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On successful completion of this course students will be able to:

1	Explain the nature, role and purpose of financial accounting in accordance with the Conceptual Framework.
2	Describe the main features of the institutional and regulatory context in which financial accounting is practiced in Australia.
3	Explain and apply the concepts of definition, recognition, measurement, and disclosure outlined in the Conceptual Framework and across selected accounting standards.
4	Perform tasks involved in accounting cycle manually and using accounting software (for example recording transactions in journals, ledgers, adjusting and closing entries and generating income statement and balance sheet from trial balance)
5	Display professional behaviour consistent with business expectations

Text Book:
During this course we will be making extensive use of the electronic resources associated with the text:
Financial Accounting, 12th Edition by Hogget, Medlin, Chalmers, Beattie, Hellman and Maxfield.
Details of where you can purchase the text will be provided on MyUni.


Use of the internet:
Accounting Foundations will make extensive use of MyUni and various internet sites which are accounting related, including the Conceptual Framework and Accounting Standards from the AASB’s website https://www.aasb.gov.au/. AASB documents will not be posted on MyUni, as it is important in our profession to go to the original source for the most accurate and up-to-date information.

Access to the internet can be via the library or various computer pools located within the university.

Many course resources are available on the course website: www.myuni.adelaide.edu.au, including:

o Lecture recordings
o Lecture and tutorial documents
o Sample exams and suggested solutions
o Assessment task related documents

Design of this course is based on facilitating learning in an environment where students are actively engaged by applying abstract concepts to practical problems that are meaningful to students. By giving students a range of activities and time to reflect on what they have learnt, students get the opportunity to build up a good understanding which they can demonstrate through assessment tasks at appropriate times throughout the semester. The course design has been well thought out to help students learn but it will only work if students put the effort in and work consistently throughout the semester. If students do work consistently there is no reason why they will not do well.

There are four key activities:

1. Pre-class activity – Preparation
Each week students should read through the appropriate chapter of the textbook prior to attending the lecture. Students are not expected to be able to understand activities 100% correctly at this stage but preparation prior to the lecture will enable them to gain maximum benefit from the lecture and tutorial time.

2. In-class activities – Understanding
Having completed the preparation students can come to the tutorial ready to actively listen and participate in discussion and activities. The lecturer or tutor will not need to labour the key terms, as they were covered in the preparation and minimal explanation should see students grasp these concepts. Examples will be worked through, questions asked and answered, concepts compared, discussed, and relationships formed with previous work. This will build up the students’ body of knowledge and understanding. Not all of the weekly material will be covered in each class. The activities are designed so that students can use the skills they have learned to answer the remaining questions. In particular, students will have a chance to discuss and reflect on their prepared answers from the pre-class activities in more depth. Suggested tutorial answers are provided to assist with revision.

3. Application in software case – Consolidation
Many of our examples are often looked at in topic ‘silos’. The real test comes in applying the concepts students have learned across the semester in a more comprehensive case study. This means that we take abstract concepts demonstrated in examples in the textbook and lectures/tutorials and illustrate these in more complexity in a case that resembles transactions from the real world. In this assignment, students will not only learn how to use accounting software, but they will also apply the knowledge they have acquired across several topics, as they would in the real world. By applying your knowledge in this way, students will consolidate their understanding. The software assignment contains both formative and summative activities.

4. Assessment - Demonstration
At various points throughout the semester and ultimately at the end of the semester, students will complete assessment tasks. These give students an opportunity to demonstrate that they have achieved the learning outcomes of the course. In addition, and most importantly, students get feedback and find out which concepts they are struggling with so that they can work on these areas.

A student enrolled in a 3 unit course, such as this, should expect to spend, on average 12 hours per week on the studies required. This includes both the formal contact time required to the course (e.g., lectures and practicals), as well as non-contact time (e.g., reading and revision).

1. Presentation of Financial Statements
2. Regulatory and Institutional Environment of Accounting in Australia
3. Conceptual Framework 
4. Recording Process
5. Adjusting, Closing, and Reversing Entries
6. Accounting for Retailing
7. Inventories (Part 1)
8. Inventories (Part 2)
9. Receivables
10. Non-current assets: Property, Plant and Equipment
11. Partnerships
12. Companies and Equity
13. Revision

Assessment Task	Task Type	Due	Word count / time	Weighting	Learning Outcome
Professionalism	Individual/Formative and summative	Ongoing	Various	10%	5
Mid-semester test	Individual/Summative	Week 6	60 min	20%	3
Accounting Software assignment	Individual/Formative and summative	Week 7 - 11	20 hours	25%	4
Final exam	Individual/Summative	Exam Period	180 min	45%	1, 2, 3, 4

Professionalism (10%)
This assessment component relates to students’ active engagement and communication skills. Professional behaviour is an essential part of becoming and being an accountant. This assessment component aims to provide an incentive for you to engage in a professional manner as you transition into the labour market. It is also designed to incentivise students to be prepared and develop their understanding through active engagement with the course content in both face-to-face classes and the students’ own time.

More detail about this assessment component will be communicated to you in the first lecture.

Marks can be deducted for poor communication or disrespectful behaviour and other behaviour, which might be considered unprofessional. 

In this assessment component, students are able to demonstrate they have achieved Learning Outcome 5.

Mid-semester Test (20%)
In the mid-semester test, students will demonstrate their learning relating to topics 1 to 4 inclusive. The test will be conducted during week 6. Further details, including location(s), will be posted on MyUni.
In this assessment, students are able to demonstrate that they partially achieve Learning Outcome 3.

Accounting Software Assignment (25%)
In this activity, students will learn and demonstrate their learning to use accounting software, which is used by a wider variety of companies and entities both in Australia and nationally. Students will have access to a formative learning module for a two week period. Following this period, students will have access to the summative assessment over a further two week period. During this time, you will be able apply the content covered in lectures and tutorials using the software.
In the summative assessment component, students are able to demonstrate that they achieve Learning Outcome 4.

Final Exam (45%)
There will be a three-hour exam. All content from this course is examinable. As such, students will be able to demonstrate that they have achieved all learning outcomes of this course, with the exception of Learning Outcome 5 and the software component of Learning Outcome 4.
Please note that to successfully pass this course, students need to obtain 50% overall.

Submissions relating to Professionalism

For each topic, students are required to submit their answers to the tutorial questions labelled as "Tutorial Preparation Exercises for Submission" on MyUni before the beginning of their tutorial.

Submission of Accounting Software assessment

The Accounting Software assessments will need to be submitted on MyUni. Details of the assessments will be announced in the course.