Financial Accounting

Queensland University of Technology

Course Description

  • Course Name

    Financial Accounting

  • Host University

    Queensland University of Technology

  • Location

    Brisbane, Australia

  • Area of Study

    Accounting

  • Language Level

    Taught In English

  • Prerequisites

    BSB110 or CTB110

  • Course Level Recommendations

    Upper

    ISA offers course level recommendations in an effort to facilitate the determination of course levels by credential evaluators.We advice each institution to have their own credentials evaluator make the final decision regrading course levels.

    Hours & Credits

  • Credit Points

    12
  • Recommended U.S. Semester Credits
    3 - 4
  • Recommended U.S. Quarter Units
    4 - 6
  • Overview

    Synopsis:
    Financial Accounting examines the accounting concepts and procedures for the preparation of external financial reports relevant to both partnership and corporate structures within the context of the Australian accounting profession's conceptual framework, the relevant accounting standards, and Corporations Law requirements. Topics include: the formation, operation, and financial reporting requirements for both partnerships and companies; accounting for leases; and the professional role of accountants.
    Learning Outcomes
    Upon completion of this unit, you should be able to:
    1. Identify, analyse and explain specific technical, accounting and legal requirements in financial reporting
    2. Analyse and synthesise financial data to prepare reports and external financial statements for partnerships; and for companies in accordance with international accounting standards for financial analysis and decision making
    3. Apply critical thinking and judgement and prepare written reports to analyse and respond to real world accounting issues and social responsibility implications
    Content
    • Overview - Professional and Regulatory Framework of Financial Accounting; External Financial
    • reporting; The Standard - Setting Process Overview.
    • Conceptual Framework - Assumptions underlying financial reports; Incentives of Management in
    • accounting policy choice; Presentation in financial statements
    • Graduate Capabilities - Introduction to Critical Thinking; Written Communication.
    • Balance Sheet - Assets; Current and Non Current Assets; Asset valuation; Capitalisation of expenses;
    • Asset disposal; Intangible Assets
    • Balance Sheet - Liabilities; Current and Non Current Liabilities; Provisions
    • Balance Sheet - Leases; Finance and Operating Leases
    • Partnerships - legal aspects; Accounting for allocation of profits; Valuation of net assets;
    • Admission/retirement of partners; Partnership dissolution; Effect on owners' equity.
    • Companies - Shareholders, equity and reserves; Accounting for share issue; Accounting for dividends;
    • Reserves; Retained Profits.
    • Income Statement - Components of profit; Revenues and Expenses
    • Statement of Cash Flows; Cash and cash equivalents; Preparation of cash flow
    • statements for partnerships and Companies; Cash Flow ratios; Limitations of cash flows.
    The generic capabilities this unit develops are:
    • Discipline knowledge,
    • Synthesis and analysis skills,
    • Critical thinking and judgement,
    • Written communication, and
    • Regulation knowledge and skills.
    Assessment
    Assessment name: End of Semester Examination
    Description: This examination will cover key concepts and techniques covered throughout the semester (weeks one to twelve) and will consist of practical, critical thinking and theoretical questions.
    Length: 2 hours working plus 10 minutes perusal
    Formative or Summative: Summative
    Relates to objectives: 1, 2 & 3
    Weight: 55
    Internal or external: Internal
    Group or individual: Individual
    Due date: Central Exam Period
    Assessment name: Weekly Tutorial Work
    Description: This assessment consists of two components. The weekly tutorial work includes exam standard questions, which will be collected each week and marked for accuracy at random 3 times during the semester. Each of these submissions is worth a possible 5%. The best 2 of 3 will count towards 10% for this assessment item. Contribution to class discussion on the critical thinking questions will also count towards 10% for this assessment item. The critical thinking answer will follow the AREA framework and must be submitted on one A4 page in a prescribed format. Answers must be typed and be undertaken prior to the tutorial.
    Formative or Summative: Both
    Relates to objectives: 1 & 2
    Weight: 20
    Internal or external: Internal
    Group or individual: Individual
    Due date: Weekly
    Assessment name: Business Report
    Description: This assignment will require students to research and write a report responding to an accounting situation.
    Length: 1000 words
    Formative or Summative: Both
    Relates to objectives: 3
    Weight: 25
    Internal or external: Internal
    Group or individual: Individual
    Due date: Week 7

Course Disclaimer

Courses and course hours of instruction are subject to change.

Eligibility for courses may be subject to a placement exam and/or pre-requisites.

Some courses may require additional fees.

Credits earned vary according to the policies of the students' home institutions. According to ISA policy and possible visa requirements, students must maintain full-time enrollment status, as determined by their home institutions, for the duration of the program.