ACCT100 - Introduction to Accounting

Year

Credit points

Campus offering

Prerequisites

Incompatible

BUSN104 Money Matters

Teaching organisation

150 hours over a twelve-week semester or equivalent study period

Unit rationale, description and aim

This unit is the gateway unit for learning the complex discipline of accounting. It is an essential business discipline that is becoming more and more in demand with the growth and evolution of the world's diverse economy. This unit introduces basic concepts and procedures 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 corporate social responsibility including sustainability. Students will be able to identify the fundamental elements of accounting and learn how business transactions are recorded in order to prepare financial statements. Students will be introduced to the regulatory environment and accounting framework and standards that govern financial reporting. 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. The aim of this unit is to ground students in the primary aspects of accounting to prepare them 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 - Explain the ethical role of accountants and the concept of Corporate Social Responsibility and the importance of compliance within the accounting profession (GA3, GA5).

LO2 - Communication accounting information, business insights, analyses, recommendations and rationale using knowledge of communication theory and information literacies to diverse audiences using a range of media (GA5, GA9).

LO3 - Analyse and interpret financial information and related disclosures including non-financial data and information such as sustainability reports, integrated reports and extended external reporting (GA5).

LO4 - Distinguish and apply generally Accepted Accounting Principles (GAAP) and concepts of the Conceptual Framework of Accounting underlying accounting practice and financial reporting (GA5).

LO5 - Apply the duality of accounting treatments and internal control used to record basic business transactions for various types of businesses over a complete accounting cycle (GA5, GA8).

Graduate attributes

GA3 - apply ethical perspectives in informed decision making 

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: 

• The ethical role of accounting and accounting professionals
• Corporate social responsibility
• Conceptual Framework of accounting
• Generally accepted accounting principles and accounting standards for financial reporting
• Communicating effectively to inform
• Financial statement analysis and interpretation
• Sustainability reporting, integrated reports and extended external reporting
• Recording and analysing business transactions for various businesses and elements using double entry accounting
• Principles underlying accounting practice and internal control

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. Students will be able to gain a more active learning experience, the workshop leader will be able to engage more with students in class, guiding their learning, correcting misunderstandings and provide timely feedback. 

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 students 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 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 students 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 students to prepare and revise.

ACU Online

This unit uses an active learning approach to support students in the exploration of knowledge essential to the discipline. Students are provided with choice and variety in how they learn. Students are encouraged to contribute to asynchronous weekly discussions. Active learning opportunities provide students with opportunities to practice and apply their learning in situations similar to their future professions. Activities encourage students to bring their own examples to demonstrate understanding, application and engage constructively with their peers. Students receive regular and timely feedback on their learning, which includes information on their progress.

Assessment strategy and rationale

To pass this unit, students must demonstrate competence in all learning outcomes 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. If learning mode is online, Assessment will be conducted online.

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.