Course Title: Foundation Accounting

Part A: Course Overview

Course Title: Foundation Accounting

Credit Points: 12.00

Terms

Course Code

Campus

Career

School

Learning Mode

Teaching Period(s)

ACCT2338

City Campus

Preparatory

TRN RMIT Training

Face-to-Face

Term2 2022

ACCT2339

RMIT University Vietnam

Preparatory

TRN RMIT Training

Face-to-Face

Viet2 2022

Course Coordinator: Leanne Ryan

Course Coordinator Phone: +61 3 9925 8747

Course Coordinator Email: rmit.training.fs.team.leaders@rmit.edu.au

Course Coordinator Location: Level 4, B108


Pre-requisite Courses and Assumed Knowledge and Capabilities

None.


Course Description

This course will focus on accounting as a financial information system.  The course will develop skills in the recording and reporting of financial information for businesses operating as a sole proprietor in both a trading and service setting. The recording and reporting will adopt the double entry approach and will comply with the International Accounting Standards Board (IASB) Conceptual Framework that provides six main qualitative characteristics that financial information should have in general purpose financial reports. In addition, the financial information system will adopt the four main assumptions of accounting recording and reporting.


Objectives/Learning Outcomes/Capability Development

See Learning Outcomes.


Program Learning Outcomes:

By the end of this program students should be able to:

  1. Apply the rules of, and expectations for, academic study and assume responsibility for your own actions to work effectively as an individual and/or as a member of a group;
  2. Develop and express ideas through independent reading, the creation of images, and the collection and interpretation of data and information;
  3. Communicate ideas with clarity, logic, and originality in both spoken and written English;
  4. Construct coherent arguments, narratives or justifications of issues, problems or technical processes when undertaking analytical, practical or creative tasks; and
  5. Use a range of contemporary digital and learning technologies, tools and methods common to the discipline.

Course Learning Outcomes:

By the end of this course students should be able to:

  1. Apply basic accounting concepts in the recording and reporting of financial information as part of an accounting system.
  2. Organise and record, both manually and using ICT, financial data in the General Journal, General Ledger and inventory cards.
  3. Prepare and analyse financial reports for service and trading businesses operating as sole proprietors.
  4. Propose and justify strategies to respond to the information provided by the financial reports.


Overview of Learning Activities

This course includes a blend of didactic, active, and collaborative learning activities designed to meet the needs of international students. The course encourages the process of inquiry, application and reflection through student centred learning and teaching activities including practical work in studio environments and laboratories . In doing so, there will be a focus on the development of critical and analytical thinking skills that promote problem solving, independent research skills and group work.  Students will develop their technology skills through engagement in formative and summative assessments. The course will maximise the use of the learning management system by incorporating flipped and blended methodologies. This may be complemented by guest lectures, excursions and speakers with discipline specific work life expertise to further connect content to the professional world and generate opportunities for reflective practice.


Overview of Learning Resources

Various learning resources are available through RMIT’s learning management system, Canvas. In addition to assessment details and a study schedule, you will also be provided with links to relevant course information, class activities and communication tools. 

Other learning resources are also available online through RMIT Library. Visit the RMIT library website for further details.   Academic and learning support is provided through Study Success at RMIT Training. The Foundation Studies home group program will also provide support, navigating university systems, advice on living and studying in Melbourne as well as explaining RMIT university policy and procedures.

Additional resources and/or sources to assist your learning will be identified by your course coordinator and will be made available to you as required during the teaching period.


Overview of Assessment

Assessment Type Assessment Description Weighting
Case Study

Students are required to complete the recording of a series of transactions and documents into the General Journal and answer associated questions relating to the theory of accounting

 15%

Test

This assessment is an individual, closed book test that takes place in class. You are required to complete a series of short answer questions using financial data provided as either a statement, a document or a General Journal entry.

 15%
Assignment

Using stimulus material students will prepare a combination of General Journal entries, General Ledger accounts and/or Inventory Cards to record balance day adjustments/entries.

 30%
 Examination

The exam will cover all the topics covered in this semester in a 2 hour examination with 15 minutes reading time.

 40%