Overview
This unit introduces you to key concepts of financial accounting and supports you to apply these concepts to various elements of accounting. You will also examine financial statements and how they are analysed and interpreted for effective decision making by both internal and external users. This unit prepares you for further accounting units.
Details
Pre-requisites or Co-requisites
Anti-requisite: ACCT19084
Important note: Students enrolled in a subsequent unit who failed their pre-requisite unit, should drop the subsequent unit before the census date or within 10 working days of Fail grade notification. Students who do not drop the unit in this timeframe cannot later drop the unit without academic and financial liability. See details in the Assessment Policy and Procedure (Higher Education Coursework).
Offerings For Term 1 - 2025
Attendance Requirements
All on-campus students are expected to attend scheduled classes - in some units, these classes are identified as a mandatory (pass/fail) component and attendance is compulsory. International students, on a student visa, must maintain a full time study load and meet both attendance and academic progress requirements in each study period (satisfactory attendance for International students is defined as maintaining at least an 80% attendance record).
Recommended Student Time Commitment
Each 6-credit Undergraduate unit at CQUniversity requires an overall time commitment of an average of 12.5 hours of study per week, making a total of 150 hours for the unit.
Class Timetable
Assessment Overview
Assessment Grading
This is a graded unit: your overall grade will be calculated from the marks or grades for each assessment task, based on the relative weightings shown in the table above. You must obtain an overall mark for the unit of at least 50%, or an overall grade of 'pass' in order to pass the unit. If any 'pass/fail' tasks are shown in the table above they must also be completed successfully ('pass' grade). You must also meet any minimum mark requirements specified for a particular assessment task, as detailed in the 'assessment task' section (note that in some instances, the minimum mark for a task may be greater than 50%). Consult the University's Grades and Results Policy for more details of interim results and final grades.
All University policies are available on the CQUniversity Policy site.
You may wish to view these policies:
- Grades and Results Policy
- Assessment Policy and Procedure (Higher Education Coursework)
- Review of Grade Procedure
- Student Academic Integrity Policy and Procedure
- Monitoring Academic Progress (MAP) Policy and Procedure - Domestic Students
- Monitoring Academic Progress (MAP) Policy and Procedure - International Students
- Student Refund and Credit Balance Policy and Procedure
- Student Feedback - Compliments and Complaints Policy and Procedure
- Information and Communications Technology Acceptable Use Policy and Procedure
This list is not an exhaustive list of all University policies. The full list of University policies are available on the CQUniversity Policy site.
Feedback, Recommendations and Responses
Every unit is reviewed for enhancement each year. At the most recent review, the following staff and student feedback items were identified and recommendations were made.
Feedback from Student Feedback.
MYOB workbook needs to be updated.
MYOB workbook must be updated
Feedback from Student Feedback.
More feedback required.
More feedback options should be made available
- Describe the accounting conceptual framework as it applies to specific financial reports
- Apply the accounting conceptual framework to the measurement of the elements of accounting
- Examine how financial statements are analysed and interpreted for effective decision making in a range of business structures
- Explain and apply the accounting treatment to record basic business transactions and other events for different types of businesses using the principles of double entry accounting
- Understand how to use accounting software to record business transactions.
ACCT11081 satisfies several learning outcomes specific to external accreditation, which are:
| LO1: Explain the different business structures |
| LO2: Explain the following in relation to financial accounting: a)The role and purpose of accounting, accounting processes and systems; b)The purpose of financial statements; c) The role and purpose of accounting standards; d)The regulatory environment for financial reporting |
| LO3: Record transactions to illustrate the activities of different types of businesses, including sole trader, partnerships and straightforward corporate/company accounts |
| LO4: Explain and apply the accounting treatment to record basic business transactions and other events for different types of businesses using the principles of double entry accounting |
| LO5: Use accounting software to record business transactions |
| LO6: Outline and explain the accounting principles and concepts underlying accounting and financial reporting including the principles of the Conceptual Framework of Accounting and generally accepted accounting principles. |
Alignment of Assessment Tasks to Learning Outcomes
| Assessment Tasks | Learning Outcomes | ||||
|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | |
| 1 - Practical Assessment - 50% | |||||
| 2 - Online Test - 50% | |||||
Alignment of Graduate Attributes to Learning Outcomes
| Graduate Attributes | Learning Outcomes | ||||
|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | |
| 1 - Communication | |||||
| 2 - Problem Solving | |||||
| 3 - Critical Thinking | |||||
| 4 - Information Literacy | |||||
| 5 - Team Work | |||||
| 6 - Information Technology Competence | |||||
| 7 - Cross Cultural Competence | |||||
| 8 - Ethical practice | |||||
| 9 - Social Innovation | |||||
| 10 - Aboriginal and Torres Strait Islander Cultures | |||||
Textbooks
Financial accounting
Eighth edition
Authors: Libby, Robert
ISBN: 9780078025556 (hardback); 0078025559 (hardback)
Binding: eBook
Horngren's accounting
Eight edition (2016)
Authors: Nobles, Tracie L ; Matsumura, Ella Mae ; Best, Peter ; Fraser, David ; Tan, Rebecca ; Willett, Roger
Pearson Australia
Melbourne, Victoria Melbourne, Victoria , Australia
ISBN: 1-4860-2115-8
Binding: eBook
Horngren's financial accounting
Eighth edition (2016)
Authors: Nobles, Tracie L ; Mattison, Brenda ; Matsumura, Ella Mae ; Best, Peter ; Fraser, David ; Tan, Rebecca ; Willett, Roger
Pearson Australia
Melbourne Melbourne , Australia
ISBN: 1-4860-2116-6; 9781486021161
Binding: eBook
IT Resources
- CQUniversity Student Email
- Internet
- Unit Website (Moodle)
- Word
- Excel
- MYOB - Essentials on the cloud
All submissions for this unit must use the referencing style: American Psychological Association 7th Edition (APA 7th edition)
For further information, see the Assessment Tasks.
a.abeygunasekera@cqu.edu.au
Module/Topic
Details on the Unit is provided in Moodle
Chapter
Events and Submissions/Topic
Module/Topic
Introduction
Chapter
Chapter 1 of the recommended textbook
Events and Submissions/Topic
Module/Topic
Double Entry Bookkeeping: Recording Business Transactions
Chapter
Chapter 2 of the recommended textbook
Events and Submissions/Topic
Module/Topic
Double Entry Bookkeeping: The Adjusting Process
Chapter
Chapter 3 of the recommended textbook
Events and Submissions/Topic
Module/Topic
Double Entry Bookkeeping: Completing the Accounting Cycle
Chapter
Chapter 4 of the recommended textbook
Events and Submissions/Topic
Module/Topic
Chapter
Events and Submissions/Topic
Module/Topic
Retailing Operations
Chapter
Chapter 5 of the recommended textbook
Events and Submissions/Topic
Module/Topic
Retailing Inventory
Accounting Systems
Chapter
Chapter 6 of the recommended textbook
Chapter 7 of the recommended textbook
Events and Submissions/Topic
Module/Topic
Receivables
Chapter
Chapter 9 of the recommended textbook
Events and Submissions/Topic
Module/Topic
Non-Current Assets
Chapter
Chapter 10 of the recommended textbook
Events and Submissions/Topic
Module/Topic
Current Liabilities and Payroll
Chapter
Chapter 11 of the recommended textbook
Events and Submissions/Topic
Module/Topic
Statement of Cash Flows
Chapter
Chapter 16 of the recommended textbook
Chapter 12 of Libby et al. (2014) book
Events and Submissions/Topic
Module/Topic
Chapter
Events and Submissions/Topic
Module/Topic
Chapter
Events and Submissions/Topic
Module/Topic
Chapter
Events and Submissions/Topic
This is a 10 week term.
Week 1 - 17.03.2025 to 23.03.2025
Week 10 - 26.05.2025 to 01.06.2025
1 Practical Assessment
During the term, you will be required to use MYOB to complete a range of tasks. You will be provided with a MYOB Workbook via Moodle and you are expected to complete that workbook, after completing the recommended training from the MYOB Academy.
You must create a MYOB account and create your business [Guidelines/details provided in the MYOB Workbook uploaded in Moodle]. After creating the MYOB Account, you must complete the online course on ‘Getting started with MYOB Business’ provided in the MYOB Academy [Guidelines/details provided in the MYOB Workbook in Moodle]. After completing the course on ‘Getting started with MYOB Business’, you have to complete the activities in the MYOB workbook available in Moodle.
You will need to submit your work in three stages - (Week 4, Week 6 and Week 8)
In week 4 - Upload screenshot related to completing the training course on MYOB (7%) - Due in Week 4 Friday (11 April 2025) 11:55 pm AEST;
In week 6 - Submission of the MYOB generated reports and the written Report (33%) - Due in Week 6 Monday (28 April 2025) 11:55 pm AEST; and
In week 8 - Submission of the recorded individual presentation based on the Report submitted in week 6 and your experience on learning MYOB (10%) - Due in Week 8 Monday (12 May 2025) 11:55 pm AEST
Further details on this assessment item will be provided in Moodle during term.
Submit the three parts of the assessment using the links provided in the Assessment tile in Moodle. You must submit your work in three stages - (in Week 4, in Week 6 and in Week 8 - Note that the term is now 10 weeks with Week 1 from 17.03.2025-23.03.2025)
On time submissions will aim to be marked and returned within a 2 week time frame.
You will receive feedback on your submission once it is marked and returned.
- Describe the accounting conceptual framework as it applies to specific financial reports
- Apply the accounting conceptual framework to the measurement of the elements of accounting
- Examine how financial statements are analysed and interpreted for effective decision making in a range of business structures
- Explain and apply the accounting treatment to record basic business transactions and other events for different types of businesses using the principles of double entry accounting
- Understand how to use accounting software to record business transactions.
2 Online Test
Online Test will be a combination of different types of questions. These will include calculations, theoretical questions, and case-based questions. Questions will be designed based on the topics that are covered during the term in this unit.
The online test will be scheduled in the Exam week [Further details will be provided in Week 7].
Week 12 Friday (6 June 2025) 11:45 pm AEST
The online test will be scheduled during the exam weeks. The date and time will be confirmed in week 7.
Marks will be returned with Certification of Grades.
No Assessment Criteria
- Describe the accounting conceptual framework as it applies to specific financial reports
- Apply the accounting conceptual framework to the measurement of the elements of accounting
- Examine how financial statements are analysed and interpreted for effective decision making in a range of business structures
- Explain and apply the accounting treatment to record basic business transactions and other events for different types of businesses using the principles of double entry accounting
- Understand how to use accounting software to record business transactions.
As a CQUniversity student you are expected to act honestly in all aspects of your academic work.
Any assessable work undertaken or submitted for review or assessment must be your own work. Assessable work is any type of work you do to meet the assessment requirements in the unit, including draft work submitted for review and feedback and final work to be assessed.
When you use the ideas, words or data of others in your assessment, you must thoroughly and clearly acknowledge the source of this information by using the correct referencing style for your unit. Using others’ work without proper acknowledgement may be considered a form of intellectual dishonesty.
Participating honestly, respectfully, responsibly, and fairly in your university study ensures the CQUniversity qualification you earn will be valued as a true indication of your individual academic achievement and will continue to receive the respect and recognition it deserves.
As a student, you are responsible for reading and following CQUniversity’s policies, including the Student Academic Integrity Policy and Procedure. This policy sets out CQUniversity’s expectations of you to act with integrity, examples of academic integrity breaches to avoid, the processes used to address alleged breaches of academic integrity, and potential penalties.
What is a breach of academic integrity?
A breach of academic integrity includes but is not limited to plagiarism, self-plagiarism, collusion, cheating, contract cheating, and academic misconduct. The Student Academic Integrity Policy and Procedure defines what these terms mean and gives examples.
Why is academic integrity important?
A breach of academic integrity may result in one or more penalties, including suspension or even expulsion from the University. It can also have negative implications for student visas and future enrolment at CQUniversity or elsewhere. Students who engage in contract cheating also risk being blackmailed by contract cheating services.
Where can I get assistance?
For academic advice and guidance, the Academic Learning Centre (ALC) can support you in becoming confident in completing assessments with integrity and of high standard.
What can you do to act with integrity?
