Accounting 101
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Course Overviews
Here is AccSoc’s rundown of all the different Accounting courses you can do within various Commerce degrees. Find out more about the Accounting and Taxation & Business Law courses required within the Accounting major!
Accounting Courses
Terms Offerings: T1, T2, T3
Prerequisites: None
UOC: 6 UOC
Class Structure:
- 3.5 Contact Hours per week
- Lectures – 2 hrs
- Tutorials – 1.5 hrs
Learning Outcomes:
- Asset and Liability classification
- Owners Equity
- Debit and Credit
- Journal Entries
- Balance Sheet
- Income Statements
- Profit
- Basic Accounting Concepts
- Cost of Goods Sold
Overview
(Level 1) The first entry level course in accounting will provide an introduction to basic concepts in accounting and their application for decision making by a wide range of potential users (e.g. shareholders, investment analysts, lenders, managers, etc).
This unit should benefit students who wish to specialise in accounting, and will also be of value to students whose primary interest lies elsewhere in the field of business.
Assessment Structure
- 10%: Tutorial Participation
- 10%: Online Quiz 1
- 15%: Online Quiz 2
- 15%: Online Quiz 3
- 50%: Final Examination
Student Comments
Hard thing(s) to grasp?
Adjusting journal entires can be confusing at first as it requires the student to know which account an event/entry belongs to. Understanding each component of making financial statements can be challenging too but should be doable after sufficient practice.
What’s the best way to study for this subject?
Practice example and preparation questions in the textbook for mid-semester exams, and past papers for finals. Keep up to date as a lot of the knowledge builds.
Terms Offerings: T1, T2, T3, Summer
Prerequisites: ACCT1501
UOC: 6 UOC
Class Structure:
- 3.0 Contact Hours per week
- Lectures – 2 hrs
- Tutorials – 1 hr
Learning Outcomes:
- Asset and Liability classification
- Depreciation
- Cash flows
- Financial Statements: Revenue and Analysis
- Management Accounting: Budgeting and Costing
Overview
Beginning (Level 1) financial accounting course intended for students who will be involved in the preparation or use of corporate financial reports whether as accountants, financial executives, auditors, financial analysts, actuaries or legal advisors.
Pre-requisite for second level accounting courses.
Assessment Structure
- 20%: Self Check Quizzes
- 20% Class Quizzes
- 10%: Tutorial Participation
- 50%: Final Examination
- 5 bonus marks are available by presenting your answer to tutorial questions and leading discussions during online tutorials.
Student Comments
Hard thing(s) to grasp?
Being able to complete both direct and indirect cash flow statements. Mastering T accounts, and being able to do them quickly in your head to find the balancing journal entry.
What’s the best way to study for this subject?
Just like any other subject – keep up to date with readings and seminar questions, and make sure you master the cash flow statement as it’ll be a major part of the final exam!
Terms Offerings: T1, T2
Prerequisites: ACCT1511
UOC: 6 UOC
Class Structure:
- 3.5 Contact Hours per week
- Lectures – 2 hrs
- Tutorials – 1.5 hrs
Learning Outcomes:
- Reporting and
Disclosure of
Financial
Statements - Effective resource
management and
process improvement - The design and
operation of
management
accounting systems - Role of
management
accounting
practices
Overview
(Level 2) This course examines management
accounting practices directed towards the effective use of organisational resources in order to create value for customers and shareholders. Providing knowledge about management accounting, which is used to
allocate organisational resources in an efficient and effective way.
Assessment Structure
- 5%: Homework (Tutorial Questions)
- 5%: 2 x Online Quiz
- 40%: 2 x Online Tests
- 50%: Final Examination
Student Comments
Hard thing(s) to grasp?
There are usually many different applications and
methods of calculations introduced throughout
the course. It’s best to memorise these applications (and the formulas) and to really understand the theory behind them to ensure a good performance in tests.
What’s the best way to study for this subject?
Completing the homework questions is a must for
performing well in the course. The questions are
tied to the lectures and are very similar to what is
presented in exams.
Terms Offerings: T2, Summer
Prerequisites: ACCT1511
UOC: 6 UOC
Class Structure:
- 3.5 Contact Hours per week
- Lectures – 2 hrs
- Tutorials – 1.5 hrs
Learning Outcomes:
- Reporting and
Disclosure of
Financial
Statements Measurement and Impairment
Business Combinations
Consolidation
Overview
(Level 2) financial accounting course, intended for students who will be involved in the preparation or use of corporate financial reports whether as accountants, financial executives, auditors, financial analysts, actuaries or legal advisors.
Assessment Structure
- 15%: Online Discussion Forum
- 15%: Online Discussion Forum Reflection
- 20%: Online Quizzes
- 50%: Final Examination
Student Comments
Hard thing(s) to grasp?
Consolidation accounting – while tedious, you will see that the same formula of journal entries appearing throughout the weeks, and you can only really master them effectively through repetition and practice. Defered Tax.
What’s the best way to study for this subject?
Doing the tutorial questions and practicing the journal entries as much as possible so that they become second nature. Theory is not as heavily emphasised.
Terms Offerings: T1, T3
Prerequisites: ACCT2542
UOC: 6 UOC
Class Structure:
- 3.0 Contact Hours per week
- Seminar: 3hrs
Learning Outcomes:
- Leases
- Share based Payments
- Extractive Industries
- Biological Assets
- Foreign Currency Transaction
- Derivative Financial Instruments
Overview
(Level 3) Building on ACCT2542, this diverse course covers topical issues in financial reporting, including share based payments, extractive industries, biological assets, impacts of culture on accounting and more.
Assessment Structure
- 30%: Online Quizzes
- 20%: Group Presentation
- 50%: Final examination
Student Comments
Hard thing(s) to grasp?
The course is quite diverse in what it covers, so make sure that you’re able to master each particular area of the financial statements, in particular knowing sale leaseback and hedging. BABs and futures are an example of the more difficult parts of the topic to grasp.
What’s the best way to study for this subject?
Look through the lecture slides and make sure you understand all the practical parts. The final exam is mostly practical questions with minimal theory. Know the ethical theories in accounting and make sure you do examples on how it is applied in ethical reporting dilemma examples.
Terms Offerings: T1, T2, T3
Prerequisites: ACCT2522
UOC: 6 UOC
Class Structure:
- 3.0 Contact Hours per week
- Seminar: 3hrs
Learning Outcomes:
- Implementation of organisational strategy
- The link between management accounting information and strategic issues
- Strategic Performance
- Evaluation of organisational strategy
Overview
(Level 3) Building on management accounting, the course explains the ways in which resources are managed affect the ability of organisations to deliver value to various stakeholders, such as shareholders, customers, employees, suppliers, the community and the natural environment, both in the short and long-terms.
Assessment Structure
- 15%: Real Life Blogpost
- 5%: Participation in Team Activities [PTA]
- 15%: Team Case Project
- 5%: Individual Reflection Statement
- 10%: Team Case Participation
- 50%: Final Examination
Student Comments
Hard thing(s) to grasp?
There are a significant number of concepts to
digest and it may take numerous weeks before you
are able to understand how they link together.
What’s the best way to study for this subject?
Keep updated with your notes on a weekly basis –
remember how the frameworks are used and apply them. Have a look at what other teams did with their docs for a better understanding of how else you can see and break down different problems.
Terms Offerings: T1, T2, T3
Prerequisites: ACCT2542
UOC: 6 UOC
Class Structure:
- 3 Contact Hours per week
- Seminar: 3hrs
Learning Outcomes:
- Audit Process
- Risk Assessment
- Practical Presentation and report on audit risk
- Auditing Techniques; CIS – Computer integrated
- Recognising Business Risk
Overview
(Level 3) This course examines the practice of auditing and the underlying concepts, auditors responsibilities and the audit environment. The course is intended to provide an overview of the audit process as it exists in Australia. Both CIS and computer-assisted audit techniques are an integral part of this course.
Assessment Structure
- 5%: Seminar Preparation
- 25%: Quiz
- 20%: Group Assignment
- 50%: Final Examination
Student Comments
Hard thing(s) to grasp?
The quizzes are very much theory-based, but for
the finals about 80% of the test is problem solving
– make sure to have a strong base understanding
of your assertions! -2018
What’s the best way to study for this subject?
Definitely understand the core principles –
accounting assertions, and how they connect to
risks related to either the business or the internal
control environment. For the quizzes, you should
make sure you remember the theory outlined in
the lecture slides but for the finals you MUST
practice identifying risks from as a significant
amount of the finals rely on problem solving.
Taxation & Business Law Courses
Terms Offerings: T1, T2, T3
Prerequisites: None
UOC: 6 UOC
Class Structure:
- 1.0 Contact Hours per week
- Seminar – 1 hr
- Online concept videos
Learning Outcomes:
- Introduction to Law & the legal method
- Contract Law
- Business Structures
- Employment Law
- Dealing with Competitors
- Property and Investment Property
Overview
(Level 1) This course focuses on the Australian legal system and its relationship with business. In particular, the course considers the different sources of law and role of Parliamentary, legal and regulatory institutions in Australia. Areas of substantive law relevant to commerce and business dealings that are examined include contract law, tort law (with particular reference to negligence), consumer law, and laws governing competition, property, employment and business entities.
Assessment Structure
- 10%: Online Quiz
- 40%: Wiki-based Assessments
- 50%: Final Examination
Student Comments
A lot of content, quite theory dense – keep up to date with the content.
Course content is interesting and quite useful.
Terms Offerings: T1, T3
Prerequisites: TABL1710
UOC: 6 UOC
Class Structure:
- 4 Contact Hours per week
- Lectures – 2 hrs
- Tutorials – 2 hrs
Learning Outcomes:
Legal nature of companies
Business Structures
Internal Governance & Corporate Liability
Corporate Governance
Member’s Rights and Remedies
Share capital and company meetings
Investor Protection
Overview
(Level 2) Although content heavy, a very interesting course which focuses on the importance of law in business and allows for the development of legal perspectives in relation to accounting and business practices. This course examines the main principles of company law.
Assessment Structure
- 20%: Formal Written Research Assignment
- 20%: 2 x In-tutorial quiz
- 60%: Final Examination
Student Comments
Hardest thing(s) to grasp?
Being able to efficiently apply principles outlined in legislature to case studies is difficult. In addition, understanding the legal structure of different business structures such as limited proprietary firms is challenging.
What’s the best way to study for this subject?
Making sure to actually understand the principles behind the legal concepts discussed is important in doing well. Furthermore, being able to understand and memorize sections of the Corporations Act is a vital part of doing well as it is a closed-book exam.
Terms Offerings: T2, T3
Prerequisites: TABL1710 or LAWS1052 or JURD7152
UOC: 6 UOC
Class Structure:
- 4 Contact Hours per week
- Lectures – 2 hrs
- Tutorials – 2 hrs
Learning Outcomes:
Fringe Benefits Tax
Capital Gains Tax
Introduction to Australia’s Tax System
Income and Superannuation
Tax Policy & Law Design
Tax Deductions
Entities (Companies & Shareholders)
International Tax
Overview
(Level 2) This course offers an in-depth look to how the taxation system works for both individuals and businesses – understanding the tax implications of transactions, and is very important in the field of accounting. This course concentrates on income tax law in Australia. It examines the technical legal rules in relation to income and deductions for both individuals and various business structures. The course also provides an introduction to fringe benefits tax (FBT), goods and services tax (GST), and superannuation.
Assessment Structure
- 20%: 2 x Online Multiple Choice Quizzes
- 20%: Assignment
- 10%: Tutorial Participation
- 50%: Final Examination
Student Comments
Hardest thing(s) to grasp?
Company tax-franking accounts; The level of detail required to answer questions to an acceptable standard.
What’s the best way to study for this subject?
Be prepared to both your tutorials and the finals where you will need organised notes as the finals are open book and the tutorial questions closely emulate what is required in the final exam.
