbourne.

Hoggett, J, Medlin, J, Chalmers, K, Beattie, C, Hellmann, A & Maxfield, J 2017, Accounting, 10th edn, John Wiley & Sons, Milton.

Hoggett, J, Medlin, J, Chalmers, K, Hellmann, A, Beattie, C & Maxfield, J 2017, Financial Accounting, 10th edn, John Wiley and Sons, Milton.

Nobles, T, Mattison, B, Matsumura, E., Best, P, Fraser, D, Tan, R & Willett, R 2016, Horngren’s Accounting, 8th edn, Pearson, Melbourne.