ACC101 Principle of Accounting
Unit Code: ACC101
Level: Undergraduate
Location:
Prerequisites: N/A
Credit Points: 10
The principles of accounting are a set of foundational rules that guide how financial information is recorded, reported, and interpreted. They ensure that financial statements are consistent, reliable, and comparable across time and between different organisations. Key ideas include recording business transactions separately from personal ones (entity principle), using verifiable evidence for all entries (reliability), and reporting assets at their original cost rather than changing market values (cost principle). Accounting also assumes that a business will continue operating in the foreseeable future (going concern) and that revenues and expenses should be recorded in the periods they relate to, not necessarily when cash changes hands (revenue recognition and matching principles).
Other important principles focus on transparency and consistency. The full disclosure principle requires companies to reveal any information that might influence users’ understanding of financial statements, while the consistency principle ensures that methods and approaches remain the same over time. Additionally, the materiality principle allows accountants to simplify the treatment of small, insignificant items, and the prudence (conservatism) principle encourages caution by recognising potential losses earlier than gains. Together, these principles create a trustworthy and systematic framework for financial reporting.
Learning Outcomes
- Explain the concepts that underline the preparation of general purpose financial report
- Analyse financial statements
- Explain the accounting information needs of management
- Demonstrate an understanding of the role and preparation of budgets
- Apply various accounting techniques to analyse decisions faced by management
AIIHE uses a variety of assessment tools to guide and assess each student’s achievement of their learning outcomes. In this subject there will be in–class activities intended to support you to engage in and reflect on your learning journey and understanding of the subject. You will also undertake assessment tasks related to your skills development, your effective engagement in group work and delivery of collaborative outcomes, including a written report and an oral presentation.
Summary of Assessment Please Note:
- Students MUST attempt all assessment tasks, AND at least a mark of 50% in total, to pass this subject.
- Assessment in this subject is consistent with and informed by the AIIHE Assessment Policy and Procedure.
| Assessment Task | Due Date | Weighting (% of total marks for subject) |
Assessment 1: In-Class Self Reflection Quizzes Weekly tasks cover the various aspects of conceptual and quantitative issues. Students are required to follow instructions through CANVAS | Week 3 – 12 | 15% |
| Assessment 2: Mid-term Exam based on Week 1-6 lecture and tutorial materials | Week 7 | 20% |
| Assessment 3: Group Assessment involving review of corporate financial report. This project also has an individual component. (2000-2500 words) | Week 9 | 25% |
| Assessment 4: The exam will be 2-hour plus 15-minutes reading time. Comprehensive materialscovered in Week 1-11. | Week 13 | 40% |
Canvas and Turnitin
This subject will use the Canvas learning management system. The Canvas home page for this subject will include the subject outline, information on assessment items and other subject information, a notice board, and a weekly folder of relevant course materials, including PowerPoint slides and a tutorial guide for each topic. Assessments will be submitted via Canvas. All assignments will be subject to checking using Turnitin text matching programs. Turnitin is a software product that reports on similarities between your paper and other documents, including those written using Artificial Intelligence. When you submit your assignment through the Canvas drop box, you will receive an originality report based on a match of your work to that in Turnitin’s extensive databases. If you submit your assignment within a reasonable time before the due date, you will have time to act on the originality report, if necessary. For example, a high matching percentage may mean that you need to fully acknowledge your source materials, or it may mean that you need to better paraphrase the Page 7 of 8
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Assessment Submissions
Students are required to submit assessment items at the time and date specified in this Subject Outline. Assessment items submitted after the due date will be subject to a penalty unless the Lecturer or Course Coordinator has given prior written approval for an extension of time to submit that item. Assessments should be submitted in the form specified in the subject outline or as notified by the Lecturer. Where assessment items are submitted electronically, the date and time the email was received will be considered the date and time of submission. Written papers or other physical submissions are to be time and date stamped as a record of receipt. Students whose ability to submit or attend an assessment item is affected by sickness, misadventure, or other circumstances beyond their control may be eligible for special consideration. No consideration is given when the condition or event is unrelated to the student’s performance in a component of the assessment or when it is considered not to be serious. Please refer to the AIIHE Assessment Policy and Procedure.
Academic Integrity
Students should review the Academic Integrity Module and complete the mandatory AIM Quiz, receiving a minimum of 80% before commencing any assessment. At AIIHE, we encourage peer learning; however, any assignment submitted for assessment by a student must be entirely their own work and may require explaining any or all parts of the assignment to the Course Lecturer/Coordinator or other authorised persons. Any Academic Misconduct and will be dealt with in accordance with AIIHE Academic Integrity Policy and Procedure, AIIHE Assessment Policy and Procedure and AIIHE Examination Policy and Procedure.
Referencing
You must use a variation of the Harvard referencing style, e.g., as per AIIHE Harvard Referencing Guide or the Harvard Anglia 2008 MS Word’s built-in Citation & Bibliography tool. All references must be formatted consistently in accordance with the chosen style.
Subject Evaluation
All students will be asked to fill out a subject evaluation form at the end of each semester. This information will assist us in making improvements to enhance the quality of delivery. Evaluations will include questions about the content, the assessment, delivery mode and other features. You will also have an opportunity to make open-ended comments. Subject evaluations are important to us and are taken seriously, so please ensure that your responses accurately reflect how you feel. All evaluations are anonymous to ensure privacy.