Handbook : Unit informationEdith Cowan University

School: Business and Law

This unit information may be updated and amended immediately prior to semester. To ensure you have the correct outline, please check it again at the beginning of semester.

• Unit Title

  Accounting Concepts and Applications

• Unit Code

  ACC6010

• Year

  2021

• Enrolment Period

  1

• Version

  2

• Credit Points

  20

• Full Year Unit

  N

• Mode of Delivery

  On Campus
  Online

• Unit Coordinator

  Dr Siew Hoon ONG

Description

This unit provides graduates of other disciplines with an introduction to accounting and lays the foundation for further accounting units. Students will gain an understanding of the fundamental accounting concepts and principles and apply them to prepare and interpret financial statements. The unit focuses on developing the technical skills to account for sole proprietorship, partnership, and corporate forms of business entities at an introductory level.

Learning Outcomes

On completion of this unit students should be able to:

1. Apply appropriate accounting concepts, assumptions and principles to the analysis of business transactions.
2. Evaluate financial performance of a small business and provide a written report to management.
3. Generate and analyse financial statements for sole proprietorships, partnerships and corporations at an introductory level.
4. Process the accounting records for a small business using manual and computerised accounting information systems.
5. Independently initiate, plan and execute a substantial project to meet agreed deliverables

Unit Content

1. Overview of financial accounting as an information system that integrates business systems including system documentation techniques
2. Regulatory environment for financial accounting that includes the roles and purposes of accounting standards
3. Completion of the accounting cycle, including the rules of double entry, the use of special journals and balance day adjustments to prepare financial statements
4. Manual and computerised accounting systems that comprise systems design, implementation and controls, with database management systems
5. Accounting for inventory, including the use of different valuation methods under the periodic and perpetual inventory systems.
6. Accounting for non-current assets, including purchase, sale, revaluation and depreciation of non-current assets.
7. Accounting for partnerships and corporations.
8. Cash management and control, including preparation of bank reconciliation statement.
9. Preparation of cash flow statement using both direct and indirect method showing reconciliation of net cash from operating activities to profit in income statement.
10. Application of accounting concepts and basic computer knowledge for critical analysis and interpretation of financial reports.
11. Accounting for liabilities, including determination of the nature of provisions and contingent liabilities, and analysis of liabilities for decision-making purposes.

Learning Experience

ON-CAMPUS

Students will attend on campus classes as well as engage in learning activities through ECUs LMS

For more information see the Semester Timetable

ONLINE

Students will engage in learning experiences through ECUs LMS as well as additional ECU l

Additional Learning Experience Information

Critical thinking and problem-solving skills are developed when students apply accounting concepts and techniques to work examples. Communication and technological skills of students are enhanced through completing a group assignment in the unit. The assignment provides students with authentic working experience through simulated accounting roles. It requires students to work collaboratively in small groups to prepare a company's financial statements using computerised accounting software system. Students are expected to apply appropriate accounting concepts and knowledge to analyse and interpret results from the financial statements. Students will provide recommendations for business improvement based on their analysis of the company's business performance by preparing a formal business report. Students are required to prepare an independent self-reflective evaluation report on the process of planning and completing the assignment. Practitioners are invited as guest lecturers to provide students with updates about the accounting profession.

Assessment

GS1 GRADING SCHEMA 1 Used for standard coursework units

Students please note: The marks and grades received by students on assessments may be subject to further moderation. All marks and grades are to be considered provisional until endorsed by the relevant School Progression Panel.

Core Reading(s)

• Parkes, A., Considine, B., Oleson, K., & Blount, Y. (2016). Accounting information systems : understanding business processes (5th ed.). Melbourne: John Wiley & Sons Australia Ltd. Retrieved from https://ecu.on.worldcat.org/oclc/965167950
• Hoggett, John, Medlin, John, Chalmers, Keryn, Beattie, Claire, Hellmann, Andreas, and Maxfield, Jodie. (2021). Financial Accounting (Eleventh Edition) (11th ed., pp. 1–808). Milton, QLD: John Wiley and Sons Australia. Retrieved from https://ecu.on.worldcat.org/oclc/1140348180
• Hoggett, John, Medlin, John, Chalmers, Keryn, Beattie, Claire, Hellmann, Andreas, and Maxfield, Jodie. (2021). Financial Accounting (Eleventh Edition) (11th ed., pp. 1–808). Milton, QLD: John Wiley and Sons Australia. Retrieved from https://ecu.on.worldcat.org/oclc/1140348180
• Hoggett, J., Medlin, J., Chalmers, K., Hellmann, A., Beattie, C., & Maxfield, J. (2018). Financial accounting (10th ed.). John Wiley & Sons. Retrieved from https://ecu.on.worldcat.org/oclc/1013828918