Uo S Outline ACCT1006 SEM2 2019 approved PDF

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BUSINESS SCHOOL

Unit of Study Outline Unit Code ACCT1006 Unit Title Accounting and Financial Management Semester 2, 2019 Pre-requisite Units: BUSS1030 or ACCT1005 Co-requisite Units: Prohibited Units: ACCT1001 or ACCT1002 or ACCT1003 or ACCT1004 Assumed Knowledge and/or Skills: HSC Mathematics Unit Coordinator: Mr Timothy Wang Address: Room 328, The Business School Building(H69), Darlington NSW 2008 Email: [email protected] Phone: 0293516101 Consultation Hours: Please go to Canvas for details of all staff consultation times Class Day(s): Refer to your timetable for details. Required Text / Resources: Carlon, S., Mladenovic-McAlpine, R., Palm, C., Mitrione, L., Kirk, N. and Wong, L. 2016, Financial Accounting: Reporting, Analysis and Decision Making 5th Australian ed., John Wiley & Sons, Brisbane. This unit of study outline MUST be read in conjunction with The Business School Unit of Study Common Policy and implementation information that applies to every unit of study offered by the Business School (http://sydney.edu.au/business/currentstudents/policy). All assessment rules, such as standards used, penalties etc, are covered.

1. Unit of Study Information Accounting and Financial Management is an introduction to financial reporting, and the gateway unit to further study in accounting. This unit builds upon the accounting context, presented in BUSS1030 Accounting, Business and Society, and aims to develop the technical skills to record basic business transactions through accounting systems. In addition to this technical focus, specific attention is given to the way in which the accounting information can be used to undertake financial management and analysis, to give students the ability to produce and interpret financial reports.

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2. Program Learning Outcomes and Unit Learning Outcomes The Program Learning Outcomes for this Program are located at http://sydney.edu.au/business/about/accreditations/AoL Unit Learning Outcomes Unit Learning Outcomes On the successful completion of the Unit you should be able to: Record the impact of basic business transactions and be able to produce financial statements across a variety of types of business organisations. Analyse and interpret commercial, economic and business information to develop solutions and responses to business problems and challenges.

Program Learning Outcomes 1. Accounting Knowledge 3. Business Analysis and Problem-Solving

Communicate, both orally and in writing, including the ability to negotiate and persuade in a business context.

4. Communication

Apply discipline-specific expertise, including ethical decision-making in a broad business context.

6. Ethical and Social Responsibility

3. Assessment Assessment Title

Assessment Type

Individual/ Assessment Group Conditions

Program Learning Outcomes Assessed

Length Weight

Tutorial Work and/or Assignment

Small Continuous Assessment

Individual

1, 3, 4, 6

2500

Mid-Semester Test

In-semester Exam (mid)

Individual

Compulsory

1, 4

1000

25%

Final Exam

Individual

Mandatory

1, 6

2000

50%

Final Examination Academic Honesty

Compulsory

25%

Due Due Date Time

Closing Date

Weekly

Weekly

Mid Semester Exam Period Final Exam Period

Mid Semester Exam Period Final Exam Period

Week 4

Assessment details Tutorial Work and/or Assignment Task Description Part 1 - Tutorial Work Tutorials commence in week 2 of the semester and students are recommended to attend 75% or greater of their allocated tutorial, as statistically this improves the quality of the course result at semester end. Tutorial Written Work(TWW) is based on the questions allocated in the weekly tutorial program (available on Canvas). Students are expected to bring their completed TWW to tutorials each week. TWW will be assessed with a combination of: online submissions and random collections in tutorials at the beginning of the tutorial. Further details will be provided on Canvas. Note: Students are not permitted to email tutorial work to tutors under any circumstances and are advised that any such submissions will not be marked or returned to the students. Only handwritten tutorial work collected by the tutor in person, from students attending their assigned tutorial, shall be marked. Part 2 - Assignment Students are required to complete an online practice set. The final completion date is Monday 4 November, 2019 at 10 am but sections will need completion prior to this date. The practice set has been designed to provide students with experience in the practical and technical skills essential to accounting, through the completion of a one month accounting cycle for a fictional business. The practice set will provide each student

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with a unique accounting scenario and therefore must be completed on an individual basis. Submission is to be completed online; however, it is possible to print various parts of the practice set for offline calculation. Once submitted, the practice set will provide immediate performance feedback and a final score. Further details on how to access and complete the practice set will be available on Canvas.

Assessment Criteria Part 1 - Tutorial Work The following assessment criteria will be applied, as relevant for each week's TWW based on the questions allocated in the weekly tutorial program (available on Canvas). Marks will be awarded for the completeness, accuracy and the effort demonstrated in submitted TWW in relation to: 1. recording the impact of basic business transactions across a variety of types of business organisations; 2. analysing the impact of basic business transactions within accounting systems; 3. the production of financial statements; 4. evaluating and analysing accounting information to inform business issues and understanding the impact of financial decisions on the financial statements; 5. understanding the role of accountants and accounting for decision making including ethical decision making in contemporary business contexts; 6. communicating confidently and coherently, both orally and in writing, to a professional standard. Part 2 - Assignment Marks will be awarded for the accuracy demonstrated in submitted work: 1. analysing the impact of basic business transactions within accounting systems; 2. recording the impact of basic business transactions within accounting systems; 3. the production of financial statements. Feedback - What, when and how feedback will be provided for this assessment Part 1 - Tutorial Work An opportunity to ask questions and clarify understanding will be provided in weekly tutorials. Guidance to tutorial questions will be provided on Canvas. Part 2 - Assignment Feedback is provided immediately and continuously as each section of the practice set is completed in the form of marked sections, correct answers and marks achieved to date. Students can learn from their mistakes at each section by carefully reviewing this feedback before proceeding. A final mark will be given upon completion of the practice set.

Mid-Semester Test Task Description The mid-semester test is a closed book examination and will be held during the mid-semester exam period. It will be awarded 25% of the overall assessment mark for this unit. Further details will be provided on Canvas. Note: You cannot leave the examination early, do not plan any engagements that conflict with this test. The Business School has determined that second replacement exams (both mid semester and final) will not be offered for this unit of study should a student submit two special considerations for the same exam, as this unit forms part of the professional accounting accreditation pathway. Should a student be granted a replacement exam via special consideration, and is then unable to attend or does not complete the replacement exam, any subsequent special consideration will result in a DC grade (Discontinue Without Fail). Assessment Criteria Marks will be awarded for the completeness and accuracy demonstrated in examination answers relation to: 1. analysing the impact of basic business transactions across a variety of types of business organisations; 2. recording the impact of basic business transactions within accounting systems;

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3. the production of financial statements; 4. evaluating and analysing accounting information to inform business issues and understanding the impact of financial decisions on the financial statements; 5. explaining accounting concepts and principles; 6. conforming with instructions and clarity of expression; 7. responsiveness to questions/issues raised. Feedback - What, when and how feedback will be provided for this assessment After individual marks have been provided to students, information regarding common areas of difficulty will be made available on Canvas. Students will have an opportunity to view their exam papers in an exam review session. Students are encouraged to discuss areas of concern with staff during a staff consultation session to improve future performance.

Final Examination Task Description The final examination is a closed book examination and will be held during the University Examination Period. It will be awarded 50% of the overall assessment mark for this unit. The exact date, time and venue will be available on the university’s website later in the semester when the examination timetable is announced. This two hour examination (with a further 10 minutes reading time) may cover topics from the entire unit of study, with a focus on the topic scovered after the mid-semester test. Further information on the examination will be available on Canvas closer to the time of the examination. The Business School has determined that second replacement exams (both mid semester and final) will not be offered for this unit of study should a student submit two special considerations for the same exam, as this unit forms part of the professional accounting accreditation pathway. Should a student be granted a replacement exam via special consideration, and is then unable to attend or does not complete the replacement exam, any subsequent special consideration will result in a DC grade (Discontinue Without Fail). This assessment is listed as MANDATORY which means you must undertake the assessment and achieve at least 45% of the available marks in that assessment. Students who fail to achieve this minimum standard in this assessment, even when their aggregate mark for the entire unit of study is above 50%, will be given a Fail grade for this unit. As a result a student's academic transcript will show a Fail grade and the actual mark achieved if the final mark of the unit is between 0-49 and a Fail grade and a capped moderated mark of 49 for all other final marks. Assessment Criteria Marks will be awarded for the completeness and accuracy demonstrated in examination answers relation to: 1. analysing the impact of basic business transactions across a variety of types of business organisations; 2. recording the impact of basic business transactions within accounting systems; 3. the production of financial statements; 4. evaluating and analysing accounting information to inform business issues and understanding the impact of financial decisions on the financial statements; 5. understanding the role of accountants and accounting for decision making including ethical decision making in contemporary business contexts; 6. explaining and applying concepts, pricniples and frameworks - communicating confidently and coherently to a professional standard; 7. conforming with instructions and clarity of expression; 8. addressing the question i.e. responsiveness to questions/issues raised. Feedback - What, when and how feedback will be provided for this assessment Students may view their exam papers in an exam review session after examination marks are available.

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4. Other Resources for Students All lectures and seminars are recorded and will be available within the LMS for student use. Please note the Business School does not own the system and cannot guarantee that the system will operate or that every class will be recorded. Students should ensure they attend and participate in all classes. The above paragraph does not apply in this unit. Recordings of lectures will not be available as lectures are designed to be interactive and as a result recordings are not a substitute for attendance and active engagement. However, pre-recorded lectures will be available for students who are unable to attend the lectures.

PASS Peer-Assisted Study Sessions (PASS) is a peer-facilitated, cooperative student support scheme aiming to improve students' academic performance by providing extra, free learning opportunities with trained student facilitators. Each session includes problem solving practice in areas directly related to understanding the unit concepts more thoroughly. PASS features small class sizes and a friendly personal approach to help you reinforce key course requirements in a collaborative, active and social learning environment. Registrations open in the first week of semester. For more information or to register, please visit: https://sydney.edu.au/students/peer-assisted-study-sessions.html Email all enquiries about the PASS program to: [email protected]

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5. Unit Schedule Week

List of Topics

Assessments Due

1 5 Aug 2019

Introduction to GAAP and revision of the accounting information system

Refer to Canvas for weekly tutorial assessment details and date of mid-semester exam.

2 Accrual accounting concepts 12 Aug 2019 3 19 Aug 2019 4 26 Aug 2019 5 2 Sep 2019 6 9 Sep 2019

Recording, analysing, managing and reporting merchandising operations-1 Recording, analysing, managing and reporting merchandising operations-2

Academic honesty module

Accounting subsystems Recording, analysing, managing and reporting receivables

7 Revision 16 Sep 2019 8 Recording, analysing, managing and reporting non-current assets 23 Sep 2019 9 7 Oct 2019

Recording, analysing, managing and reporting liabilities

10 Recording, analysing, managing and reporting equity 14 Oct 2019 11 Analysing, managing and reporting cash flows-Part 1 direct method 21 Oct 2019 12 Analysing, managing and reporting cash flows-Part 2 indirect 28 Oct 2019 method 13 Revision 4 Nov 2019

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Practice set completed (Monday 4 November 10am)

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