ACCTING 1005 - Accounting Method I

North Terrace Campus - Semester 2 - 2014

This course is an introduction to the method of double-entry accounting in a manual accounting system. The course is designed to provide accounting students with the basic book-keeping skills required to be able to prepare classified financial statements. The course provides the students with an understanding of the accrual accounting process from basic transaction analysis through to the completion of the accounting cycle. To assist in the understanding of the concepts identified, specific topics including retailing and inventory costing, non-current assets, and partnerships will be studied. Students will also be introduced to computerised accounting through a MYOB based practice set.

  • General Course Information
    Course Details
    Course Code ACCTING 1005
    Course Accounting Method I
    Coordinating Unit Business School
    Term Semester 2
    Level Undergraduate
    Location/s North Terrace Campus
    Units 3
    Contact Up to 3 hours per week
    Prerequisites ACCTING 1002
    Incompatible ACCTING 1010
    Restrictions Available to B Com students only - students outside of the program must seek approval from the Course Coordinator
    Course Description This course is an introduction to the method of double-entry accounting in a manual accounting system. The course is designed to provide accounting students with the basic book-keeping skills required to be able to prepare classified financial statements. The course provides the students with an understanding of the accrual accounting process from basic transaction analysis through to the completion of the accounting cycle.

    To assist in the understanding of the concepts identified, specific topics including retailing and inventory costing, non-current assets, and partnerships will be studied. Students will also be introduced to computerised accounting through a MYOB based practice set.
    Course Staff

    Course Coordinator: Dr Tony McMurtrie

    Course Tutor

    Ms SuJin Kim
    Course Timetable

    The full timetable of all activities for this course can be accessed from Course Planner.

    A full schedule of lectures and tutorials is available in the Course Documnets section of this site
  • Learning Outcomes
    Course Learning Outcomes
    1. Identify and Define the Elements of the Financial Statements   

    2. Distinguish between cash and accrual accounting systems           

    3. Journalise and post accounting transactions using accrual accounting      

    4. Prepare financial reports from the recorded transactions       

    5. Prepare Financial Information using a computerised accounting package             

    6. Understand and apply various methods of accounting for assets, liabilities and equity           

    7. Communicate effectively in small group situations              

    8. Understand and Synthesise Accounting Information in academic articles 
    University Graduate Attributes

    This course will provide students with an opportunity to develop the Graduate Attribute(s) specified below:

    University Graduate Attribute Course Learning Outcome(s)
    Knowledge and understanding of the content and techniques of a chosen discipline at advanced levels that are internationally recognised. 1-6
    The ability to locate, analyse, evaluate and synthesise information from a wide variety of sources in a planned and timely manner. 8
    An ability to apply effective, creative and innovative solutions, both independently and cooperatively, to current and future problems. 7 & 8
    Skills of a high order in interpersonal understanding, teamwork and communication. 7
    A proficiency in the appropriate use of contemporary technologies. 5
    A commitment to the highest standards of professional endeavour and the ability to take a leadership role in the community. 7
    An awareness of ethical, social and cultural issues within a global context and their importance in the exercise of professional skills and responsibilities. 6
  • Learning Resources
    Required Resources
    Text Book

    Horngren, C., W. Harrison, S. Oliver, P Best, D Fraser, R Tan, and R Willet,  2012, Financial
    Accounting, 7th Ed,  Pearson, Frenchs Forrest (referred here as Horngren)

    AASB Framework – Available on MyUni

    Handbook of the Code of Ethics for Professional Accountants Sections 110 – 150 – Available on MyUni

    MYOB Accounting Practice Set

    Brown, M, 2013, 4 Steps Cafe, A Accounting Practice Set using MYOB AccountRight v19. Pearson, Frenchs Forrest

    This counts in the final assessment for the course. Do not delay acquiring a copy as it may take
    3-4 weeks for bookshops to replenish stocks.
    Online Learning
    Students are required to obtain access to the online resources attached to the text book through the MyAccountingLab system

    MyAccontingLab Access code.

    This code can be purchased with the text book package or separately from the book store. You will need this code to access the online element of this course to be able to complete the homework tasks.When you have obtained your MyAccountingLab code you willneed to log into:

    www.pearson.com.au/myaccountinglab
  • Learning & Teaching Activities
    Learning & Teaching Modes
    Students in this course, you are expected to attend all lectures throughout the semester plus one tutorial class each week.
    Please refer to Access Adelaide for your timetable and enrolment details

    (http://www.adelaide.edu.au/access/)

    Lectures

    Students are required to attend 2 lectures each week. Lectures are held 2:10 pm on Tuesday
    and at 3:10pm Thursday in the Flentje Lecture Theatre.

    Lectures commence on Tuesday 29 July.

    Online

    Students are required to complete a number of on-line homework exercises during the term period. These will be completed using the MyAccountingLab platform.

    More information regarding the online homework is available in The Assessment section of this site
    Workload

    The information below is provided as a guide to assist students in engaging appropriately with the course requirements.

    The University expects full-time students (ie those taking 12 units per semester) to devote a total of 48 hours per week to their studies.
    Learning Activities Summary

    No information currently available.

    Specific Course Requirements
    The pre-requisites for this course is Accounting For Decision Makers 1 or its equivalent.  Any student who has not passed ADM will be removed from the course

    Students who have achieved an overall grade of 50% or better BUT DID NOT ACHIVE 50% IN THE INVIGILATED ASSESSMENT COMPONENTS  will be awarded a mark of 49.
    Small Group Discovery Experience
    The objective of the SDGE is to help students understand how to identify what a question is asking  and to use these skills to investigate a contemporary accounting issue.

    This exercise forms the beginning of a scaffolded program that will feed through to a final year capstone for acct and finance students.

    Groups will be established during the first few weeks of tutorials. Students will be allocated rather than self-select. Groups will be aprox 5-6 students (4 per each tute group) Each group will be provided with an accounting issues question that they will eventually address.

    The first part of the experience is designed to help them identify what the question is actually asking them. During this phase groups will be provided with an accounting problem, probably in relation to a newspaper article etc, and a problem/question related to that article. They will be required to develop an understanding of what the question in asking them, developing this
    through researching the material needed and  using a Wiki to communicate with each other.

     The product of this phase will be a demonstration of a clear understanding of what the question is asking and a framework in which the question could be answered.
     
    Discussion around this outcome will occur with an academic in tutorial settings – including students presenting their findings. One week’s tutorials in the first half of the semester will be given up for this. These group discussions in the tutorial will be with the senior academic.

    Students will then need to undertake research together, once again developing a Wiki answer that addresses the actual question posed. The findings will be presented in a tutorial in week 13.

    Information regrading the assessment of this exercise is avaialbale in the assessment section of this site

  • Assessment

    The University's policy on Assessment for Coursework Programs is based on the following four principles:

    1. Assessment must encourage and reinforce learning.
    2. Assessment must enable robust and fair judgements about student performance.
    3. Assessment practices must be fair and equitable to students and give them the opportunity to demonstrate what they have learned.
    4. Assessment must maintain academic standards.

    Assessment Summary
    Notes on Assessment

    An example of previous assessment will be posted on the MyUni site.

    Reading Skills Assessments and Practice Sets submitted after the due date and time will be accepted only at the discretion of the Lecturer in Charge. If the late submission is accepted there will be a penalty of 10% per day.

    Assessment marks prior to the final exam will be displayed on the course website.  Students are encouraged to check their marks and notify the lecturer-in-charge of any discrepancies.

    No in course assessment is redeemable in this course. Failure to complete any assessment item in accordance with the requirements will result in result in forfeiture of the marks allocated to that
    assessment item.  Legible hand-writing and the quality of English expression are considered to be
    integral parts of the assessment process. Marks may be deducted in the final examination because of poor hand-writing.

    In Class Tests

    There will be three tests administered in tutorials during the semester. The first of these tests will be administered in week 2 and will test your recollection of the material presented in the  prerequisite course. The remaining 2 tests will occur in tutorials at dates to be determined. These dates will not be publicised as tutorial attendance is a requirement. The tests may take the form of multiple choice and/or short answer questions and may cover any material that has been presented in the course up to the week before the test is administered. The best 2 results a student achieves will count towards the final grade.

    Mid Semester Test

    There will be a class test in week 6. This test will be for 1 hour. It is preliminarily scheduled for Thursday 11 September in Bonython Hall but this is subject to change depending on availability of the venue. The test will cover all material discussed prior to the mid semester break.  (Chapters 1 – 4, Chapter 17 as well as the framework)

    Reading Skills Assessment

    The assessment is designed to help students develop their academic reading skills. As part of that development the Professions Leaning Centre will be conducting a lecture to help develop these skills. This lecture is compulsory, and attendance will be checked. Failure to attend the lecture will result in a loss of 50% of the mark awarded.

    Information relating to this task is available on MyUni. 
     
    Practice Set of Books

    The practice set of books is Brown, M, 2013, 4 Steps Cafe, A Accounting Practice Set using MYOB AccountRight v19.
    It is available for purchase from UniBooks. Do not delay acquiring a copy as it may take several weeks for bookshops to replenish stocks.

    Further information regarding the printouts required will be provided closer to the due date.

    On Line Homework

    On line homework tasks will be set commencing in week 3. These can be accessed through your MyAccountingLab account. (You will need to set this up as per the instructions provided.) Each task will require you to answer a series of questions. You can make an unlimited number of attempts at each task but must answered all questions correctly before you can proceed to the next set of
    tasks.

    After week 3 a new set of tasks will become available every third Monday (if you have completed the previous tasks). These tasks will relate to the previous weeks lectures. All tasks will remain open until Friday June 20.

    A set of sample tasks will become available after the first lecture. Completion of these is NOT required but it is recommended you use them to understand the operation of the system.
    Assessment Detail

    No information currently available.

    Submission

    No information currently available.

    Course Grading

    Grades for your performance in this course will be awarded in accordance with the following scheme:

    M10 (Coursework Mark Scheme)
    Grade Mark Description
    FNS   Fail No Submission
    F 1-49 Fail
    P 50-64 Pass
    C 65-74 Credit
    D 75-84 Distinction
    HD 85-100 High Distinction
    CN   Continuing
    NFE   No Formal Examination
    RP   Result Pending

    Further details of the grades/results can be obtained from Examinations.

    Grade Descriptors are available which provide a general guide to the standard of work that is expected at each grade level. More information at Assessment for Coursework Programs.

    Final results for this course will be made available through Access Adelaide.

  • Student Feedback

    The University places a high priority on approaches to learning and teaching that enhance the student experience. Feedback is sought from students in a variety of ways including on-going engagement with staff, the use of online discussion boards and the use of Student Experience of Learning and Teaching (SELT) surveys as well as GOS surveys and Program reviews.

    SELTs are an important source of information to inform individual teaching practice, decisions about teaching duties, and course and program curriculum design. They enable the University to assess how effectively its learning environments and teaching practices facilitate student engagement and learning outcomes. Under the current SELT Policy (http://www.adelaide.edu.au/policies/101/) course SELTs are mandated and must be conducted at the conclusion of each term/semester/trimester for every course offering. Feedback on issues raised through course SELT surveys is made available to enrolled students through various resources (e.g. MyUni). In addition aggregated course SELT data is available.

  • Student Support
  • Policies & Guidelines
  • Fraud Awareness

    Students are reminded that in order to maintain the academic integrity of all programs and courses, the university has a zero-tolerance approach to students offering money or significant value goods or services to any staff member who is involved in their teaching or assessment. Students offering lecturers or tutors or professional staff anything more than a small token of appreciation is totally unacceptable, in any circumstances. Staff members are obliged to report all such incidents to their supervisor/manager, who will refer them for action under the university's student’s disciplinary procedures.

The University of Adelaide is committed to regular reviews of the courses and programs it offers to students. The University of Adelaide therefore reserves the right to discontinue or vary programs and courses without notice. Please read the important information contained in the disclaimer.