Accounting (Professional)

The units of study listed in the following table are those available for the current. Students may also include any units of study, which are additional to those currently listed, which appear under these subject areas in the Business School handbook/website in subsequent years (subject to any prerequisite or prohibition rules).

Timetabling information for the current year is available on this website: Timetables.

Table A - The University of Sydney Business School

Professional Accounting

Professional Accounting program

Achievement of a program in Professional Accounting requires 72 credit points from this table including:
(i) 24 credit points of 1000-level core units
(ii) 24 credit points of 2000-level core units
(iii) 24 credit points of 3000-level core units

Units of study

The relevant units of study are listed below.

1000-level units of study

Core
BUSS1020 Quantitative Business Analysis

Credit points: 6 Session: Semester 1,Semester 2 Classes: 1 x 2hr lecture and 1 x 2hr tutorial per week Prohibitions: ECMT1010 or MATH1005 or MATH1905 or MATH1015 or STAT1021 or ENVX1001 or ENVX1002 or DATA1001 or MATH1115 Assumed knowledge: Mathematics (equivalent of band 4 in the NSW HSC subject Mathematics or band E3 in Mathematics Extension 1 or 2) OR MATH1111 Assessment: quiz 1 (15%), quiz 2 (15%), weekly homework (15%), written assignment (20%), final exam (35%) Mode of delivery: Normal (lecture/lab/tutorial) day
All graduates from the BCom need to be able to use quantitative techniques to analyse business problems. This ability is important in all business disciplines since all disciplines deal with increasing amounts of data, and there are increasing expectations of quantitative skills. This unit shows how to interpret data involving uncertainty and variability; how to model and analyse the relationships within business data; and how to make correct inferences from the data (and recognise incorrect inferences). The unit will include instruction in the use of software tools (primarily spreadsheets) to analyse and present quantitative data.
BUSS1030 Accounting, Business and Society

Credit points: 6 Session: Semester 1,Semester 2 Classes: 1x 1.5hr lecture and 1x 1.5hr tutorial per week Prohibitions: ACCT1001 or ACCT1002 or ACCT1003 or ACCT1004 or ACCT1005 Assessment: tutorial contribution (10%), assignment (15%), mid-semester examination (25%), final examination (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit investigates the fundamentals of accounting and aims to provide a broad understanding of the role of accounting in the context of business and society. The format of the unit is designed to show that there are many uses of accounting data. The focus moves from accountability to decision making; both functions are explained through examples such as the 'double entry equation', and from an output (financial statements) perspective. Some more technical aspects of accounting are outlined, including the elements of assets, liabilities, revenues and expenses within simple, familiar scenarios. Besides developing an understanding of the role of accounting via conventional financial reports, recent developments including the discharge of accountability by companies through the release of corporate social and environmental reports and the global financial crisis, are explored through an accounting lens.
BUSS1040 Economics for Business Decision Making

Credit points: 6 Session: Semester 1,Semester 2 Classes: 1x 2hr lecture and 1x 1hr tutorial per week Prohibitions: ECON1001 OR ECON1040 Assumed knowledge: Mathematics (equivalent of band 4 in the NSW HSC subject Mathematics or band E3 in Mathematics Extension 1 or 2) OR MATH1111 Assessment: written assignment (15%), on-line quizzes (10%), mid-semester exam (20%), and final exam (55%) Mode of delivery: Normal (lecture/lab/tutorial) day
Economics underlies all business decisions, from pricing to product development, to negotiations, to understanding the general economic environment. This unit provides an introduction to economic analysis with a particular focus on concepts and applications relevant to business. This unit addresses how individual consumers and firms make decisions and how they interact in markets. It also introduces a framework for understanding and analysing the broader economic and public policy environment in which a business competes. This unit provides a rigorous platform for further study and a major in economics as well as providing valuable tools of analysis that complement a student's general business training, regardless of their area of specialisation.
ACCT1006 Accounting and Financial Management

Credit points: 6 Session: Semester 1,Semester 2 Classes: 1x 1.5hr lecture and 1x 1.5hr tutorial per week Prerequisites: BUSS1030 or ACCT1005 Prohibitions: ACCT1001 or ACCT1002 or ACCT1003 or ACCT1004 Assumed knowledge: HSC Mathematics Assessment: tutorial work and/or assignment (25%), mid-semester examination (25%), final examination (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
Accounting and Financial Management is an introduction to financial reporting, and the gateway unit to further study in accounting. This unit builds upon the accounting context, presented in BUSS1030 Accounting, Business and Society, and aims to develop the technical skills to record basic business transactions through accounting systems. In addition to this technical focus, specific attention is given to the way in which the accounting information can be used to undertake financial management and analysis, to give students the ability to produce and interpret financial reports.

2000-level units of study

Core *
ACCT2011 Financial Accounting A

Credit points: 6 Session: Semester 1,Semester 2 Classes: 1x2hr lecture and 1x1hr tutorial per week Prerequisites: (ACCT1001 or ACCT1005 or BUSS1030) and (ACCT1002 or ACCT1006) Assessment: tutorial preparation (5%), group assignment (15%), mid-semester examination (30%), final examination (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit examines the accounting and reporting practices of reporting entities, particularly listed public companies. Emphasis is placed on developing an understanding of, and the ability to critically evaluate, the various regulatory requirements (professional and statutory) governing financial reporting. The unit commences with an overview of the financial reporting environment and theories that seek to explain the accounting policy choices of management. This framework provides a basis for examining a range of specific issues in financial accounting. Emphasis throughout the unit is on both the application of specific accounting techniques/rules and the conceptual/theoretical issues associated with alternative accounting methods.
ACCT2019 Management Accounting

Credit points: 6 Session: Semester 1,Semester 2 Classes: 1.5 hour lecture plus 1.5 hour tutorial Prerequisites: (ACCT1001 or ACCT1005 or BUSS1030) and (ACCT1002 or ACCT1006) Prohibitions: ACCT2012 Assessment: in-class assessment (20%); group SAP assignment (30%); final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit provides students with an introduction to the core knowledge requirements of management/cost accounting; it equips them with basic skills to use an industry-standard accounting system and management accounting information efficiently and effectively. Areas specifically covered include: cost terms and purposes, cost behaviour, cost - volume - profit analysis, cost estimation, basic and alternative product costing methods, detailed study of the mechanics of the budgeting process (master budgets, flexible budgets, standard costing and variance analysis, capital budgeting), decision making using relevant costs/revenues and cost allocation. This unit also exposes students to key topics linking to the value chain framework, management controls, Balanced Scorecards, strategy maps, responsibility accounting, transfer pricing and organisational structures.
CLAW2214 Business Law for Accountants

Credit points: 6 Session: Semester 1,Semester 2 Classes: 1 x 3hr seminar per week Prohibitions: CLAW1001 or CLAW1003 or CLAW2201 Assessment: assignment (30%), weekly in-class quizzes (20%), final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
The entire fabric of commerce is woven from a complex legal regime which regulates all commercial activity. The dominant vehicle for this commercial activity is the limited liability company. In their role as business advisors, accountants require a thorough understanding of key aspects of the legal and regulatory frameworks for business and the operation and governance of corporations. The overall aim of this unit is to introduce students to the range of issues likely to be encountered in the contemporary commercial context and the legal implications of such conduct.
FINC2011 Corporate Finance I

Credit points: 6 Session: Intensive January,Intensive July,Semester 1,Semester 2 Classes: 1 x 2hr lecture and 1 x 1hr tutorial per week Prerequisites: (BUSS1020 or ECMT1010 or ENVX1001 or ENVX1002 or DATA1001 or ((MATH1005 or MATH1015) and MATH1115) or 6 credit points in MATH units including MATH1905) and (BUSS1040 or ECON1001 or ECON1002) Assumed knowledge: BUSS1030 Assessment: Mid-semester exam (20%), major assignment (30%) and final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day, Block mode
This unit provides an introduction to basic concepts in corporate finance and their application to (1) valuation of risky assets including stocks, bonds and entire corporations, (2) pricing of equity securities, and (3) corporate financial policy decisions including dividend, capital structure and risk management policies. Emphasis is placed on the application of the material studied and current practices in each of the topic areas.
* Students who wish to combine a Business Law major with the Professional Accounting program must complete CLAW1001 and CLAW1003, which will satisfy the requirements of the Professional Accounting Program unit CLAW2214.

3000-level units of study

Core
ACCT3011 Financial Accounting B

Credit points: 6 Session: Semester 1,Semester 2 Classes: 1x 2hr lecture and 1x1hr tutorial per week Prerequisites: ACCT2011 Assessment: Mid-semester examination (30%), group presentations (10%), individual assignment (10%), and final examination (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit introduces students to accounting for investments in entities that are controlled, significantly influenced, or jointly controlled by the investor. The unit starts by assessing whether an investment should be consolidated, the process of consolidation, the preparation of consolidated financial statements for corporate groups, including the treatment of goodwill, intra-group transactions and non-controlling interests. Other aspects of group accounting, such as equity accounting, segment disclosures, related party disclosures, and foreign currency translation are investigated. A critical analysis of group accounting is then undertaken, including a consideration of the outcomes of related processes, and the impacts on users. The unit also critically evaluates current issues in accounting regulation and practice, and the politics of standard-setting process. Accounting issues regarding financial instruments are further developed focusing on hedge accounting as a special case. Finally, voluntary disclosures for social and environmental reporting are considered. This unit aims to further develop students' written communication skills and critical and analytic skills within the context of corporate group activities.
ACCT3600 Accounting and Auditing in Practice

Credit points: 6 Session: Semester 1,Semester 2 Classes: 1 x 1.5 hour lecture and 1 x 1.5 hour tutorial per week Prerequisites: Completion of at least 120 credit points including (ACCT2012 or ACCT2019) and ACCT3011. Prohibitions: ACCT3014 Assumed knowledge: Students are expected to have an understanding of the key principles and rules of specified accounting standards, and be able to apply them in the context of business scenarios. Students are also expected to comprehend the form and content of published financial statements and be able to explain their function. Assessment: mid-semester exam (25%), online quizzes (5%), research case study (30%) and final exam (40%) Mode of delivery: Normal (lecture/lab/tutorial) day
Note: This unit should only be undertaken by students in their final semester of the Accounting major.
This unit of study examines the process of auditing, highlighting the important concepts which underpin the practice of auditing. Although the focus is on the audit of corporate financial reports undertaken in compliance with the Corporation Act 2001 (Cth), other forms of audit and assurance activities are referenced. This unit of study is intended to provide an overview of the audit process within the context of Australian Auditing Standards. The unit is both practical and theoretical, with students expected to apply their knowledge to case studies developed from practice. As the capstone unit for the accounting major, this unit bridges the gap between theory and practice by integrating knowledge and consolidating key skills developed across the accounting major. It aims to provide students with practical experience in identifying, analysing, and solving contemporary business problems. Students ensure their career-readiness by demonstrating their ability to apply concepts, theories, frameworks, methodologies, and skills to authentic problems and challenges faced in the field of accounting.
CLAW3201 Australian Taxation System

Credit points: 6 Session: Semester 1,Semester 2 Classes: Two hours of lectures and a one hour tutorial per week Prerequisites: CLAW1003 or CLAW2201 or CLAW2214 Assessment: tutorial papers (20%); tutorial participation (10%); mid-semester test (20%); final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit is an introduction to Australia's taxation law. It commences with an overview of the Australian tax system, discusses contemporary tax issues and then deals with specific topics, including: the basis of liability to Australian income tax, concepts of residence and source of income, concepts of ordinary and statutory income (including capital gains tax), tax accounting, taxation of fringe benefits, and allowable deductions. It concludes with a study of the general anti-avoidance sections. The taxation of companies, partnerships and trusts, and international taxation are studied in depth in CLAW3202 which, together with this unit, is a solid basis to prepare students for an important aspect of professional accounting practice.
INFS3110 Information Systems for Accountants

Credit points: 6 Session: Semester 1,Semester 2 Classes: 1 x 3 hour workshop per week Prohibitions: INFS2001 Assumed knowledge: INFS1000 or INFO1000 or INFO1003 or INFO1903 Assessment: individual assessment (20%), group workshop assessment (30%), final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit demonstrates how accounting information systems (AIS) can improve business performance relating to the conduct of accounting based transactions. It provides students with the skills necessary to identify and assess opportunities for business improvement, by looking at both conceptual and physical AIS and to understand the varied ways in which the business must assess risks, controls, costs and benefits in relation to the implementation of an AIS. From an end-to-end systems perspective students gain knowledge of approaches and methodologies related to the design, implementation and operation of an AIS. Through graphic representations visual thinking can be applied to analyse, assess and improve the conceptual AIS with a view to its physical implementation. Students learn the importance of an integrated approach to managing business cycles including expenditure, conversion and revenue where multiple competing requirements often need to be balanced. Students develop expertise in business analysis, a foundation skill for accountants, auditors, project managers and business analysts.