Mcd2160 unit outline 2020 03 PDF

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Unit Outline

MCD2160 Introduction to Financial Accounting

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Unit Outline Contents Description ................................................................................................................3 Objectives .................................................................................................................3 English Language Outcomes ..................................................................................3 Learning and Teaching ............................................................................................4 Unit Schedule ............................................................................................................5 Tutorials ....................................................................................................................7 Assessment & Feedback .........................................................................................8 Learning Resources .................................................................................................9 Diplomas Student Policies and Procedures .........................................................11 Appendices .............................................................................................................13 

Contact Details Unit Leader: Phone: Email:

Andrew Phillips 9902 0160 [email protected]

Team Leader: Phone: Email:

Mohan Nair 9905 8350 [email protected]

Reproduced and Published by: Monash College Pty. Ltd. Clayton, Victoria, Australia, 3800 © Copyright 2020 NOT FOR RESALE. All materials produced for this course of study are protected by copyright. Monash students are permitted to use these materials for personal study and research only, as permitted under the Copyright Act. Use of these materials for any other purposes, including copying or resale may infringe copyright unless written permission has been obtained from the copyright owners. Enquiries should be made to the publisher.

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 ABN: 064 031 714 CRICOS: Monash College Pty Ltd 01857J

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Unit Outline Description This unit provides students with an introduction to financial accounting guided by the Conceptual Framework and Accounting Standards. Emphasis is placed on accounting processes, practices and policies that enable financial statements to be prepared. Students will integrate theoretical and technical knowledge learned and exercise judgement to explore accounting issues.

Objectives The learning goals associated with this unit are to: 

Identify and analyse measurement systems and their relationship with the accounting Conceptual Framework

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Apply the principles of double-entry and accrual accounting

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Describe and apply definitions and recognition criteria for assets, liabilities, incomes and expenses as specified in the Conceptual Framework

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Apply principles of selected Accounting Standards and prepare financial statements for business entities including service and retail organisations

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Develop the ability to work effectively in a team; and demonstrate the development of skills in research, judgement and oral communication.

English Language Outcomes Speaking 1. Perform effectively in English during a prepared academic presentation 2. Participate effectively in groups during academic discussions of unit related content in English

Listening 3. Listen to and mostly comprehend spoken texts including academic, multimedia and classroom genres. 4. Use note-taking strategies to record information from spoken texts and show understanding

Reading 5. Use a range of reading strategies to assist comprehension of written texts including industry casestudies, academic and multimedia genres. 6. Identify key information and produce accurate notes and summaries from written texts to demonstrate understanding

 ABN: 064 031 714 CRICOS: Monash College Pty Ltd 01857J

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Unit Outline Writing 7. Demonstrate application of theories studied through reference to examples 8. Write substantial, coherent and mostly accurate texts following templates provided 9. Produce short coherent written texts that appropriately respond to timed exam questions 10. Support views with reference to literature, and by following academic conventions

University Skills & Australian Socio-cultural Awareness 11. Show effective independent research and learning skills 12. Show socio-cultural awareness of Australian university contexts

Learning and Teaching Minimum total expected workload to achieve the learning outcomes for this unit is 144 hours per semester typically comprising a mixture of scheduled learning activities and independent study. Independent study may include associated readings, assessment and preparation for scheduled activities. This unit consists of a weekly two-hour lecture and two weekly two-hour tutorials each week for 12 weeks. Scheduled activities may include a combination of teacher directed learning, peer directed learning and online engagement. Hours of independent study expected per week: 6 hours

Objectives This unit covers the following topics: 1. The 2020 Conceptual Framework 2. Accounting for Service Business 3. Accounting for Trading Business 4. Balance Day Adjustments, Bad Debts and Doubtful Debts 5. Closing, Reversing, 10 Column Worksheets, Reports, Equity 6. Financial Statement Analysis 7. Inventory Valuation 8. Accounting for non-current assets 9. Accounting for Liabilities 10. Accounting for Income and Expenses, Intangible assets, Review of Accounting Standards

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 ABN: 064 031 714 CRICOS: Monash College Pty Ltd 01857J

monashcollege.edu.au

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Unit Outline Unit Schedule The following table outlines the lecture topics, tutorial activities, Moodle tutorial questions and associated readings. This is a guide only. Students are advised to attempt further questions from the text to enhance their understanding of the topics.

Week

Lectures Activities and readings Before Tutorial Homework

In Tutorial Work

1

Lecture 1 In Lecture Activities See the MCD2160 Moodle Site folder for the link to the Echo360 Lectures Conceptual Framework Readings Text Book Chapter 1: pp, 2 - 43 Chapter 13, Financial Reporting Handbook (2020) Framework

Before Tutorial 1 See the MCD2160 Moodle site folder for the the link to the MyAccountingLab homework

Tutorial 1 Introduction to Accounting files See the MCD2160 Moodle site Week 1 Folder and the MCD2160 Moodle site folder for the the link to the MyAccountingLab

2

Lecture 2 In Lecture Activities See the Moodle Site folder for the link to the Echo360 Lectures Recording for Service Business Readings Text Book Chapter 2

Before Tutorial 2 Framework See the Moodle site folder for the the link to the MyAccountingLab homework

Tutorial 2 See the MCD2160 Moodle site Week 2 Folder Review Question See the Moodle site folder for the MyAccountingLab Tests Presentation Question distributed in class

3

Lecture 3 In Lecture Activities See the Moodle Site folder for the link to the Echo360 Lectures Recording Trading Business Readings Text Book Chapter 4 Chapter 5: pp. 285 – 292

Before Tutorial 3 – Service Business See the Moodle site folder for the the link to the MyAccountingLab homework

Tutorial 3 See the MCD2160 Moodle site Week 3 Folder Review Question See the Moodle site folder for the MyAccountingLab Tests Presentation Question distributed in class

4

Lecture 4 In Lecture Activities See the Moodle Site folder for the link to the Echo360 Lectures Balance Day Adjustments Bad Debts, Doubtful Debts Text Book Chapter 3: pp. 160 – 183 Chapter 7: pp. 429 – 460

Before Tutorial 4 – Trading Business See the Moodle site folder for the the link to the MyAccountingLab homework

Tutorial 4 See the MCD2160 Moodle site Week 4 Folder Review Question See the Moodle site folder for the MyAccountingLab Tests Presentation Question distributed in class

5

Lecture 5 In Lecture Activities See the Moodle Site folder for the link to the Echo360 Lectures Reversing, Closing, 10 Column Worksheet, Reports, Equity Text Book Chapter 3: pp. 160 – 183 Chapter 3 pp 184 -189 closing Chapter 3 pp 190 – 191 worksheets

Before Tutorial 5 – Balance Day Adjustments See the Moodle site folder for the the link to the MyAccountingLab homework

Tutorial 5 See the MCD2160 Moodle site Week 5 Folder Review Question See the Moodle site folder for the MyAccountingLab Tests Presentation Question distributed in class

  ABN: 064 031 714 CRICOS: Monash College Pty Ltd 01857J

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Unit Outline Week

Lectures Activities and readings

Before Tutorial Homework

6

Lecture 6 In Lecture Activities See the Moodle Site folder for the link to the Echo360 Lectures Financial Statement Analysis Text Book Chapter 12

Before Tutorial 6 – Reversing, closing, 10 column worksheet, reporting, reporting entity Equity See the Moodle site folder for the the link to the MyAccountingLab homework

6

Assignment

Due 10am Friday 27 November

7

Lecture 7 In Lecture Activities See the Moodle Site folder for the link to the Echo360 Lectures Inventory Valuation Text Book Chapter 5 – pp 293 – 302, Chapter 5 – pp 305 – 308 Financial Reporting Handbook (2020) Framework AASB 102 Lecture 8 In Lecture Activities See the Moodle Site folder for the link to the Echo360 Lectures Accounting for non-current assets Chapter 8 pp 501 – 507 pp 517 – 533, Chapter 13 pp 852 – 854, 856* Financial Reporting Handbook (2020) Framework AASB 116 AASB 136 AASB138

Before Tutorial 7 – Financial Statement Analysis See the Moodle site folder for the the link to the MyAccountingLab homework

Tutorial 7 See the MCD2160 Moodle site Week 7 Folder Review Question See the Moodle site folder for the MyAccountingLab Tests Presentation Question distributed in class

Before Tutorial 8 – Inventory Valuation See the Moodle site folder for the the link to the MyAccountingLab homework

In Tutorial 8 See the MCD2160 Moodle site Week 8 Folder Review Question See the Moodle site folder for the MyAccountingLab Tests

Lecture 9 In Lecture Activities See the Moodle Site folder for the link to the Echo360 Lectures Accounting for Liabilities Text Book Chapter 9 pp 565 – 571 pp 580 – 589 Chapter 13 pp 855 – 856 Financial Reporting Handbook (2020) Framework AASB 16 AASB 119 and AASB 137

Before Tutorial 9 – Non-Current Assets See the Moodle site folder for the the link to the MyAccountingLab homework

In Tutorial 9 See the MCD2160 Moodle site Week 9 Folder Review Question See the Moodle site folder for the MyAccountingLab Tests Presentation Question distributed in class

Mid Trimester Break

Mon 21 Dec to Fri 1 January

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In Tutorial Work Tutorial 6 See the MCD2160 Moodle site Week 6 Folder Review Question See the Moodle site folder for the MyAccountingLab Tests Presentation Question distributed in class

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 ABN: 064 031 714 CRICOS: Monash College Pty Ltd 01857J

monashcollege.edu.au

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Unit Outline Week

Lectures Activities and readings

Before Tutorial Homework

In Tutorial Work

10

Lecture 10 In Lecture Activities See the Moodle Site folder for the link to the Echo360 Lectures Accounting for, Income and expenses, Intangibles and critique of Accounting Standards Text Book Chapter 3 pp 163 – 166 Chapter 8 – pp 528 – 530 pp 532 Chapter 13 pp 857 – 862 Financial Reporting Handbook (2020) Framework AASB15 and AASB 138

Before Tutorial 10 – Liabilities See the Moodle site folder for the the link to the MyAccountingLab homework

In Tutorial 10 See the MCD2160 Moodle site Week 10 Folder Review Question See the Moodle site folder for the MyAccountingLab Tests Presentation Question distributed in class

11

Lecture 11: Revision Lecture 1 Distributed in lectures

Before Tutorial 11 – Income and Expenses, and Intangibles See the Moodle site folder for the the link to the MyAccountingLab homework

In Tutorial 11 – Review See the MCD2160 Moodle site Week 11 Folder Review Question See the Moodle site folder for the MyAccountingLab Tests Presentation Question distributed in class if required

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Lecture 12: Revision Lecture 2 Distributed in lectures

Before Tutorial 12 – Review Questions

In Tutorial 12 Review Questions

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EXAMS

Tutorials A week-by-week outline of lectures and tutorials has been provided to guide students with their study program for each topic, and also indicates, assignment due dates and non-teaching periods. Lectures are located in Echo360 and are accessed from the Echo360 folder in the MCD2160 Moodle site. Homework questions are located in the MyAccountingLab and are accessed from the MyAccountingLab folder in the MCD2160 Moodle site. In class, tutorial questions are located in the weekly folders in the MCD2160 Moodle Site. You are required to attempt all questions. The questions are not graded in difficulty, nor do they relate exclusively to the topic under consideration. At the completion of each topic and summary of the text, you should review the questions with a view to answering all questions in the context of the topics objectives. In many instances your notes will already have provided answers to the tutorial questions. The tutorial schedule only lists the minimum number of questions that should be attempted. You are encouraged to attempt further questions from the text. Tutorials are arranged to expand understanding of these questions. You are expected to participate actively in the tutorials and have developed answers to all tutorial questions.

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 ABN: 064 031 714 CRICOS: Monash College Pty Ltd 01857J

monashcollege.edu.au

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Unit Outline Assessment & Feedback We are committed to providing you with assessment tasks which cater for the needs of all learning styles, which are administered in a clear and fair manner and which are assessed transparently. All students are entitled to understand how to excel in any assessment task, to be provided with the support required to ensure your success and to be provided with fair and timely feedback which supports your future learning. Assessment is at the heart of your learning experience, and is a key focus for students. Assessment acts as the main link between the learning outcomes, the curriculum content and the teaching and learning activities. It provides the mechanism for staff and students to monitor and improve learning. Assessment is an integral component in all curriculum development activities. Linked to the learning outcomes, it ensures that you will be able to demonstrate the Monash University Graduate Attributes. Feedback will be provided in line with the Assessment Feedback Procedure. Every trimester, you have the opportunity to provide feedback on your Diploma units through the Student Evaluation of Teaching and Units (SETU) process. You will be emailed information about this survey during the trimester. Your feedback is highly valued, and is used to refine existing curriculum design and assessment tasks. You can find more information in the Assessment Feedback Diplomas Procedure found on the website https://www.monashcollege.edu.au/policy (go to ‘Diplomas-Policies and forms’).

Assessment Schedule Assessment Task

Details

Weight

Date

XERO AccountingPod Assignment Mid Trimester Test

Individual

5%

Individual

20%

Weekly Lecture Activity

Individual

10%

Weekly Homework, in Tutorial Reviews and Presentations

Individual and Group

15%

Final Exam (2 hours)

Individual

50%

XERO Opens Sunday 1 November Due: 10am Week 6 Friday 27 November To be completed in XERO in the cloud. Date: Week 8 Friday 11 December 4 pm To be completed in the eAssessment platform. Weekly activities in lectures using your computer in Echo360. Marks allocated for the computer activities are half marks for a correct answer and half marks for your attempt. Weekly Lab Homework due Sunday 11 pm before the weekly tutorial period 1. Weekly Lab Reviews completed only in class at the start of period 1 (late completion result set to zero). Weekly Presentations at the start of the weekly tutorial period 2 Week 13

Requirements to Pass this Unit Internal assessment items are designed to assist you to achieve the learning outcomes of the unit. They are an integral part of your learning and you should complete all of them. In order to achieve a pass in this unit, you must achieve at least 45% on the exam. Students who both fail to meet the hurdle requirement(s) outlined above and who would otherwise have received a pass or better grade, will automatically receive a 48N result

  ABN: 064 031 714 CRICOS: Monash College Pty Ltd 01857J

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Unit Outline MyAccountingLab Homework Tutorial Questions Before coming to tutorials, a list of weekly MyAccountingLab homework questions is required to be completed by Sunday 11pm. Homework questions are located in the MyAccountingLab and are accessed from the MyAccountingLab folder in the MCD2160 Moodle site. The MyAccountingLab will answer and grade your work. Results will appear in the MyAccountingLab grade book. Homework will be revised at the start of tutorial period 1 each week. Remember to bring your computer to class to access your homework.

Weekly In Lecture Activities MCD2160 has a bring your own computer device policy. (BYOD). You need to bring your computer to lectures. Lectures will be using the Echo 360 Active Learning Platform interactive Lecture system. Activities using your computer are to be attempted only in each lecture. You will also be required to complete and submit in lectures a signed paper form for these Echo 360 lecture activities. A no result will be recorded otherwise. This is 10% of the assessment in MCD2160.

Weekly In Tutorial Moodle Questions, in Tutorial Reviews and Presentations MCD2160 has a bring your own computer device policy. (BYOD). You need to bring your computer to tutorials. In class tutorial questions are found in the MCD2160 Moodle site weekly folders. Down load an electronic copy and bring it to class. The in class review questions must be done only in class at the beginning of period 1 each week under test conditions using the MyAccountingLab. Late submission will have that result set to zero. The reviews will consolidate the previous week’s topic. The in class group presentations will be done at the beginning of tutorial period 2 each week. The presentation questions will be distributed in class. Absence from a presentation class will incur a penalty.

Learning Resources Details of the prescribed and recommended resources for successful completion o...