| Unit Code | Unit Title | |
| MCR004 | ACCOUTING SYSTEMS AND PROCESSES | |
| Unit description | ||
| This unit provides an understanding of accounting concepts, principles, and systems within the institutional framework of contemporary Australian accounting. This unit commences with fundamental accounting concepts and transactions before examining the nature and preparation of financial statements and their interpretation to determine the financial position and performance of a business. The unit outcomes are consistent with the knowledge, analysis, synthesis, application, and reflection requirements essential to business theory and skills in the day-to-day role of the business manager. By providing an understanding of contemporary Australian accounting,the subject prepares students to take advantage of the expanding number of career options in business with an understanding of institutional and legal framework of contemporary Australian accounting. | ||
Unit Learning Outcomes On successful completion of this unit students will be able to: | ||
| ULO 1 | Apply the ‘Conceptual Framework’ and regulatory framework of accounting in Australia across different business structures. | |
| ULO 2 | Discuss the significance of accounting principles, cycles,and practices to a business. | |
| ULO 3 | Prepare journal entries to business transactions, including double-entry bookkeeping, reversing, adjusting, and closing entries for various business types. | |
| ULO 4 | Construct financial statements such as the Income Statement ,Statement of Changes in Equity and Balance Sheet. | |
| ULO 5 | Differentiate and accounting for current and non-current assets and liabilities in the practices of a business. | |
| ULO 6 | Prepare and analyse financial reports, statements and apply ratios to evaluate financial performance. | |
| ULO 7 | Analyse the implications and recording of GST in a business practice. | |
| ULO 8 | Practically use the Accounting Systems MYOB. | |
| Associated Qualification/s | Duration | Level | Unit Coordinator | |
| MASTER OF BUSINESS ADMINISTRATION | One Trimester | Core Unit | Wayne Smithson | |
Unit Status | ||||
| Core ☒ | Elective ☐ | Other ☐ Ifother,specify | ||
| Unit Weighting | Total course credit points | |||
| 5creditpoints | 80 credit points for the Bachelor of Accounting course. | |||
| Student Workload | ||||
| Time tabled hours per week | Personal study hours per week | Total work load hours per week | ||||
| 3 | 9 | 12 | ||||
| Delivery Mode/s | ||||||
| Full-time☒ | Part-time☒ | On-site☒ | Online☒ | Blended☐ | External☐ | Intensive☐ |
| Work-Integrated Learning Activity(if any, specify below) | ||||||
| Pre-requisites | Yes ☐If Yes, specify below | No☒ | ||||
| Other Resource Requirements | Yes ☐If Yes, specify below | No☒ | ||||
| Lecturer consultation | ||||||
| The lecturer is available for consultation for one hour each week outside of the session contact time. Students requiring assistance must make an appointment with the lecturer via e-mail. | ||||||
| Week | Topics included in the unit | Readings |
| 1 | Introduction to Accounting: The conceptual framework and accounting regulation. Requirements and expectations. The history of accounting. Overview and introduction to GAAP, basic terms, the accounting equation, the accounting cycle, business structures, the accounting framework. Key accounting concepts, continuity of business, matching principle, and double entry. | Financial Accounting: Reporting, Analysis and Decision Making. 7th edition, 2022, Ch. 1 and 13. |
| 2 | The Recording Processes: The accounting information system & Accounting basics: Accounting Equation, Analysis charts, General Journal, Ledger Accounts, and Trial Balance. Introduction to the accounting equation. Introduction to preparation of basic journals and posting to the general ledger. Posting to ledgers and preparation of trial balance | Financial Accounting: Reporting, Analysis and Decision Making. 7th edition, 2022, Ch. 2. |
| 3 | Accrual Accounting Concepts :Balance Day Adjustments & Closing entries, and financial statements preparation. Understanding balance day adjustments and closing entries. Preparation of Basic Income Statement and Statement of Financial Position, &statement of changes in equity. AASB101, AASB15, IFRS15 | Financial Accounting: Reporting, Analysis and Decision Making. 7th edition, 2022, Ch. 3. |
| 4 | Inventory Systems: Perpetual method, Discounts, GST. Understanding inventory methods. Specific application of accounting for Retail organisations. Understand the difference between a retailers and service orientated financial statements. Understanding GST implications. Introduction to Accounting for Goods and Services Tax /GST. | Financial Accounting: Reporting, Analysis and Decision Making. 7th edition, 2022, Ch. 4. |
| Week | Topics included in the unit | Readings |
| 5 | Recording and Analysis Inventory: Accounting for retail organizations : Periodic method, LIFO, FIFO, and Average Cost, and Stock cards. Specific application of accounting for Retail organisations. Understand the difference between a retailers and service orientated financial statements. Applying financial ratios relating to inventory and a retailer. Inventory management and recognition. AASB102 | Financial Accounting: Reporting, Analysis and Decision Making. 7th edition, 2022, Ch. 5. |
| 6 | Accounting Information Systems: Preparation of accounting reports, accounting sub systems: Computerised Accounting Systems, Special Journals & post to ledger accounts and Subsidiary ledgers. Accounting worksheet introduced. Introduction to MYOB and Active data excel. | Financial Accounting: Reporting, Analysis and Decision Making. 7th edition, 2022, Ch. 6. |
| 7 | Reporting and Analysing Cash and Receivables: Accounting for current assets, Internal control, cash, and receivables: Petty cash, Bank reconciliation, Allowance for Doubtful Debts, Bad debts, and Ratios. Define current assets. Accounting for current assets. Accounting for receivables, provision for doubtful debts. Inventory recognition periodic and perpetual systems. Internal control and protection of assets | Financial Accounting: Reporting, Analysis and Decision Making. 7th edition, 2022, Ch. 7. |
| 8 | Reporting and Analysing Non-Current Assets: Accounting for non-current assets. Depreciation, revaluation & disposal of Assets, Intangible assets. Introduction to accounting for property plant and Equipment. Review of various depreciation methods such as Straight line, diminishing balance and units of production method. Preparation of journals for acquisition and disposal of Non- Current Assets. Accounting for revaluation of Non-current Assets. Disclosure of Non-current Assets in the financial statements. AASB 116 / ISA16, AASB136/ISA36, AASB138, AASB141/ISA41, AASB101/ISA1 | Financial Accounting: Reporting, Analysis and Decision Making. 7th edition, 2022, Ch. 8. |
| 9 | Reporting and Analysing Liabilities: Accounting for Liabilities: Notes payable, Payroll, Revenue in advance, Provisions & Contingent liabilities. Understanding current and non- current liabilities. Measurement, presentation, and disclosures of current and non-current liabilities. Apply accounting principles in relation to goods and services tax. | Financial Accounting: Reporting, Analysis and Decision Making. 7th edition, 2022, Ch. 9. |
| 10 | Reporting and Analysing Equity: Dividends, Issue of shares, debtvsequity. Understanding Dividends, Issues of shares, debt, and Equity. | Financial Accounting: Reporting, Analysis and Decision Making. 7th edition, 2022, Ch. 10. |
| 11 | Financial Statements Analysis and Decision Making: Interpretation Accounting reports, Analysis of Firm’s Profitability & Liquidity :Horizontal &vertical analysis and Ratios. Preparation of end of period adjustments. Preparation of carried forward balances.Interpretation of accounting reports Understanding financial analysis (Ratios). | Financial Accounting: Reporting, Analysis and Decision Making. 7th edition, 2022, Ch. 12. |
| 12 | UNIT REVIEW |
| Assessment Number | 1 |
| Title of Assessment Task | Multiple Choice Questions |
| Task Type | This is an individual assessment |
| Task Description | Assessment must be done in-class on campus for one hour during tutorial time in week 4. Assessment will be supervised in class by lecturer and tutor. |
| When Due | Week 4 |
| Weighting(%of total unit marks) | 10% |
| ULOs Assessed | 1,2,and 3 |
| Related Graduate Attributes | Problem Solving ,and Professional Knowledge and Skills. |
| Assessment Number | 2 |
| Title of Assessment Task | Multiple Choice and Short Answer Questions |
| Task Type | This is an individual assessment |
| Task Description | Assessment must be done in-class on campus for one hour during tutorial time in week 7. Assessment will be supervised in class by lecturer and tutor. |
| When Due | Week7 |
| Weighting(%of total unit marks) | 20% |
| ULOs Assessed | 1,2,3,4,and5 |
| Related Graduate Attributes | Problem Solving, and Professional Knowledge and Skills. |
| Assessment Number | 3 |
| Title of Assessment Task | Short Answer Questions |
| Task Type | This is an individual assessment |
| Task Description | Assessment must be done in-class on campus for one and half hours during in week 10. Assessment will be supervised in class by lecturer and tutor. |
| When Due | Week 10 |
| Weighting(%of total unit marks) | 35% |
| ULOs Assessed | 1,2,3,4,5,6,7,8,9,and 10 |
| Related Graduate Attributes | Problem Solving ,and Professional Knowledge and Skills. |
| Assessment Number | 4 |
| Title of Assessment Task | MYOB Individual Project |
| Task Type | This is an individual assessment |
| Task Description | Assessment is an on-line project ‘MYOB Practice Set (Per disco)’whichisrequiredto be completed by Week 12. Assessment Project is a typical set of transactions and reports for a business to be completed using MYOB in a self-paced mode off-campus. This project provides the student with exposure to producing financial statements using a computerized accounting system. This accounting data base is an individualized portfolio for each student and will be used by students further in MAC002 Accounting Information Systems. |
| When Due | Week 12 |
| Weighting(%of total unit marks) | 35% |
| ULOs Assessed | 1,2,3,4,5,6,7,8,9,and 10 |
| Related Graduate Attributes | Problem Solving, and Professional Knowledge and Skills. |
| Prescribed text |
| Carlon,S.,Mladenovic-McAlpine,R.,Palm,C.,Mitrione,L.,Kirk,N.&Shields,J.,2022. Financial Accounting: Reporting, Analysis and Decision Making. 7th ed. Wiley. |
| Recommended Secondary References |
Henderson,S.,Peirson,G.and Herbohn,K.,(2010),Issues in Financial Accounting,14thedition, Pearson Education Australia. Horngren,C.T.,Harrison,W.T.,Bamber,L.S.,Best,P.J.,Fraser,D.J.and Willett,R.(2013),Financial Accounting, 7th edn. Pearson Education, Australia. Hoggett,J.,Medlin,J.,Edwards,L.,Tilling,M.,Hogg,E.(2012),Financial Accounting,8thedn.John Wiley & Sons Australia Ltd, QLD. Deegan,C.(2012),Australian Financial Accounting,7th Edition,McGraw Hill,NorthRyde,NSW.Birt, J., Chalmers, K., Byrne, S., Brooks, A. and Oliver, J. (2010), Accounting: Business Reporting for Decision Making, 3 rd edn, John Wiley & Sons Australia Ltd, QLD. Neish,W.and Kahwati,G.(2011),Computer Accounting using MYOB BusinessSoftware(MYOBth edn, McGraw Hill, North Ryde, NSW. CPA(2014),Accounting Handbook,1st edn,Pearson Australia |
| Recommended Journals |
ICAA Financial Reporting Handbook(2012),Australia, Wiley. Accounting and Finance Accounting Auditing and Accountability Journal Accounting Organizations and Society Accounting Review,and British Accounting Review |
| Recommended Websites |
Australian Securities and Investments Commission ,www.asic.gov.auAustralian Securities Exchange, www.asx.com.au Australian Accounting Standard Boardhttp://www.aasb.gov.au/ |
GCA is committed to maintaining high academic standards and ensuring the quality and integrity of our educational programs. Students enrolled in this unit are expected to:
Provide constructive feedback on teaching and learning experiences to help improve the quality of education.
8.Use Prohibited
Students are not permitted to use advanced automated tools (artificial intelligence or machine learning tools such as Chat GPT)on any assessments in this subject. Students are expected to complete assessments without substantive assistance from others,including automated tools.
The use of generative AI tools is not permitted in this subject or the following activities:
Writing entire sentences or paragraphs to complete class assignments or other assess able submissions
Academic honesty is required in all assessable submissions by students. As AI is an evolving technology, please ensure that you carefully review the AI-related information you include in your unit outline/s every trimester.
Assessment and Grading
1. Submit all assessment tasks in accordance with the unit's assessment guidelines and deadlines.
2. All assignments must be submitted in softcopy through the learning management system.
3. Students are generally required to achieve a mark of 50/100 to pass a unit.
4. Some units may require passing the final assessment task to pass the unit over all.This is specified in the assessment section of the unit outline.
5. Grades are awarded as follows according to the rubric criteria for each unit:
- High Distinction(HD):85% and above
- Distinction(D):75–84%
- Credit(C):65–74%
- Pass (P):50–64%
- Fail(F):Less than49%
6. Marked assignments should be returned within two weeks of submission.
7. All unit marks are subject to moderation review before finalization in order to ensure the consistency of academic standards across campuses and cohorts.
8. Procedures for requesting extensions or special consideration are outlined in the GCA Assessment and Examination Policy.
Student Support
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2. Students have access to online library resources to support research requirements.
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4. Students wishing to make a complaint or lodge a formal appeal should follow the procedures in the GCA Grievance and Appeals (Academic) Policy.
By maintaining these standards, students contribute to a positive learning environment and uphold the reputation and value of their qualification. Failure to meet these standards may result in academic penalties as outlined in GCA's policies.
For any questions or concerns regarding academic standards,please contact the unit coordinator or refer to the resources provided above.
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