Credit Points: 15

Prerequisite: N/A

Co-requisite: N/A

Workload: 36 contact hours

Campus: Melbourne, Sydney

Aims & Objectives

This is a first-year core unit offered in the Bachelor of Business program. The unit provides a pathway for students to continue on with a major in Accounting, Marketing or Management.

This is an introductory accounting unit that focuses on the use of accounting information in making business decisions. The unit presupposes no prior knowledge of accounting and adopts the perspective of the user of financial statements to develop an understanding of the important financial reporting topics that all students of the Bachelor of Business program should attain. The unit provides students with fundamental accounting knowledge and skills which will provide a foundation for more advanced accounting studies. This unit is designed to introduce students to the nature and function of accounting, provide an understanding of basic accounting processes and develop skills in using accounting information for business decision making.

The unit topics include:

  1. Introduction to accounting and business decision making
  2. Business structures
  3. Balance sheet
  4. Business transactions
  5. Processing accounting information
  6. Statement of profit or loss and statement of changes in equity
  7. Statement of cash flows
  8. Analysis and interpretation of financial statements
  9. Accounting information for business decisions – CVP analysis

Learning Outcomes

At the completion of this unit students should be able to:

  1. Understand the foundations of accounting practice and explore the interrelationship of theory and practice in accounting
  2. Prepare statements that recognise, measure, record and report accounting events
  3. Analyse accounting reports
  4. Use accounting information in a variety of business decision making contexts
  5. Develop an ethical perspective on the use of accounting information

Teaching Method

Lecture: 2 hours
Tutorial/Workshop: 1 hour
Face to Face

Assessment

Assessment Task
Learning Outcomes Assessed
Weighting
Contribution in class a-e* 10%
In-Class Test  a,b,c* 10%
Group Assignment (Written Report) a-e* 20%
Online Quiz a-e* 10%
Final Examination (3 hours) a-e* 50%
Total   100%

*refer to learning outcomes above.

Textbook

Birt, J., Chalmers, K., Maloney, S., Brooks, A., & Oliver, J., (2016). Accounting: Business Reporting for Decision Making, 6th edition. Australia: Wiley.


Reference Reading

  • Trotman,K., Gibbins,M., & Carson, E., (2016). Financial Accounting: An Integrated Approach, 6th edition. Australia: Cengage Learning.
  • Porter, G. A., & Norton, C.L. (2016). Financial Accounting: The Impact on Decision Makers, 10th edition. US: Cengage Learning.
  • Nobles, T., Mattison, B., Matsumura, E., Best, P., Fraser, D., Tan, R., & Willett, R., (2016). Financial Accounting, 8th edition. Australia: Pearson
  • Atrill, P., McLaney, E., Harvey, D. & Jenner, M. (2012). Accounting: An Introduction, 5th edition. Australia: Pearson.

Adopted Reference Style: APA

MIT is committed to ensure the course is current, practical and relevant so that graduates are “work ready” and equipped for life-long learning. In order to accomplish this, the MIT Graduate Attributes identify the required knowledge, skills and attributes that prepare students for the industry.
The level to which Graduate Attributes covered in this unit are as follows:

Ability to communicate Independent and Lifelong Learning Ethics Analytical and Problem Solving  Cultural and Global Awareness Team work Specialist knowledge of a field of study
             

Legend

Colour coding    

Extent covered

                                The standard  is covered by theory and practice, and addressed by assessed activities in which the students always play an active role, e.g. workshops, lab submissions, assignments, demonstrations, tests, examinations
  The standard is covered by theory or practice, and addressed by assessed activities in which the students mostly play an active role, e.g. discussions, reading, intepreting documents, tests, examinations
  The standard is discussed in theory or practice; it is addressed by assessed activities in which the students may play an active role, e.g. lectures and discussions, reading, interpretation, workshops, presentations 
  The standard is presented as a side issue in theory or practice; it is not specifically assessed, but it is addressed by  activities such as lectures or tutorials
  The standard  is not considered, there is no theory or practice or activities associated with this standard