University of Technology Sydney · FACULTY OF ACCOUNTING

22108 Accounting and Accountability

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The Complete Exam Bible · Spring 2026

Accounting and Accountability

— Study guide to UTS 22108: the accounting equation without debits and credits, internal controls, the four statements, ratio analysis and the 50% final exam.

22108 Accounting and Accountability is the University of Technology Sydney's first-year, 6-credit-point introduction to accounting, and it is taught in a way that surprises most students: this subject teaches accounting WITHOUT debits and credits. Every transaction is recorded as a set of flows through the expanded accounting equation on a columnar Excel worksheet, and the subject states plainly that debits and credits are terminology layered on top of those fundamentals. The subject runs over twelve weekly topics with no traditional lectures: you work through the free open-access Pressbooks textbook chapter and videos online, sit a short assessable pre-class quiz on Canvas, then solve an Excel-based problem in your tutorial, with large workshops in the early weeks and again before the exam. Topics 1-6 are the financial-accounting half (what accountability means, processing economic events, refining the recording process, internal controls and the fraud triangle, the trial balance and the four financial statements, then horizontal, vertical and ratio analysis); Topics 7-12 turn inward to management accounting for decision making (cost concepts, cost-volume-profit, budgets and product costing, variance analysis, relevant costing and integration). Assessment is a 35% learning portfolio - Part A weekly pre-class online quizzes worth 10% and Part B in-tutorial problems worth 25%, with the best 8 of 11 counted SEPARATELY in each part - a 15% two-stage written reflection, and Assessment task 3, the final exam, worth 50%. The final exam is sat online in the UTS formal examination period under RESTRICTED OPEN BOOK conditions, and it requires a laptop or computer with a working web-cam and microphone (an iPad or tablet is explicitly not sufficient; a UTS-provided computer can be requested on hardship grounds). Generative AI is not permitted in the final exam. The exam duration, question count, marks and question-type mix are NOT stated in the subject materials captured for this guide - the UTS Handbook entry for an earlier offering lists a length of 2 hours, which is prior-offering evidence only - so confirm the format, the permitted-materials list and your sitting time on the Subject Outline and MyStudentAdmin. No hurdle is stated in the materials captured; the Subject Outline is the definitive source. Microsoft Excel is mandatory equipment from Week 2 and is used in the final exam, so tool fluency is part of the mark. Your result here feeds the Weighted Average Mark (WAM) that the rest of your UTS Business School degree builds on, and the HD / D / C / P grade you finish with is decided as much by eleven weeks of quizzes and tutorial problems you cannot submit late as by the exam.

22108 · University of Technology Sydney
An independent, AskSia-authored study guide. AskSia is not affiliated with, endorsed by, or sponsored by University of Technology Sydney; the course code and name are used for identification only.
Contents · every chapter, one map

What 22108 covers

22108 runs over twelve weekly topics in the UTS Spring session and has no traditional lectures: you work through the free Pressbooks textbook chapter and videos online, sit a short assessable quiz before class, then solve an Excel-based problem in your tutorial, with large workshops in Weeks 1-4 and again in Weeks 10-12. Topics 1-6 build the financial-accounting half, from what accountability means through to ratio analysis; Topics 7-12 turn inward to management accounting for decision making. The map below follows that teaching order and ends with two assessment chapters - the final-exam playbook and a survival kit for the continuous assessment that carries the other half of your mark.

01What Accounting Is and Who It ServesAccountability, the Carnegie/Parker/Tsahuridu definition, the history of accounting, types of accounting, Indigenous perspectives (Week 1)02Processing Economic Events and the Accounting EquationFour steps of accounting, measurement bases, assumptions and principles, the simple and expanded accounting equation, first Excel worksheet (Week 2)03Refining the Recording Process: Complex TransactionsCurrent vs non-current, tangible vs intangible, sales and purchases on credit, inventory, PPE and depreciation, loans, wages, shares and dividends (Week 3)04Internal Controls, the Fraud Triangle and Control DesignCOSO framework, ASA 240 fraud definition, the fraud triangle, corporate governance, control components, designing a control, controls over cash (Week 4)05From Trial Balance to the Four Financial StatementsOpening balances, permanent vs temporary accounts, the trial balance, P&L, statement of changes in equity, balance sheet, statement of cash flows, Australian reporting requirements (Week 5)06Financial Statement Analysis: Ratios, Horizontal, VerticalHorizontal and vertical analysis, the four ratio families, the 80%-on-credit assumption, interpretation and benchmarking (Week 6)07Accountability and Management Decision MakingStandard canon - NOT from this course's materials: internal vs external reporting, relevance over compliance, cost concepts and behaviour (Week 7)08Short-Term Decisions: Cost-Volume-Profit AnalysisStandard canon - NOT from this course's materials: contribution margin, break-even in units and dollars, target profit, margin of safety, CVP assumptions (Week 8)09Planning for the Future: Budgets and Product CostingStandard canon - NOT from this course's materials: the master budget chain, cash budget, and job vs process costing with overhead allocation (Week 9)10Variance Analysis of Short-Term PerformanceStandard canon - NOT from this course's materials: flexible budgets, price and quantity variances, favourable vs unfavourable, and management by exception (Week 10)11Short-Term Decision-Making Using Relevant CostingStandard canon - NOT from this course's materials: relevant vs irrelevant costs, sunk costs, opportunity cost, and the classic make-or-buy, special-order, keep-or-drop decisions (Week 11)12Integrating the Financial and Management Accounting HalvesStandard canon - NOT from this course's materials: one transaction viewed through both lenses, and how the twelve topics connect back to accountability (Week 12)13AAA Final Exam Playbook: Restricted Open Book and Excel50% of the subject mark, restricted open book, online with webcam and microphone, sat in the formal exam period at the end of session, Excel under time pressure14Assessment Survival Kit: Quizzes, Rubric, ReflectionsBest 8 of 11 in each part, no late portfolio submissions, the four-criterion tutorial rubric, the two 500-word reflections and the Gibbs cycle
Assessment

How 22108 is assessed

ComponentWeightFormat
Assessment task 1: Learning portfolio - Part A: pre-class weekly online quizzes (best 8 of 11)10%Individual. Timed Canvas quiz, 10-15 minutes, 3-5 questions per week drawn randomly from a question pool; multiple choice, true/false, matching, fill in the blank(s), numerical answer and formula questions - 'There will not be any short or long form written questions.' Lowest 3 of 11 scores dropped. No extensions and no late submissions. Deadline day is contradictory in the official source (Assessments overview and the Week 1 workshop deck say Wednesday 11.59pm; the Task 1 submission section says Tuesday 11:59pm Sydney time) - take the date from your own Canvas quiz.
Assessment task 1: Learning portfolio - Part B: in-tutorial problems (best 8 of 11)25%40-minute case/Excel problem worked during the tutorial and submitted on Canvas within 15 minutes of the end of class. On-campus classes are group-assessed (teams of 4-5); online classes are individually assessed. Students must join within the first 5 minutes to be eligible to participate. Marked on four criteria (student collaboration, in-class discussion, clarity of communication in the submission, demonstrated understanding of theory) across bands Superior 2.5 / Proficient 2 / Competent 1.5 / Not Yet Competent 0.7. Lowest 3 of 11 scores dropped. No late submissions. Generative AI is NOT permitted.
Assessment task 2: Written reflection - Stage 1 (Week 4)7.5% (Task 2 total = 15%)Individual ~500-word reflective piece on career goals and study aspirations and how studying accounting may or may not serve them; submitted via Canvas. Prepared in the Week 2 careers workshop and the Week 3 reflective-writing workshop (Gibbs reflective model used in the workshop deck). The subject schedule sets the deadline at 11.59pm on the Wednesday of Week 4 - confirm the exact date on Canvas. Generative AI is permitted only in the specific ways set out on the Canvas assignment page. Note: the 7.5% stage split appears on the workshop slides, not on the assessment page, which states only Task 2 = 15%.
Assessment task 2: Written reflection - Stage 2 (Week 11)7.5% (Task 2 total = 15%)Individual ~500-word reflective piece; students are directed to carry Stage 1 feedback into Stage 2. Submitted via Canvas. The subject schedule sets the deadline at 11.59pm on the Wednesday of Week 11 - confirm the exact date on Canvas; the Week 10 workshop focuses on Stage 2. Generative AI is permitted only in the specific ways set out on the Canvas assignment page.
Assessment task 3: Final exam50%Sat in the UTS formal examination period at the end of session (an alternative examination period runs after it); confirm your examination period and your own sitting time on the Subject Outline and MyStudentAdmin. Book status: 'Restricted open book' (stated verbatim on the Week 1 workshop slide) - the permitted-materials list is not stated in the source. Delivered online: requires a laptop or computer with a working web-cam and microphone; an iPad or tablet is explicitly not sufficient; a UTS-provided computer can be requested on hardship grounds. Generative AI is NOT permitted. Duration, question count, marks and question-type mix are not stated in the materials available to us.
Worked example · free

One month of flows through the expanded accounting equation, then the balance-sheet proof

Q [6 marks]. Harbourline Supplies Pty Ltd, a small Sydney stationery wholesaler, opens the month with these permanent-account balances: Cash $40,000; Accounts receivable $12,000; Inventory $18,000; Equipment $30,000; Accounts payable $9,000; Bank loan (non-current) $25,000; Share capital $50,000; Retained earnings $16,000. During the month: (1) it sells inventory on credit for $24,000, the goods having cost $15,000; (2) it collects $20,000 from customers; (3) it buys inventory on credit for $11,000; (4) it pays suppliers $8,000; (5) it receives a $3,000 cash deposit for goods to be delivered next month; (6) it pays wages of $6,000 and accrues a further $1,500 of wages earned but unpaid at month end; (7) it records $500 of depreciation on equipment; (8) it makes an interest-only loan payment of $200; (9) it pays a cash dividend of $2,000. Work out the closing balance sheet and prove that net assets equal total equity. (6 marks)
  • +1Classify each event as flows, and watch the four traps this subject drills. The credit sale has TWO legs (Accounts receivable +24,000 and Revenue +24,000; Inventory -15,000 and Cost of sales -15,000 in equity). The $3,000 deposit is Cash +3,000 and Unearned revenue +3,000, a LIABILITY, not revenue. The interest-only payment leaves the loan balance unchanged - Cash -200 and Interest expense -200. The dividend reduces equity but is never an expense and never appears in the profit and loss statement.
  • +1Total the asset columns. Cash = 40,000 + 20,000 - 8,000 + 3,000 - 6,000 - 200 - 2,000 = $46,800. Accounts receivable = 12,000 + 24,000 - 20,000 = $16,000. Inventory = 18,000 - 15,000 + 11,000 = $14,000. Equipment = 30,000 - 500 = $29,500. TOTAL ASSETS = $106,300.
  • +1Total the liability columns. Accounts payable = 9,000 + 11,000 - 8,000 = $12,000. Unearned revenue = $3,000. Wages payable = $1,500. Bank loan = $25,000 (unchanged - the payment was interest only). TOTAL LIABILITIES = $41,500.
  • +1Build the profit and loss statement from the temporary accounts. Revenue 24,000 - Cost of sales 15,000 = GROSS PROFIT $9,000. Less wages 7,500 (6,000 paid + 1,500 accrued), depreciation 500 and interest 200 = 8,200 of operating expenses. NET PROFIT = 9,000 - 8,200 = $800.
  • +1Apply the two articulation formulas. Balance-sheet retained earnings = opening retained earnings + profit - dividends = 16,000 + 800 - 2,000 = $14,800. Balance-sheet share capital = opening share capital + new shares issued = 50,000 + 0 = $50,000. TOTAL EQUITY = $64,800.
  • +1Run the proof. NET ASSETS = total assets - total liabilities = 106,300 - 41,500 = $64,800, which equals total equity of $64,800. The worksheet balances, so the closing balance sheet can be written up with confidence.
Total assets $106,300; total liabilities $41,500; net profit $800; closing retained earnings $14,800; total equity $64,800. Net assets ($106,300 - $41,500 = $64,800) equal total equity ($50,000 share capital + $14,800 retained earnings), so the month ties out.
Sia tip — The profit here is only $800 on $24,000 of revenue, and that is the point: a business can look busy, grow its receivables and still barely make money. If the proof fails, the error is almost always upstream - a missing second leg on the inventory sale, a deposit posted as revenue, or the whole loan payment charged to interest expense. If a step will not click, ask Sia to walk that single flow through the expanded equation again and set you a fresh variant; it explains the method and checks your reasoning, it never does your graded assessment for you.
Glossary

Key terms

Expanded accounting equation
Assets = Liabilities + Share capital + Retained earnings + Revenues - Expenses - Dividends. This subject records every transaction as signed flows across these columns rather than as journal entries, so expenses and dividends are entered as NEGATIVE numbers inside the equity block.
Permanent vs temporary accounts
Permanent (real) accounts - assets, liabilities and equity - carry an opening balance, take the period's movements and produce a closing balance that rolls forward. Temporary (nominal) accounts - revenues, expenses and dividends - hold only the current period's transactions, start each period at zero and roll into retained earnings.
Trial balance
A list of every account and its closing balance, sitting between the transaction worksheet and the statements. In this subject's no-debits-and-credits convention it is a single column of signed balances, not a debit-equals-credit proof.
Unearned revenue
Cash received before the good or service is delivered. It is a LIABILITY, not revenue: Cash goes up and Unearned revenue goes up. Revenue is only recognised when the obligation is satisfied, at which point the liability falls and revenue rises.
Fraud triangle
The three conditions generally present when fraud occurs: incentives or pressures, perceived opportunity, and attitudes or rationalisations. Management's practical lever is the opportunity leg, which is what internal controls attack.
Restricted open book
The book status stated for the 22108 final exam. It is a third state - neither open book nor closed book: some materials are permitted and others are not, and the permitted-materials list is not stated in the subject materials captured for this guide. Read the official statement in your Subject Outline and exam instructions before assuming anything is allowed.
FAQ

22108 FAQ

Is 22108 hard?

It is conceptually gentle but relentless in its pacing, and the pacing is what catches people out. There is no prior accounting knowledge assumed, and this subject deliberately removes debits and credits, so the mechanics are easier than a conventional first accounting subject - everything is flows through the expanded accounting equation on a spreadsheet. What makes it demanding is that half your mark is earned in eleven separate weeks: a timed pre-class quiz on Canvas and a 40-minute in-tutorial problem, neither of which can ever be submitted late. Students who fall behind cannot catch up retrospectively. The other pressure point is Excel - it is mandatory equipment from Week 2, it is rewarded inside the tutorial marking rubric, and it is needed in the final exam - so students who have never used formulas or cell references have a tool problem on top of a content problem. Work weekly rather than in bursts, and this subject is very manageable; leave it and the best-8-of-11 safety net evaporates fast. Steady work here also protects the Weighted Average Mark (WAM) your later subjects build on.

Can AI help me with 22108?

Yes, as a step-by-step study aid. Sia is an AI tutor trained on how 22108 is taught and assessed at University of Technology Sydney - including the fact that this subject records transactions as flows in the expanded accounting equation rather than in debits and credits, which is exactly what a generic model gets wrong. It can walk you through a transaction analysis one flow at a time, rebuild a trial balance into a profit and loss statement, statement of changes in equity and balance sheet, or take you through a ratio calculation and its interpretation, checking your reasoning as you go. Bring your own practice question and ask it to explain each step. It does not do graded assessment for you, and the UTS academic-integrity policy still applies: generative AI is NOT permitted in the in-tutorial problems or in the final exam, and it is permitted for the written reflection only in the specific ways set out on the Canvas assignment page. Use it to understand the method, not to produce work you submit.

Where can I find past exam papers / practice for 22108?

There is no released past exam paper for this subject in the materials this guide was built to mirror, so do not go looking for one - build practice instead. Canvas is where the real practice lives: every topic has a non-assessable practice quiz with unlimited attempts and built-in feedback that mirrors the assessable quiz's layout, several topics carry an additional-practice-questions page holding earlier sessions' tutorial problems with solutions, and each topic's tutorial page posts that week's question, solution and explanatory video. The free Pressbooks textbook has its own end-of-chapter activities. This guide adds fully worked practice of our own authorship across the transaction-to-statements-to-ratios chain, with fresh numbers, and you can ask Sia to generate more in the same style and explain each step. The Week 12 large workshop is an official overview of the AAA final exam with hints and tips - it is the single highest-value session for exam preparation.

What are the 22108 hurdles and assessment rules?

No hurdle is stated anywhere in the subject materials captured for this guide, but that is not the same as there being none: the definitive UTS Subject Outline sits behind a Canvas external tool and was not captured, and the assessment pages themselves defer to it. Confirm the hurdle position on your own Subject Outline. Two things that are often mistaken for hurdles are not: the UTS Handbook's university-wide statement that students must achieve at least 50% of a subject's total marks is a pass mark, and the Task 1 reweighting policy is a reweighting rule. The rules that ARE settled and that cost students marks: the best 8 of 11 rule applies SEPARATELY to Part A (quizzes) and Part B (tutorial problems), with the lowest 3 of EACH dropped, so you can miss up to three quizzes and up to three tutorials without academic penalty - it is not best 8 of 11 across the portfolio. Late submission is never accepted for either part, and there is no make-up tutorial for the problem - the only stated exception is a public-transport delay, where the subject asks you to contact the teaching team about attending a make-up tutorial. You must join your tutorial within the first five minutes to be eligible to participate, and the submission is due on Canvas within 15 minutes of the end of class. Missing 6 of 11 in a component may push that weight onto the final exam, but only with approved special consideration - without approval the result is a zero.

What is on the 22108 final exam?

Assessment task 3 carries 50% of the subject mark and is sat online in the UTS formal examination period, with the individual timetable published through MyStudentAdmin. What is officially stated: it is RESTRICTED OPEN BOOK (a third state - never assume open book), generative AI is not permitted, and you need a laptop or computer with a working web-cam and microphone; an iPad or tablet is explicitly not sufficient, and a UTS-provided computer can be requested on hardship grounds. Excel is required on your own machine. What is NOT stated in the subject materials captured for this guide, and must not be guessed at: the duration, the number of questions, the marks per section, the question-type mix, and exactly which materials 'restricted' permits. The UTS Handbook entry for an earlier offering records a length of 2 hours - that is prior-offering evidence, not this offering's format. Content-wise the exam covers the whole subject, and Topics 7-12 are the entire management-accounting half of it, so an exam plan built only on the financial half is half a plan. Confirm the format, the permitted-materials list and your sitting date and time on the Subject Outline and MyStudentAdmin.

Study strategy

How to study for the exam

Treat this subject as eleven small deadlines plus one big one, because that is literally how the marks are structured. Each week the sequence is fixed: work the free Pressbooks textbook chapter and the videos on Canvas, do the unlimited practice quiz until the format holds no surprises, then sit the assessable pre-class quiz before your tutorial - it is timed at roughly ten to fifteen minutes with only a handful of questions drawn randomly from a pool, so there is no time to learn the content inside the quiz. Be careful with the deadline: the assessment pages and the Week 1 large workshop deck state a Wednesday 11.59pm Sydney-time close, while the Task 1 submission section on the same page says Tuesday 11.59pm. Never trust a remembered day - read the due date on your own Canvas quiz each week. Second, build Excel skill deliberately rather than hoping it arrives: the in-tutorial rubric explicitly rewards live formulas, cell references and functions such as SUM and AVERAGE over typed constants, and two of the four criteria are about collaborating and speaking in class rather than about accounting, so turning up on time and contributing is worth real marks. Third, rehearse the four repeatable procedures until they are automatic - the four-question recording algorithm, the worksheet to trial balance to profit and loss to statement of changes in equity to balance sheet order of operations with the two articulation formulas, the four-family ratio set with the averaging rule, and the identify-controls, identify-weaknesses, design-a-control answer shape. Fourth, do not let the management-accounting half of the subject arrive as a surprise in the final weeks: Topics 7-12 are as examinable as Topics 1-6. Finally, prepare for a restricted-open-book exam by being able to WORK, not to look things up - build one compact page of triggers (the equation, the order of operations, the ratio set, the sign conventions) rather than a pile of notes, rehearse the pipeline in Excel against the clock, and check your web-cam and microphone well before the formal examination period. When a step will not click, ask Sia to explain that single step a different way and set you a fresh practice question in the same style; it teaches the method and checks your reasoning, and it never substitutes for your own graded work. Confirm every assessment detail, the permitted-materials list and your exam timetable on the Subject Outline, Canvas and MyStudentAdmin.

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