Associate Degree in Accounting

Course Location and Contact Information

Course Description

The NMIT Associate Degree in Accounting is designed to provide both academic knowledge and high-level vocational skills to meet the needs of the accounting and finance industries, organisations and the broader business community. The Associate Degree in Accounting was developed in conjunction with industry, professional accounting bodies and universities. This qualification can also be used as a pathway for further education and training at undergraduate or postgraduate levels.

The Associate Degree in Accounting will provide participants with knowledge and skills in a number of areas relevant to all businesses. The course includes the study of general business topics such as law, information management, economics, statistics and management, as well as specialist topics in the area of accounting information systems, risk management and corporate governance, management accounting, company law, corporate accounting, financial management and taxation law compliance.

Career Opportunities

Vocational outcomes for graduates include general accounting, payroll, accounts receivable and payable, finance, management accounting and general management.

The course will enable graduates to work within a number of industry sectors such as, manufacturing, retail, hospitality and tourism, arts and entertainment, information technology, health, agriculture, mining, finance, insurance, communications, government, not for profit organisations, community and education.

Course Duration

Full-time: Two years or part-time equivalent.

Course Commencement Dates

Please refer to the NMIT Higher Education Academic Calendar at www.nmit.vic.edu.au/highered/calendar

Entrance Requirements

• Year 12 VCE or equivalent with English, or
• TAFE Diploma course in financial services, accounting or equivalent, or
• Relevant industry experience.

Application Procedures

Domestic Students -

Apply through VTAC

Contact the Commerce Department for further information, email:  commerce@nmit.vic.edu.au

International Students -

Apply through NMIT's International Office, email: international@nmit.vic.edu.au

Skills Recognition - Exemptions/Transfers

Recognition of Current Competencies (RCC) may be available based on skills and knowledge already acquired by the applicant through previous study or equivalent studies of a similar standard at another institution or from various work and life skills.

Pathways to Further Study

Students who successfully complete the Associate Degree in Accounting may be granted up to 16 subjects credit in a number of business bachelor degrees, e.g. Bachelor of Commerce (majoring in Accounting or Financial Management), with NMIT's partner universities or other institutes.

The course enables students to maximise their learning and career opportunities by initially gaining a two year higher education qualification and then articulating to a bachelor or higher degree at a later stage.

Professional Membership

Opportunities exist for graduates to apply for membership with CPA Australia and the National Institute of Accountants . Please refer to the relevant professional bodies for specific membership requirements.

Tuition Fees

Year 1 - AU$12,000
Year 2 - AU$12,000

Above tuition fees are for full-time study. Part-time fees per year depend on subjects chosen. No amenities fees are charged for any higher education courses.

Part-time study is available for domestic students only.

FEE-HELP is available for eligible students enrolled in this course.

Course Outline

Year 1, Semester 1

ADA101 Introduction to Business Law (Core)
(55 total contact hours)
(EFTSL value 0.125)
(Tuition Fee $1,500)

The purpose of this subject is to provide an overview of the Australian legal and judicial system in Australia. This subject includes an analysis of the Australian Constitution and legal system, and the laws applying to contracts, torts and the information economy.

The student will demonstrate knowledge of law developed in this subject by identifying, analysing and discussing the statutory obligations of different types of business structures such as a sole traders, partnerships or companies. The use of case law, relevant legislation and statutes will allow students to develop knowledge and skills in evaluating and identifying core issues in a range of business contexts especially from an accounting perspective. The student will also demonstrate knowledge through the appropriate use of the language and processes of law.

ADA102 Accounting 1 (Core)
(55 total contact hours)
(EFTSL value 0.125)
(Tuition Fee $1,500)

The purpose of this subject is to introduce the student to the concepts of accounting and management decision making. The subject will develop knowledge of the accounting profession, career options, regulatory bodies, accounting standards, regulations and legislative framework that operates in the accounting industry in Australia. This subject provides the student with knowledge and skills to apply basic accounting theory and decision-making in a business context.

The subject provides the student with knowledge and skills to prepare and present financial statements including income statements, balance sheets, cash flow statements and statements of changes in equity. The student will gain knowledge of the framework for the preparation and presentation of financial statements as well as the relevant Accounting Standards, the underlying assumptions of accounting reports and the reporting requirements needed to make effective management decisions.

The student will develop knowledge of the accounting systems and processes, especially accrual accounting, required to produce financial reports. The student is required to demonstrate an ability to record transactions, adjust accounts and prepare financial statements. The student will also gain knowledge in taxation and other legislative requirements relevant to this level of study.

Both manual and computerised accounting systems will be used to provide the student with knowledge of the different types of accounting processes used in business.

ADA103 Information Management (Core)
(55 total contact hours)
(EFTSL value 0.125)
(Tuition Fee $1,500)

The purpose of this subject is to provide an overview of information and knowledge management systems appropriate for a small to medium sized enterprise. The student will develop knowledge and skills to identify, recommend and apply appropriate strategies to access, evaluate, manage, store and disseminate data, information and knowledge.

This subject will also provide the student with knowledge and skills to efficiently undertake secondary research. These skills are used throughout the course and as such are an important aspect of the student's learning in this subject.

The use of the internet and technology such as office software, web browsers and email applications are an integral part of this subject. This subject will provide the student with the knowledge and skills to efficiently use information and communication technology and to produce complex business documents and develop and present electronic presentations.

ADA104 Quantitative Methods for Business (Core)
(57 total contact hours)
(EFTSL value 0.125)
(Tuition Fee $1,500)

The purpose of this subject is to provide the student with the fundamental knowledge of business mathematics and statistics required in business, economics, accounting, finance, international trade, marketing and management. The subject will provide the student with the knowledge and skills to use statistics, ratio analysis, finance and other mathematical tools to analyse and solve a variety of business and economic problems.

The student will also acquire knowledge and skills in the use of computer software applications such as spreadsheets and statistical packages.

An emphasis will be placed on decision making and problem solving using relevant business examples. The use of empirical data will provide the student with the opportunity to understand contemporary analytical methodologies in areas such as market research, company performance and stock market analysis.

Year 1, Semester 2

ADA105 Accounting 2 (Core)
(55 Total contact hours)
(EFTSL value 0.125)
(Tuition Fee $1,500)

The purpose of this subject is to extend the student's knowledge in the theory and application of accounting developed in Accounting 1.

This subject focuses on specific areas of accounting such as cost and management accounting for both manufacturing and nonmanufacturing entities, financial planning and control, external reporting requirements, performance evaluation, and assets and liabilities. The student also develops knowledge of accounting specific to the retailing and services sector.

Relevant taxation and other legislative requirements are also examined along with the ethical issues related to the practise of accounting in today's business environment.

ADA106 Accounting Information Systems (Core)
(55 total contact hours)
(EFTSL value 0.125)
(Tuition Fee $1,500)

The purpose of this subject is to examine accounting information systems used by businesses. The student will develop knowledge to critically analyse the evaluation, selection and implementation of both manual and computerised accounting information systems.

The subject provides the student with the skills to competently use computerised and manual accounting systems using a variety of software applications and manual record keeping systems.

The student will analyse transaction cycles, taxation and GST, preparation and presenting of reports, internal control, security and assurance, web-based systems and e-commerce as they apply to accounting information systems. The student will also gain skills in the use of online tax lodgement systems and processes.

ADA107 Microeconomics (Core)
(57 total contact hours)
(EFTSL value 0.125)
(Tuition Fee $1,500)

The purpose of this subject is to develop knowledge of microeconomic theories, models and policies. The subject will include an examination of microeconomic theories such as supply and demand, elasticity, production and consumer choice and microeconomic models such as perfect competition, monopolies, monopolistic competition and oligopolies. Economic policies such as market regulation and economic reform are comprehensively discussed. The student will acquire knowledge and skills to measure and analyse microeconomic factors and analyse their impact on the Australian economy.

ADA108 Management Principles (Core)
(55 total contact hours)
(EFTSL value 0.125)
(Tuition Fee $1,500)

The purpose of this subject is to provide an introduction to the concepts, principles and theories of contemporary management practice. The subject examines management theories applicable to a variety of organisational structures. These organisations may include commercial enterprises, government departments, political parties, educational institutions and so on. The role of the manager in areas such as leadership, motivation, networking, entrepreneurship and managing in a diverse environment is also examined.

Managers work in a changing corporate environment and topics such as risk management, change management and managing in a knowledge economy are analysed and discussed. The manager's role in creating and adding value in the corporate environment is emphasised throughout the subject.

ADA200 Professional Practice (Core)
(85 total contact hours [including a minimum of 80 hours work placement])
(EFTSL value 0.06)
(Tuition Fee $720)

The purpose of the Professional Practice is to apply knowledge and skills acquired in lectures, tutorials and research in practical placement.

Professional Practice is designed to achieve three objectives. The first is to provide a practical context to apply the theory gained during the lectures, tutorials and research. The second objective is to provide the student with an opportunity to compare and evaluate the knowledge gained in their first year of studies with what is actually taking place in practice. The third objective is to provide the student with the opportunity to develop workplace skills and experience that are important when seeking employment.

Professional Practice is structured to provide the student with experience in a variety of accounting specialisations such as tax, bookkeeping, payroll, accounts receivable and payable and management accounting.

ADA201 Macroeconomics (Core)
(55 total contact hours)
(EFTSL value 0.11)
(Tuition Fee $1,320)

The purpose of this subject is to examine macroeconomic theories, models and policies. Macroeconomics builds on the knowledge and skills developed in Microeconomics. Economic factors such as aggregate income, unemployment, inflation, the balance of payments, exchange rates, money, and macroeconomic policy are comprehensively analysed. The student will develop knowledge and skills to critically analyse Australian economic policies and their affect on the private and public sectors. The subject will also examine a range of global economic factors that have an impact on the Australian economy.

ADA202 Risk Management and Corporate Governance (Core)
(55 total contact hours)
(EFTSL value 0.11)
(Tuition Fee $1,320)

The purpose of this subject is to provide the student with knowledge and philosophy of risk management and corporate governance. The knowledge and skills gained can be applied to all levels of management and types of businesses. The study of risk management is initially undertaken from a generalist perspective, where the theory and underpinning knowledge and principles are discussed. A specific focus will then be applied to the financial services sector especially in reference to ASX Corporate Governance Council Principle 7 "Recognise and manage risk".

Risk analysis and evaluation using quantitative and qualitative methodologies are thoroughly discussed to ensure that students are able to look at risk assessment from a technical perspective.

Corporate governance and internal control provides the student with an understanding of the role and responsibility of organisations, from SME's to listed companies, to adopt and implement accepted corporate governance principles (i.e. discipline, transparency, independence etc). The student will gain knowledge in the processes and management of corporate governance and internal control, fraud prevention and detection and the audit processes to meet compliance with applicable legislation, regulations and internal policies.

ADA203 Management Accounting (Core)
(55 total contact hours)
(EFTSL value 0.11)
(Tuition Fee $1,320)

The purpose of this subject is to examine management and cost accounting principles and their application for both manufacturing and non-manufacturing firms (including retailers and service providers). This subject will extend the student's knowledge and skills gained in Accounting 2 specifically in the areas of cost and management accounting.

Analysis, planning, control, management and decision-making form key aspects of this subject. The student will develop knowledge of and skills in designing, developing and implementing costing and management accounting models applicable to a variety of organisation types. The student will gain knowledge and understanding in the application of the relevant Accounting Standards that apply in this context.

The student will develop knowledge of advanced theoretical elements of management and cost accounting and analysis techniques. This will provide the student with a conceptual framework to critically analyse and evaluate the operation and management of a firm. The student will develop the knowledge and skills to make well informed decisions that are strategic and provide competitive advantage to the firm in both the short and medium terms.

ADA204 Company Law (Core)
(55 total contact hours)
(EFTSL value 0.11)
(Tuition Fee $1,320)

The purpose of this subject is to examine the legislation and statutes applicable to companies and to a lesser extent, sole proprietors, partnerships and trusts. This subject builds on studies in Introduction to Business Law, placing greater emphasis on legislative requirements, relevant statutes, compliance, procedures, responsibilities and risk management within a corporate business environment. This subject will provide the student with the knowledge and skills to examine the key elements of company law from a historical, social and legislative perspective. The student will compare different aspects of company law as it relates to organisations in a variety of business contexts and propose and validate appropriate strategies subject to the requirements of the business and the relevant legislative, statutory and social frameworks.

ADA205 Corporate Accounting
(55 total contact hours)
(EFTSL value 0.125)
(Tuition Fee $1,500)

The purpose of this subject is to examine corporate accounting theory, principles and application. The student will develop knowledge of the legislative and compliance frameworks and the relevant Accounting Standards. The student will acquire skills to produce financial statements and reports that will meet the requirements of these frameworks and standards.

The student will extend their knowledge gained in previous accounting subjects specifically in the areas of developing accounting and financial statements and reports for corporations, associations and listed companies, consolidation accounting, the equity method of accounting and accounting for income tax.

The student will also develop knowledge of the impact on organisational change especially in the case of mergers, acquisitions and company dissolution both at a local and international level. This will include knowledge of foreign trading and overseas operations, which will provide the student with a comprehensive understanding of operating a business in a variety of trading contexts.

ADA206 Financial Management (Core)
(55 total contact hours)
(EFTSL value 0.125)
(Tuition Fee $1,500)

The purpose of this subject is to examine financial management theories, principles and their application in a business context. The student will develop the capacity to identify, evaluate and propose strategies that will allow organisations to comply with relevant legislative and accounting frameworks while also maximising returns on investment for the organisation's shareholders. Knowledge of internal control systems, risk management, funding models, investment options and performance analysis procedures and methodologies will provide the student with the theoretical knowledge that is necessary to exhibit due diligence and corporate accountability.

ADA207 Taxation Law and Compliance (Core)
(55 total contact hours)
(EFTSL value 0.125)
(Tuition Fee $1,500)

The purpose of this subject is to examine the legal framework and statutory provisions underpinning the Australian taxation system with a focus on the Income Tax Assessment Act and relevant case law. The student will develop knowledge of taxation concepts including PAYGE, company / corporate / partnership tax, superannuation, GST, fringe benefits, capital gains tax, tax planning and trusts. The subject examines the appeals process and relevant anti-avoidance provisions within the relevant Acts. The student will be required to interpret and apply relevant taxation legislation and determine the tax applicable in a variety of business situations.

The subject provides a legal framework and context for studies in accounting and provides the student with the knowledge to make informed decisions in areas of taxation law and the compliance issues impacting businesses and individuals.

ADA208 Contemporary Issues in Accounting (Core)
(52 total contact hours)
(EFTSL value 0.125)
(Tuition Fee $1,500)

The purpose of this subject is to examine contemporary and emerging issues in accounting both nationally and internationally.

This examination will include, but is not be limited to, the development of Accounting Standards and legislation, including the Income Tax Assessment Act, Corporations Act and Risk Management Standard. The subject will also examine the impact to businesses of these changes.

The subject will provide the student with the opportunity to critically analyse and discuss the role of the accountant in business and society.

Assessment Methods

The method of assessment may include a combination of examinations, assignments, tests, group and individual reports and projects, essays, practical tasks, literature reviews, journals, presentations, interviews, case studies and class participation.

Materials

Students will be required to purchase prescribed textbooks and other materials as detailed in the Associate Degree in Accounting booklist. The class teacher, as required, will provide additional resources once the course commences.

Qualification

As part of the Australian Qualifications Framework this course is nationally recognised.  On successful completion students will be awarded the Associate Degree in Accounting.

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