Subject Outline ACCY111 PDF

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School of Accounting, Economics and Finance ACCY111: Accounting Fundamentals In Society Subject Outline 6 credit points

Subject Information Autumn, 2019, Liverpool South West Sydney Campus Lecture Information: Tuesdays, 09:30 - 11:30, SWS_Liverpool Council Chambers Pre-requisites: Nil Co-requisites: Nil Restrictions: None Contact Hours: - see subject outline for Tutorial Schedule Online Subject Material: Additional materials will be placed on the Moodle learning site for the subject. http://www.uow.edu.au/student/index.html

Faculty Vision, Mission and PRME The Mission of the Faculty of Business is to promote responsible leadership and sustainable business practice, and contribute to a stronger economy and a more just society. The Faculty Vision, Mission and Values statements can be found at https://business.uow.edu.au/vision-mission-values/index.html The Faculty is also a signatory to the Principles of Responsible Management Education (PRME) and supports the realisation of the United Nations Sustainable Development Goals. More information on PRME can be found at https://business.uow.edu.au/about/index.html

ACCY111 Subject Outline

Autumn, 2019, South West Sydney

Page 1 of 21

Teaching Staff Consultation Times

Teaching Role

Name

Telephone Email

Room

Coordinator, Lecturer and Tutor – South West Sydney

Dr Mona Niki

4221 8034 [email protected]

40.311 To be Advised

Coordinator, Lecturer and Tutor – Wollongong

Dr Stephanie Perkiss

Monday 15:30 17:30 4239 2588 [email protected] 40.205 Thursday 08:30 10:30

Head Tutor

Mrs Erin Twyford

[email protected]

To be Advised

Teaching Staff Additional Information A full list of tutors for all sites and their contact details is available on the ACCY111 Moodle site.

ACCY111 Subject Outline

Autumn, 2019, South West Sydney

Page 2 of 21

Email Etiquette: Consultation with your subject coordinator and/or teachers via email Your teachers receive many emails each day. In order to enable them to respond to your emails appropriately and in a timely fashion, students are asked to observe basic requirements of professional communication: Consider what the communication is about • • •

Is your question addressed elsewhere (e.g. in this subject outline or, where applicable, on the subject's eLearning site)? Is it something that is better discussed in person or by telephone? This may be the case if your query requires a lengthy response or a dialogue in order to address. If so, see consultation times above and/or schedule an appointment. Are you addressing your request to the most appropriate person?

Specific email title/ header to enable easy identification of subject related/ student emails •

Identify the subject code of the subject you are enquiring about (as your teacher may be involved in more than one subject) in the email header. Add a brief, specific header after the subject code where appropriate.

Professional courtesy • • • •

•

Address your teacher appropriately by name (and formal title if you do not yet know them). Use full words (avoid 'text-speak' abbreviations), correct grammar and correct spelling. Be respectful and courteous. Academics will normally respond within 1-2 business days. If the matter is urgent, you may wish to telephone the teaching staff whose contact details are given in this subject outline or contact the School. Please ensure that you include your full name and identify your seminar or tutorial group in your email so that your teachers know who they are communicating with and can follow-up personally where appropriate.

Copyright Commonwealth of Australia Copyright Regulations 1969 © 2019 University of Wollongong The original material prepared for this guide is covered by copyright. Apart from fair dealing for the purposes of private study, research, criticism or review, as permitted under the Copyright Act, no part may be reproduced by any process without written permission.

ACCY111 Subject Outline

Autumn, 2019, South West Sydney

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Table of Contents Section A: General Information .......................................................................................................................... 5 Learning Outcomes ............................................................................................................................................ 5 Student Learning Outcomes .......................................................................................................................... 5 Subject Description ....................................................................................................................................... 5 Course Learning Outcomes ........................................................................................................................... 5 Readings, References and Materials .................................................................................................................. 5 Major Text(s) ................................................................................................................................................ 5 Key References ............................................................................................................................................. 6 Recommended Background and Further Reading......................................................................................... 6 Additional Materials ..................................................................................................................................... 6 Lectures, Tutorials and Attendance Requirements ............................................................................................ 7 Lecture Times * ............................................................................................................................................ 7 Lecture Program * ......................................................................................................................................... 7 Additional Lecture Comments ...................................................................................................................... 9 Tutorial/Seminar/Workshop Times ............................................................................................................. 10 Tutorial/Seminar/Workshop Program ......................................................................................................... 10 Additional Tutorial/Seminar/Workshop Comments ................................................................................... 12 Attendance Requirements - Participation/Contribution to Lectures/Tutorials/Seminars/Workshops .............. 12 Recent Improvements to Subject ..................................................................................................................... 12 Extraordinary Changes to the Subject Outline ................................................................................................. 12 Peer Assisted Study Sessions (PASS) Program ............................................................................................... 12 Learning Analytics ........................................................................................................................................... 12 Section B: Assessment ........................................................................................................................................ 13 Assessment Summary ...................................................................................................................................... 13 UOW Grade Descriptors ............................................................................................................................. 15 Assessment Learning Outcome Matrix ............................................................................................................ 16 Minimum Performance Requirements ............................................................................................................. 16 Types of Assessment and Collaboration .......................................................................................................... 17 Submission, Retention and Collection of Written Assessment ........................................................................ 17 Submitting Assessment Tasks ..................................................................................................................... 17 Extensions ................................................................................................................................................... 17 Faxing, Posting and Emailing Assessment Work ....................................................................................... 18 Late Submission of Assessment Tasks........................................................................................................ 18 Collection .................................................................................................................................................... 18 Retention ..................................................................................................................................................... 18 Scaling ............................................................................................................................................................. 18 Supplementary Assessment ............................................................................................................................. 18 Student Complaints Policy............................................................................................................................... 18 Assessment Quality Cycle ............................................................................................................................... 19 Assurance of Learning (What will students learn in their degree?) ................................................................. 19 Academic Integrity .......................................................................................................................................... 19 Plagiarism Prevention ................................................................................................................................. 19 Referencing ...................................................................................................................................................... 20 Why do you need to reference? ................................................................................................................... 20 The Harvard System of Referencing ........................................................................................................... 20 Section C: General Advice for Students ........................................................................................................... 21

ACCY111 Subject Outline

Autumn, 2019, South West Sydney

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Section A: General Information Learning Outcomes Student Learning Outcomes On successful completion of this subject, students will be able to: 1. 2.

3. 4. 5.

Demonstrate an understanding the role of accounting in society by exploring the various roles of accounting, including an appreciation of ethical aspects of accounting practice for both individuals and organisations Demonstrate an acquisition of an elementary technical competence in accounting practice through the use of basic accounting language, concepts and techniques to identify, classify, process, record, summarise and communicate accounting and financial information. Identify and explain different forms of economic entities and understand the diversity of economic sectors and the consequences of this diversity for accounting practice. Demonstrate competence in using accounting information to analyse, interpret and forecast financial information that is useful in decision making. Demonstrate an understanding of the use of specified information and communication technologies.

Subject Description This subject introduces the role of accounting information in society including its social and ethical aspects relating to both the individual and the organisation. The subject introduces basic accounting language, concepts and techniques to identify, classify, process, record and present accounting and financial information. The subject also considers accounting information that can be used for making decisions about past and future economic events in a variety of business and social settings. Course Learning Outcomes Course Learning Outcomes can be found in the Course Handbook https://www.uow.edu.au/handbook/index.html.

Readings, References and Materials Major Text(s) Custom text,

This book will be used for two subjects: at the University of Wollongong Available at the Wollongong Unishop for $145. Note: The print book includes a code for VitalSource app and interactive features inside the front cover of the print book. This is an interactive e-text containing multimedia resources to assist with your learning. You can access VitalSource through ACCY111 Moodle Site. E-text versions of this book can also be purchased from Wileydirect at: https://www.wileydirect.com.au/buy/accounting-10th-edition/ Digital E-text $65 - includes the complete digital interactive (downloadable) e-textbook and VitalSource app. Textbook details are available online from the University Bookshop at https://unicentre.uow.edu.au/unishop/

ACCY111 Subject Outline

Autumn, 2019, South West Sydney

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Key References Bebbington, J. and J. Unerman, (2018) "Achieving the United Nations Sustainable Development Goals: An enabling role for accounting research", Accounting, Auditing & Accountability Journal, Vol. 31 Issue: 1, pp.224 https://doi.org/10.1108/AAAJ-05-2017-2929 Additional readings and references will be available on ACCY111 Moodle site during the session. Recommended Background and Further Reading Additional materials will be placed on the ACCY111 Moodle site in their relevant week. Students are encouraged to engage with the financial news and press throughout this subject, to see the influence of accounting concepts in everyday business decisions. This is not an exhaustive list of references. Students should also use the library catalogue and databases to locate additional resources. Additional Materials Students are required to have a UOW approved calculator for use in exams for this subject.

ACCY111 Subject Outline

Autumn, 2019, South West Sydney

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Lectures, Tutorials and Attendance Requirements Lecture Times * Lectures will be held on: Day Start Time

End Time

Room

Tuesday

11:30

SWS_Liverpool Council Chambers

09:30

Lecture Program * Week Date

1

2

07 Mar 2019

14 Mar 2019

Topics Covered • • •

Emergency evacuation procedures Introduction to accounting Decision making and the role of accounting in society

•

Regulation and the Conceptual Framework o underlying assumptions o qualitative characteristics of financial statements Financial statements for decision making o accounting elements o the accounting equation o balance sheet o income statement

Chapter 10 and Chapter 2

Financial statements for decision making continued. o accounting elements o the accounting equation o balance sheet o income statement o statement of changes in equity o cash flow statement

Chapter 2

Recording transactions o source documents o the accounting cycle o account formats o double entry accounting

Chapter 3

Recording transactions continued. o account formats o double entry accounting o general journal o T-ledger, running balance ledger o trial balance

Chapter 3

•

•

3

21 Mar 2019

• 4

28 Mar 2019

• 5

6

7

04 Apr 2019

ACCY111 Subject Outline

All chapters refer to the ACCY111 prescribed text book: Custom text, Accounting 10th Edition, Hoggett et al. Chapter 1

•

Adjusting the accounts o classification of adjusting entries Chapter 4 o adjusting entries for deferrals o adjusting entries for accruals o adjusted trial balance

•

Completing the accounting cycle o the closing process o closing temporary accounts o post closing trial balance

11 Apr 2019

18 Apr 2019

Readings

Autumn, 2019, South West Sydney

Chapter 5

Page 7 of 21

22 Apr 2019

8

9

10

Mid-Session Recess •

Accounting for retailing o inventory o retail business operations o income statement for a retailer o accounting for sales transactions Chapter 6 o accounting for purchases and cost of sales o settlement discounts

•

Accounting Systems o considerations in developing an accounting system o internal control systems principles and limitations o special journals Chapter 7 o subsidiary ledgers and control accounts o computerised accounting systems and accounting software

•

Accounting and social responsibility o accounting and accountability o UN Sustainable Development Goals o Corporate Social Responsibility (CSR) and its disclosure o limitations of CSR

02 May 2019

09 May 2019

16 May 2019

•

11

23 May 2019

• 12

30 May 2019

13

06 Jun 2019

•

Accounting and social responsibility continued. o accounting for society and the environment o ethics in accounting o accounting and governments o accounting and not-for-profits organisations Analysis and interpretation of financial statements o sources of financial information o ratio analysis o limitations of financial analysis Review of subject

10 Jun 2019

Study Recess

15 Jun 2019

Examinations

22 Jun 2019

Examinations

Refer to ACCY111 Moodle site Week 10

Refer to ACCY111 Moodle site Week 11

Chapter 19

Review of readings for all weeks.

* The above times and program may be subject to change. Students will be notified of any change via SOLS.

ACCY111 Subject Outline

Autumn, 2019, South West Sydney

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Additional Lecture Comments •

Readings for the lecture week should be completed prior to the lecture.

•

Most lectures will contain a practical workshop - style component. Templates for these practical elements will be published on the ACCY111 Moodle site each week. Please bring a printed or soft copy of these templates to the lectures, to work through.

•

All lectures will be recorded and made available to students on the ACCY111 Moodle site under the ECHO 360 banner. Please note, this is an excellent learning and revision tool, but it is not intended as an adequate equivalent substitute for lecture attendance, as part of the lectures contain a practical component where students will be guided through working on examples of new topics covered each week.

ACCY111 Subject Outline

Autumn, 2019, South West Sydney

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Tutorial/Seminar/Workshop Times The Facul...