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SUBJECT OUTLINE 22747 Accounting for Managerial Decisions Course area

UTS: Business

Delivery

Spring 2020; standard mode; City

Credit points 6cp Requisite(s)

Completionof subject 21878 c Organisational Dialogue: Theory and Practice These requisites may not apply to students in certain courses. There are also course requisites for this subject. See access conditions.

Result type

Grade and marks

Subject coordinator Dr David Bond Telephone (02) 9514 3034 Email: [email protected]

Teaching staff Dr David Bond Telephone (02) 9514 3034 Email: [email protected] Dr Nicole Sutton Telephone (02) 9514 3285 Email: [email protected]

Subject description This subject aims to expose students to the nature and use of accounting information as used by managers to plan and control business operations as well as for decision support. The subject is intended to prepare students to understand and use accounting information for decision support, analysing historical operations and planning future business activity. It provides a sound grounding in the application of accounting concepts and techniques used to gain intelligence about all aspects of business operations. The topics comprise a mix of financial and management accounting. The financial accounting topics concern the basic financial statements, their analysis and the concepts and procedures that underpin their preparation. The management accounting topics relate to cost and profit planning, and the use and application of financial information to support management decision activity for both routine and non-routine business situations.

Subject learning objectives (SLOs) Upon successful completion of this subject students should be able to: 1. explain the purpose, content and format of financial statements and the methods used by accountants to prepare these statements 2. review business operations using financial statement analysis tools to explore and explain changes in the operating, investing and financing activities of the firm 3. explain the role of management accounting information in managerial decision-making and apply basic management accounting techniques 4. use information and business support systems to monitor issues, problems and opportunities affecting business.

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Contribution to the development of graduate attributes This subject contributes to the development of the following graduate attributes: Communication and interpersonal skills Business practice oriented skills Familiarity with accounting processes and conventions are an essential prerequisite for reviewing and managing business activity. Managers use accounting information to plan and control business operations and as decision support for the many changing situations constantly facing business. Thus the objectives of the subject contribute directly to the objectives of postgraduate study in accounting for both the MBA and Masters programs. This subject provides the necessary accounting knowledge to support the information requirements for the operating, investing and financing decisions faced by management in a dynamic business environment. This subject develops students business practice-oriented skills by introducing the technical and accounting professional skills needed to operate effectively in a variety of industry contexts. This subject also contributes specifically to develop learning relevant to the following Program Learning Objective of the Master of Business Administration degree: PLO 5.1 apply broad technical and professional skills effectively within business administration This subject also contributes specifically to develop learning relevant to the following Program Learning Objectives of the Master of Professional Accounting degree: PLO 3.1 Use effective written communication skills appropriate for working at a senior level in the Accounting sector in both local and international settings PLO 5.1 apply high level technical skills necessary to operate effectively in professional accounting practice

Teaching and learning strategies This subject adopts the following teaching and learning strategies. These strategies include flipped learning activities where you apply in-class the material which you have learned prior to coming to class. The subject also incorporates active in-class learning experiences where you collaborate with other students to discuss authentic accounting problems. Preparation outside the class: One of the principal learning strategies for this subject involves the preparation of assigned material prior to class. Students are required to read and reflect upon assigned readings and problems from the textbook and other sources and are expected to apply this learning when they come to class. This preparation incorporates the completion of self-study problems which are available in the textbook and on the learning management system. The solutions to these questions are not discussed in class but are made available on the learning management system. By comparing suggested solutions to their prepared answers, students are able to make a self-assessment of their progress in understanding the material in the subject. This self-assessment activity is designed to provide students with feedback and to guide students on those areas where they may wish to seek additional assistance and feedback from subject staff. In-class activities: Each seminar session uses a combination of lecture and interactive learning activities. The lecture activity is designed to build upon their prior reading of assigned material to ensure that students comprehend the technical aspects of each topic. The lecture activity will typically incorporate in-class discussion and the application of the technical content to authentic accounting problems through the completion of in-class exercises. Students will also be involved in active learning experiences as a portion of each seminar will be devoted to the completion of unseen accounting exercises. These exercises will require you to apply the material which you have read and reflected upon prior to attending the class (see above). This in-class activity will be completed in collaboration with other students and provides students with the opportunity to obtain in-class peer feedback on their learning. In addition, time will be made available in both the interactive lecture and the tutorials for students to work collaboratively on their Assignment and to get feedback from teaching staff on their progress. Online activities: Your learning in this subject also requires participation in online learning activities. This will include the accessing and pre-reading of materials placed on the learning management system, which will be discussed in class (e.g., PowerPoint slides, watching videos and other material). The lecture slides provided on the learning management system are intended merely to provide you with an overview of what will be discussed in lectures. You are expected to add your own additional notes and explanations. Lecture slides for each lecture are available before 16/07/2020 (Spring 2020)

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each lecture for you to download from the learning management system and bring with you to class. Student learning in this subject is also facilitated through online discussion forums which are available throughout the session to all students on the learning management system. These discussion forums can be used to ask questions relating to subject content and subject administration. The forums, therefore, provide an alternative method of obtaining feedback on your learning from subject staff. The discussion forums also allow students to engage with and discuss subject content with other students. Consultation with subject teaching staff: All subject teaching staff are available for a one-on-one consultation with students. The specific times that staff are available for consultation will be advised in seminars by your lecturer and can also be found on the learning management system. Meeting staff during consultation provides an opportunity for students to receive feedback on their learning in this subject.

Content (topics) 1. 2. 3. 4. 5. 6.

Introduction to accounting, accounting framework and some accounting concepts Description, explanation and analysis of financial statements Introduction to financial ratios analysis Basic cost concepts, cost behaviour and cost accounting Supporting decision-making and alternative choices Introduction to strategic planning and budgeting

Program Week/Session

Dates

Description

--

20 - 24 July

Preparation Week Notes: Visit the landing page of Canvas: Watch the welcome video Read the subject outline Read the FAQ Read the Accounting (your textbook) Ch.1 and Ch2. The pre-session readings (available in Subject Documents)

1

29 July

MODULE 1 — FINANCIAL ACCOUNTING Topic 1: Introduction to accounting and decision making Notes: Accounting: Chapters 1 & 2

2

5 August

Topic 2: Business transactions Notes: Accounting: Chapter 4

3

12 August

Topic 3: Statement of financial position Notes: Accounting: Chapter 5

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4

19 August

Topic 4: Statement of profit or loss Notes: Accounting: Chapter 6

5

26 August

Topic 5: Statement of cash flows Notes: Accounting: Chapter 7

6

2 September

MODULE 2 - FINANCIAL STATEMENT ANALYSIS Topic 6: Financial statement analysis Notes: Accounting: Chapter 8

7

9 September

MODULE 3 - MANAGEMENT ACCOUNTING Topic 7: Budgeting Notes: Accounting: Chapter 9

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14 - 18 September

StuVac

8

23 September

Topic 8: Cost-volume-profit analysis Notes: Accounting: Chapter 10

9

30 September

Topic 9: Costing and pricing Notes: Accounting: Chapter 11

10

7 October

Topic 10: Capital investment Notes: Accounting: Chapter 12

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11

14 October

Topic 11: Performance measurement Notes: Accounting: Chapter 14

12

21 October

Performance measurement revision and consultation

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26 - 30 October

StuVac

--

31 October - 14 November

Final Assessment Period Notes: Do not make travel arrangements during this period

Additional information You are encouraged to join, as a student member, the below professional accounting associations. Membership is generally free and it is a great way to gain access to resources and meet future employers. CPA Australia is one of the world’s largest accounting bodies with a global membership of over 160,000 finance, accounting and business professionals in 118 countries. The work of professional accountants is fundamental to the stability, efficiency and sustainability of individual companies, financial markets and economies. CPA Australia Network gives you access to exclusive events, mentoring and graduate employment opportunities to help you develop your career. Connecting you to business leaders and CPAs, join the CPA Australia Network and get the career edge you’ve been wanting. Subscribe at: cpaaustralia.com.au/network CAANZ: Chartered Accountants Australia and New Zealand represents 117,000 current and aspiring business leaders working in diverse roles in commerce and industry, academia, government, and public practice across the world. Members have completed CA’s internationally recognised qualification providing them with exceptional commercial acumen, professional scepticism, critical thinking methodology and a framework for making ethical decisions. Free student membership gives access to resources including employer evenings. https://www.charteredaccountantsanz.com/become-a-member/memberships/student. IPA: The Institute of Public Accountants is one of three professional accounting bodies recognised in Australian legislation. The IPA has contributed significantly to the profession and corporate life since the inception in 1923. Uniquely IPA is 100% Australian and focus on supporting and servicing accountants and practitioners running their own practice (SME/SMP). Free student membership provides access to: IPA's Weekly Job Boards; Invitations to Events, Discussion Groups and Networking Forums with Top Accounting and Finance Leaders and more. For free student membership & Student Pulse https://www.publicaccountants.org.au/students. ACCA: Association of Chartered Certified Accountants is the global body for professional accountants, offering business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management. ACCA supports its 200,000 members and 486,000 students in 180 countries, helping them to develop successful careers in accounting and business. ACCA works through a network of 101 offices and centres with more than 7,300 Approved Employers worldwide. For more information please go to http://www.accaglobal.com/an/en/student/sa.html CIMA: By studying CIMA, you will develop the critical knowledge and skills that employers are looking for and be ready to work in any business – large or small, public or private, all around the world. We have more than 229,000 members and students in 176 countries, and with the formation of a new accounting association, once you become a Chartered Global Management Accountant, you'll become part of a world-wide community of over 600,000 current and next generation finance professionals. https://www.cimaglobal.com/Starting-CIMA/Starting-CIMA/Entry-Routes/undergraduates-and-graduates/

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Assessment Assessment task 1: Online quiz (Individual) Objective(s): This addresses subject learning objective(s): 1 and 4 Weight:

20%

Task:

This quiz tests students’ understanding of the concepts which underpin the preparation of financial statements and the ability of students to prepare these statements.

Further The online quiz will be open from 12:00am 21 August 2020 AEST and will close 11:45pm 21 information: August 2020 AEST. The format of the quiz will be announced to students in class and on Canvas prior to the quiz. Feedback on students’ performance will be provided in the first instance through Canvas. Students will also be provided with the opportunity to review their quiz at a date and time advised by their lecturer.

Assessment task 2: Assignment (Individual) Objective(s): This addresses subject learning objective(s): 1 and 2 Weight:

30%

Task:

This individual assignment will require students’ to choose an Australian publicly listed company from a provided list and then to undertake an analysis of the company’s accounting as well as making investment recommendations based on both information provided by the company as well as more broadly available in the market.

Further Students will be assigned companies by 14 August 2020. Students will be provided opportunities for information: feedback via technology-assisted means to ensure they receive feedback prior to submission. The assignment will be due at 11:45pm 22 September 2020 AEST. Further information in regards to the assignment will be provided in Canvas.

Assessment task 3: Final exam (Individual) Objective(s): This addresses subject learning objective(s): 3 and 4 Weight:

50%

Task:

The exam tests students' ability to apply basic cost and management accounting concepts to derive product costs and generate decision support financial information with recommendations to decision makers. These skills are essential for professionals in the work environment and the exam tests students’ ability to integrate technical and professional accounting skills in various contexts. The questions in the exam include authentic cases and scenarios which are encountered in real-world business.

Further The examination will be held during the Final Assessment Period. The format of the exam will be information: announced to students in class and on Canvas prior to the exam. Students will also be provided with the opportunity to review their marked exam at a date and time advised by their lecturer.

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Minimum requirements Students must achieve at least 50% of the subject’s total marks.

Required texts Birt, J., Chalmers, K., Maloney, S., Brooks, A., Oliver, J. and Bond, D. (2020) Accounting: Business Reporting for Decision Making (7th ed.), Wiley. Students are expected to thoroughly study each of the assigned chapters from this text. This means reviewing and working through illustrative examples, highlighting areas in the chapters for further discussion, as well as completing the assigned Self-Evaluation Activities, Comprehensive Questions, Problems or Decision-Making Activities at the end of the chapter. (ISBN: 978 0 73 036932 5) https://www.wileydirect.com.au/buy/accounting-business-reporting-for-decision-making-7th-edition/

References Atrill, P., McLaney, E. and Harvey, D. (2018) Accounting for Non-Specialists (7th ed.), Pearson. Miller-Nobles, T.L., Mattison, B.L. and Matsumura, E. M. (2015) Horngren's Accounting (8th ed.), Prentice-Hall

Academic liaison officer Dr Robert Czernkowski, Accounting Discipline Group, telephone 9514 3736 Mr Harry Tse, Economics Discipline Group, telephone 9514 7786 or 9514 5456 Dr Otto Konstantados, Finance Discipline Group, telephone 9514 7758 Dr Paul Wang, Marketing Discipline Group, telephone 9514 3692 Associate Professor Carmel Foley, Management Discipline Group, telephone 9514 5102 Any arrangements should be negotiated within the first six weeks of session.

Support Student Services Unit/Counselling: Student Services provides a range of free and confidential professional services to support different aspects of your life and learning at UTS. These services include counselling for personal and learning problems or issues. If you are experiencing difficulties with your overall study program, for whatever reason, telephone +61 2 9514 1177 (City campus). Students with disabilities or ongoing medical conditions: If you are a student who has a disability or ongoing medical condition that requires support services you are encouraged to contact the accessibility consultants or Accessibility Service (telephone +61 2 9514 1177) for a confidential interview. Supporting documentation regarding your disability or ongoing medical condition is required if you wish to apply for assessment adjustments, including alternative assessment conditions. Each faculty has appointed academic liaison officers (ALOs) who are responsible for approving assessment adjustments. Meeting with the accessibility consultants or Accessibility Service before seeking assessment adjustments from your ALO is required. Improve your academic and English language skills: Marks for all assessment tasks such as assignments and examinations are given not only for what you write but also for how you write. If you would like the opportunity to improve your academic and English language skills, make an appointment with the HELPS (Higher Education Language and Presentation Support) service in Student Services. HELPS...