Unit infor PDF

Preview

Summary

unit information...

Description

Unit Information Unit Code

ACCT1101

Title

Financial Accounting - Face to face / Blended learning

Level

1

Faculty

Arts, Business, Law and Education

School

UWA Business School

Unit Coordinator

Dr Leo Langa (Semester 1), Ms Nikki Schonfeldt ( Semester 2), Dr Mosha Hossain (Summer School)

Credit Points

6 points

Academic Information Content

Unit Learning Outcomes

This unit provides an introduction to financial reporting as well as a foundation for th who may later wish to specialise in accounting. No prior knowledge of the subject is required. Topics include the core concepts and practices underlying the preparation financial statements, financial statement analysis and the factors in the business environment that influence the demand and supply of accounting information. The understanding of the business environment, measurement concepts and analytical gained through this unit are relevant to both accounting and non-accounting majors

# Outcome

How outcome will be assessed

1 demonstrate an understanding of the accounting environment

Tutorial Participation & examinations

2 show an ability to apply accounting vocabulary, principles and concepts

Tutorial Participation & examinations

3 prepare general purpose financial statements

Tutorial participation, assignment and examinations

4 analyse transactions and prepare journals, ledgers and Tutorial participation, worksheets, and a Trial Balance assignment and examinations 5 appreciate internal control, corporate governance and the ethical issues affecting the work of accountants

Tutorial Participation & examinations

6 analyse and interpret financial statements

Tutorial Participation & examinations

Indicative Assessmen t

Indicative weighting

Failed component

1 tutorial participation

10%

0

2 assignment

20%

0

3 examinations

70%

0

# Assessment

The indicative assessment structure provides an overview of how this unit is typicall assessed. In order to fit teaching requirements, this may change slightly from year t year. The Required Assessments table below shows how the unit is being assessed i specific teaching period. Supplemen tary assessmen t statement

Please refer to required assessments below.

Contact Details Unit Coordinator Contact Information Name

Leo Langa

Email

[email protected]

Phone number

+61 8 6488 5838

Room number or location Consultation information

Consultation times with teaching staff will be advised during the semester. NB. Assessment extensions cannot be granted by Unit Coordinators. See "Special Considerations" below.

Unit Coordinator Contact Information Name

Nikki Schonfeldt

Email

[email protected]

Phone number

+61 8 6488 5854

Room number or location

BUSN: 244

Consultation information

Consultation times with teaching staff will be advised during the semester. NB. Assessment extensions cannot be granted by Unit Coordinators. See "Special Considerations" below.

Unit Details ACCT1101 - ACCT1101_SEM-2-2019_2019 - SEM-2-2019 - 2019 - Face to face / Blended learning

Unit Information The Business School at the University of Western Australia cordially welcomes all students enrolled in this unit. ACCT1101 Financial Accounting is the first unit in a sequence of four financial accounting units. The others being: ACCT2201 Corporate Accounting; ACCT3321 Financial Accounting: Theory and Practice; ACCT3302 Financial Statement Analysis and FINA2207 Business Analysis and Valuation. The Principal Lecturer in ACCT1101 Financial Accounting will be Dr Leo Langa and Nikki Schonfeldt and Ms Fe'ama Brass will be the Practical Lecturer.

ACCT1101 Financial Accounting will examine the contemporary financial accounting requirements for Australian firms. As a result of lecture and tutorial discussions and completion of tutorial exercises you will be aware of the:

i) application of approved accounting standards and other guidelines ii) decision usefulness of the accounting numbers reported in the published financial statements of Australian companies iii) measurement and disclosure problems confronted by firms in accounting for their economic activities iv) financial accounting concepts which might help resolve these reporting problems.

Given the changes that are occurring in the regulatory environment affecting financial accounting practices, an additional objective of ACCT1101 Financial Accounting is to equip you with the ability to analyse financial reporting problems, formulate well-reasoned and coherent arguments about those problems and reach conclusions about how these problems may be resolved. Achievement of this objective will be attained through your preparation for and participation in tutorial discussions and the completion of a manual accounting practice set.

The subject matter covered in this unit includes core accounting concepts, recording of business transactions, the use of accounting systems, accounting regulation and the preparation of financial statements.

Studiosity Studiosity will be available for you to use in this unit as of Monday 5 August 2019, via the left hand side of your menu. It offers you one-to-one, online help from a live Subject Specialist or feedback on a piece of writing. It's available evenings, Sundays, or even during breaks. It's free, thanks to UWA.

Lecture Capture System In accordance with UWA’s policy on lecture capture all lectures* in enabled venues will be recorded and made available to stream and download by enrolled students via the Lecture Capture System (LCS) for the duration of the unit (including Supplementary and Deferred Examinations period).

* Please note that in some limited circumstances lectures may not be recorded due to: ethical and/or security related issues; the use of commercially sensitive material; the use of third-party copyright teaching material; or culturally sensitive content. Students will be advised, in advance, when this applies.

Teaching and Learning Strategy The strategies used in this unit to facilitate your learning process include lectures, tutorials, a practical accounting assignment, mid- semester examination, online quizzes and an independent final examination.

Teaching and Learning Evaluation You may be asked to complete two evaluations during this unit: The Student Perception of Teaching (SPOT) and the Students' Unit Reflective Feedback (SURF). The SPOT is optional and is an evaluation of the lecturer and the unit. The SURF is completed online and is a university wide survey and deals only with the unit. You will receive an email inviting you to complete the SURF when it is activated. We encourage you to complete the forms as your feedback is extremely important and can be used to make changes to the unit or lecturing style when appropriate.

Unit Structure For standard teaching period: lectures two hours per week; tutorial one hour per week.

Please refer to the Class Allocation System CAS (https://www.cas.uwa.edu.au/) page for the lecture and tutorial timetable. Lectures The lectures will cover important financial concepts as detailed later in this unit outline. In this unit, it is highly recommended that you come prepared to each lecture. By doing so, you can maximise the value of attending lectures and contribute readily to discussions concerning objectives and content in tutorials. Additionally, given the number of students enrolled in ACCT1101 Financial Accounting and the time constraints associated with delivering each lecture, it will not be possible for a free exchange of ideas, questions and/or comments to occur between you and the lecturer during the lecture. However, you are encouraged to approach your lecturer at the end of each class and, where time permits, to discuss any issue or to clarify any point that has been presented during the lecture. Alternatively, you are welcome to meet with and discuss any matter arising from a lecture during designated consultation times with the teaching staff of ACCT1101 Financial Accounting. To assist you in preparing and understanding the lecture material, you will be given access to abbreviated lecture notes and any other lecture activities the week before each lecture is held, on LMS. Practical Lectures The practical lectures in ACCT1101 Financial Accounting are designed to assist with your preparation for your weekly tutorials. As the volume of material that needs to be covered in the main lectures precludes a detailed repetitive demonstration of examples by the teaching staff, the purpose of practical lectures is primarily to work through similar exercises or problems that have been set for tutorials in the following week. It is strongly recommended that the practical lectures be attended by students who have not done any prior accounting studies. They are optional for all other students. When enrolling for your tutorial through the Class Allocation System (CAS), you can also register your preference for one of the practical lectures. Given venue size constraints, it is necessary that you attend your allocated practical lecture. Please also note that the practical lectures begin in Week 1 to give students with Monday tutorials the opportunity to benefit from this teaching method. Tutorials Your tutorials are an important part of your learning experience in ACCT1101 Financial Accounting. As the field of Accounting is a very practical discipline, the course will involve numerical calculations and the practical aspects of ACCT1101 Financial Accounting will be covered in a one-hour tutorial that will be held each

week. Each tutorial will commence with a review of the solutions for questions that you have to complete prior to class. However, theoretical accounting concepts are equally as important as the number crunching and these concepts will be examined during tutorials that you attend each week. The tutorials provide students with an opportunity to improve their understanding and technical competence by completing a range of questions and problems related to each topic. In addition, tutorial participation encourages the development of oral communication skills, teamwork and group skills, as well as problem solving and critical thinking skills. To this end, students are encouraged to contribute and participate in their tutorials. To get maximum benefit from the use of tutorials, you should be prepared in advance for each tutorial by having: (a) analysed the topic in advance; (b) completed the required readings; (c) completed the set questions and problems, and; (d) drafted a set of questions concerning problems encountered during reading of the topic and/or preparation for the tutorial. Answers to tutorial questions will be made available after the last tutorial held each week on Friday's has been completed. Tutorial Work will need to be submitted in Class in Weeks 4, 6 & 9 of Semester. Online Quizzes During the semester there will be ten weekly online multiple choice question quizzes that students should attempt. Each quiz will relate to material that has been covered in the most recent lectures and tutorials. The first quiz will open on 12 August, 2019. There are no marks allocated to these quizzes, but they do provide a good source for learning and revision purposes.

Required Assessments Item #

Assessment Item

Weighti ng

Deadline

Submission Procedure

Unit Learning Outcome

1

Tutorial participation

10%

Week 4, 6 & 9

In Tutorials

1-6

2

Assignment

20%

7 October 2019, 4:00pm

LMS

3 and 4

3

Examinations

70%

Various

Various

1-6

Unit Schedule Wee Date k # Startin g

Topic

Preparation

Decision making and

Practical Lecture:

Assessm ent

Notes

1 29 July

the role of accounting

(No Tutorial this week

(Ch1), Financial

Review of Company

statements for decision Annual Report, P2.25 making (Ch2)

(No GST)

2 5 August Recording transactions (Ch3)

Practical Lectures:

Ch1: D1, D8 & D11;

P3.17 (No GST), P3.25

D1, E2.4 & E2.12 P2

(GST) Part (a) only

GST) Parts (a) and (b

3 12

Accounting for retailing

Practical Lectures:

Ch3: D5 & D9, E3.4,

August

(Ch6)

P6.16 (No GST)

Part (a) only, P3.16 ( GST)

4 19

Accounting systems

Practical Lectures:

Tutorial

Ch6: D6, E6.2 (GST),

August

(Ch7)

E7.14, P7.21

work due

(GST), P6.15 (No GST Ethics & Governance

5 26

Adjusting the accounts

Practical Lectures:

Ch7: D1 & D3, E7.5 &

August

and preparing financial

P4.19, P4.29

E7.12, P7.24 (No GS

statements (Ch4)

6 2

Completing the

Practical Lectures:

Tutorial

Ch4: D2 & D6, E4.2,

Septem

accounting cycle (Ch5)

P5.17, P5.26

work due

(No GST) & P4.21 (N

9

Regulation and the

Practical Lectures:

Ch5: D2 & D4, E5.12

Septem

conceptual framework

Revision/Assignment

E5.13, P5.21 (No GS

ber

(Ch10)

ber

7

8 16

Cash management and

Practical Lectures:

Ch10: D4, D6 & D7, E

Septem

control (Ch11), Cash

E11.8, E11.11, P18.2

& E10.9

ber

flow statements (Ch18)

23

Receivables (Ch12),

Practical Lectures:

Tutorial

Ch11: D4, E11.1, E11

Septem

Inventories (Ch13)

P12.11, P13.16

work due

E11.12 (GST); Ch18

9

ber

E18.10

10 7

Non–current assets:

Practical Lectures:

Assignme

Ch12: D2, E12.1 Part

October

acquisition and

P14.13, P15.19

nt Due

only (No GST) & E12.

depreciation (Ch14),

GST), P12.14 (No GS

Non–current assets:

Ch13: D5 & D8, E13.

revaluation, disposal

GST) Decision Analys

and other aspects

(a) and (b) (No GST)

(Ch15)

11 14

Liabilities (Ch16),

Practical Lectures:

Ch14: D9, E14.4 (No

October

Presentation of

E16.6, E16.7, P16.13

& E14.6 (GST); Ch15

financial statements

D4, E15.1 & E15.4 (

(Ch17)

GST)

12 21 October

Analysis and

Practical Lectures:

Ch16: D3 & D8, E16.

interpretation of

P19.12, P19.16

E16.8 & E16.15 (a)

financial statements

only (No GST); Ch17

(Ch19), Revision

D9

Lecture Ch19: D1 & D3, E19. 19.3

Participation

Participation in class, whether it is listening to a lecture or getting involved in other activities, is an important part of the learning process, therefore it is important that you attend classes. More formally, the University regulations state that 'to complete a course or unit students shall attend prescribed classes, lectures, seminars and tutorials'. Where a student, due to exceptional circumstances, is unable to attend a scheduled class, they are required to obtain prior approval of the unit coordinator to be absent from that class. Any student absent from class without having had such absence approved by the unit coordinator may be referred to the faculty for advice and may be required to withdraw from the unit.

Referencing Requirements It is important that the referencing of any sources used in your written work is done properly, if only to substantiate the points you are making in your assignment or project. The Harvard style is the preferred used unless otherwise stated by the unit coordinator. There are some notes for guidance which have been prepared by the library staff: ‘Citing your Sources Harvard Style’ (http://guides.library.uwa.edu.au/harvard). The EndNote software package is a really good system for building up a database of references. Not everyone will want to invest the time in using this system but you should consider it if you intend to build up resource materials or plan to undertake extensive research in a particular area. The library staff have also developed a tutoring package: ‘A Quick Guide to Using EndNote’ which provides the basics for using EndNote with an essay http://guides.library.uwa.edu.au/endnote Acknowledging Sources of Information and the Business School Policy on Plagiarism Student Services provides an online plagiarism portal that includes a definition of plagiarism and a link to FAQ www.studentservices.uwa.edu.au/ss/learning/online_services/plagiarism_portal ‘Turnitin' Originality Checking and Plagiarism Prevention is used in the Faculty to allow both educators and their students check written work for improper citation or misappropriated content. More information about 'Turnitin' can be found at http://turnitin.com/static/index.html

Texts The recommended textbook for this unit is: Hoggett,J., Edwards,L., Medlin,J., Chalmers,K., Hellmann,A., Beattie,C. and Maxfield,J. (2018) Financial Accounting, 10th Edition, John Wiley & Sons Australia Ltd, Milton, QLD, Australia. ISBN 9780730318828 Students may alternatively purchase an E-Text version of the textbook: http://www.wileydirect.com.au/buy/financial-accounting-10th-edition/

The Practice Set for the Assignment is: Langa, L. (2019).MONTAGUE CARPETS PTY LTD: Accounting Practice Set. It is available online on LMS and one copy is to be submitted electronically by your Group. Additional Resources and Reading Additional Online Resources * A free online business game provided by CPA Australia to enhance student learning is available at http://www.boardroomtycoon.com/

Other Examinations: - Mid-Semester Examination: 17 September, 6.30 pm (20%) - Venues to be advised - Semester 2 Examination Period: 2 - 16 November (50%) - Venues on Studentconnect

For the 'Unit Schedule': Tutorial Questions (From Textbook) D=Discussion / E=Exercises / P=Problems

Required Assessments - More detailed information regarding assessments is available via the Assessments tab in the unit LMS.

Moderation of marks The Business School must ensure that the processes of assessment are fair and are designed to maintain the standards of the School and its students. The School follows the UWA marks and grades distribution:

Higher distinction

(HD)

Distincti...