Program Overview

Introduction to WACC1000 – Accounting for Decision Making

WACC1000 – Accounting for Decision Making is a unit offered by Macquarie University, focusing on the role of accounting and the accounting profession in decision-making within both a business environment and society.

General Information

• Unit convenor and teaching staff: Senior Teacher Maxine Chen
• Credit points: 10
• Prerequisites: None
• Corequisites: None
• Co-badged status: None
• Unit description: This unit explores the role of accounting in a contemporary social context, introducing basic accounting concepts and methods, and developing skills in using accounting software for reporting purposes.

Learning Outcomes

On successful completion of this unit, students will be able to:

• Examine the role of Accounting in a contemporary social context with a focus on business ethics and responsible management.
• Describe the business environment of the accounting profession.
• Develop competences in key technical aspects in accounting practice and be able to process and interpret basic accounting information.
• Evaluate the traditional aspects of accounting for business decision-making.

General Assessment Information

• Requirements to Pass: A student must obtain a numerical overall mark of 50 or more for the unit.
• Grading: Students will be awarded common result grades as specified in the Assessment Policy.
• Assessment Tasks:
  • Accounting with Xero Assignment (30%)
  • Accounting Problem Set (30%)
  • Final Exam (40%)

Assessment Tasks

Accounting with Xero Assignment

• Assessment Type: Quantitative analysis task
• Indicative Time on Task: 15 hours
• Due: 11:55pm Friday at the end of Week 3
• Weighting: 30%
• Description: Students will record and report financial information for a small business during its first month of operations using the accounting software Xero.

Accounting Problem Set

• Assessment Type: Problem set
• Indicative Time on Task: 25 hours
• Due: Week 6 Lesson 1
• Weighting: 30%
• Description: Students will complete a problem set containing questions relating to the accounting cycle and business ethics.

Final Exam

• Assessment Type: Examination
• Indicative Time on Task: 30 hours
• Due: MQ College Final Examination Period
• Weighting: 40%
• Description: The Final Exam will have a duration of 10 minutes reading time plus 2 hours writing time, covering any topic in the unit.

Delivery and Resources

• Term Dates & Calendar: Details of key dates during the term can be found on the Important Dates calendar.
• Enrolment and Timetables: General enrolment and timetable information is available via the Macquarie University College enrolment dates and instructions page.
• Technology Used and Required:
  • Access to internet
  • AppStream for application streaming
  • Access to iLearn
  • Access to the Waranara Library catalogue (MultiSearch)
  • Macquarie students can download the Microsoft Office Suite for free
• Using your Own Device: Students are required to use Windows or Mac devices to study, with access to Office applications and Internet browsers.

Unit Schedule

The following schedule is a guide to topics being covered: | Week | Topics | Assessment Task | | --- | --- | --- | | 1 | An Introduction to Accounting, Financial Statements, Accounting for Transactions | | | 2 | Recording Transactions, Posting Entries and Trial Balance, Adjusting Entries | | | 3 | Posting Adjusting Entries and Adjusted Trial Balance | Accounting with Xero Assignment | | 4 | Preparing Financial Statements and Ratio Analysis, The Role of Ethics in Accounting | | | 5 | Study Week | | | 6 | An Introduction to Management Accounting | Accounting Problem Set | | 7 | An Introduction to Sustainability, Revision Part I, Revision Part II | |

Policies and Procedures

• Academic Appeals Policy
• Academic Integrity Policy
• Academic Progression Policy
• Assessment Policy
• Fitness to Practice Procedure
• Complaints Resolution Procedure for Students and Members of the Public
• Special Consideration Policy

Academic Integrity

• Using the work or ideas of another person without clear acknowledgement is considered plagiarism.
• Macquarie University promotes awareness of information ethics through its Academic Integrity Policy.
• Penalties for Plagiarism and Collusion: The University may commence applicable disciplinary procedures if a person breaches the Academic Integrity Policy.

Student Support

• Academic Success provides resources to develop English language proficiency, academic writing, and communication skills.
• The Library provides online and face-to-face support to help find and use relevant information resources.
• Student Services and Support offers IT support, accessibility and disability support, mental health support, safety support, and social support.

Course Contact Hours

• Weekly face-to-face contact for this unit will be 6 hours (36 hours per term).
• There will be 3 lessons per week consisting of two-hour lessons.

Learning and Teaching Activities

• Lessons will include a mixture of activities, presenting new content and topics, and giving problems, practice questions, and other interactive activities.
• Active participation entails active engagement in class activities, contribution to class discussions, coming to class prepared, completion of set class and homework activities, collaboration with other students, and adhering to Macquarie University's Student Code of Conduct.

Unit Specific Texts and Materials

• The prescribed text for this unit is Carlon, S. (2022). Accounting: reporting, analysis and decision making (7th ed.). John Wiley and Sons Australia Ltd.
• Students will also require a non-programmable calculator without text retrieval abilities and without "run", "exe" or "calc" keys.