ACCTING 1002 - Accounting for Decision Makers I
North Terrace Campus - Semester 2 - 2015
General Course Information
Course Code ACCTING 1002 Course Accounting for Decision Makers I Coordinating Unit Business School Term Semester 2 Level Undergraduate Location/s North Terrace Campus Units 3 Contact Up to 3.5 hours per week Available for Study Abroad and Exchange Y Incompatible ACCTING 1011 Quota Quota applies for Semester 1 Course Description This course considers the use of accounting information by external users and management. Topics include: accounting information in its decision making context; external financial reports; financing and business structures; financial statement analysis; the time value of money; capital budgeting; cost-volume-profit analysis; management accounting tools of analysis; and budgeting.
Course Coordinator: Dr Will Mackay
The full timetable of all activities for this course can be accessed from Course Planner.Accounting for Decision Makers I has 2 X 1 hour lectures per week per student.
In addition the course also contains one weekly 1.5 hour tutorial per student. Tutorials begin in the first week of the semester and finish in the last week of lectures. No preparation is required for the first tutorial.
A one hour mid-semester exam will be conducted at Nexus 10 computer lab on Monday 14th of September from 8am to 1pm. Students will need to make the arrangement required in order to attend the exam (more information will be provided via MyUni in Orientation Week).
The Assignment submission dealine is 5pm Monday 5th October.
Student assignments and mid-semester exam slot allocation will be discussed in the first week tutorial hence attendance is
Course Learning OutcomesKnowledge of accounting is a vital skill for everyone. Basic financial literacy is essential in managing one’s own private finances but is also extremely important in any organisation. Many people feel that because they are planning to pursue a career in something other than accounting, the study of that subject is not relevant to them. However, the great majority of decisions in any type of organisation (whether ‘for profit’ or ‘not-for-profit’) have financial implications. For example, someone in the Human Resources section of an organisation will need strong ‘people’ skills but will also have responsibility for the financial budget for the HR section (at a minimum, controlling the costs of that section).
This course is designed to provide students with an understanding of, and competency in, the language and process of accounting so that you can discuss intelligently the financial implications of your future decisions. The course will also emphasise the use of accounting in basic organisational decision making. The overall aims of this course include the following:
- Provide a broad introduction to accounting.
- Introduce the role of accounting and how accounting captures information about the economics of an entity.
- Develop an understanding of the ‘language’ of accounting.
- Explain the rationale shaping the development of international financial reporting standards.
- Examine various Business Structures
- Consider the issues concerning Business sustainability and Corporate Social Responsibility
- Develop the skills to read and understand company Annual Reports
- Develop the skills to identify and record accounting transactions
- Develop the skills to prepare basic financial statements including the Statement of Financial Position, Statement of Comprehensive Income, and Statement of Changes in Equity.
- Enable students to understand the ‘story’ told by financial statements and the implications for the story when different choices are made.
- Develop skills in financial statement analysis
- Explore the use of accounting in internal decision making
- Introduce management accounting concepts including cost behaviour, cost-volume-profit analysis and product costing
- Develop skills in applying management accounting techniques to assist in decision making
By the end of this course students should be able to:
1. explain the concepts that underlie the preparation of general purpose financial reports;
2. analyse financial statements;
3. explain the information needs of management;
4. demonstrate an understanding of the role and preparation of budgets;
5. undertake a simple capital budgeting exercise; and
6. apply various management accounting techniques to analyse decisions faced by management.
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. ALL The ability to locate, analyse, evaluate and synthesise information from a wide variety of sources in a planned and timely manner. ALL An ability to apply effective, creative and innovative solutions, both independently and cooperatively, to current and future problems. 2,3,5,6,7,8 A commitment to continuous learning and the capacity to maintain intellectual curiosity throughout life. ALL A commitment to the highest standards of professional endeavour and the ability to take a leadership role in the community. 2,3,4 An awareness of ethical, social and cultural issues within a global context and their importance in the exercise of professional skills and responsibilities. 1,4,9
Birt, J., Chalmers, K., Byrne, S., Brooks, A. and Oliver, J., Accounting: Business Reporting for Decision Making, 2014, 5th edition, Wiley & Sons.
Recommended ResourcesThere are many other introductory accounting textbooks in the library and students are encouraged to seek these out to assist their learning. Examples of such textbooks include:
Hancock, P., Robinson, P., and Bazley, M. Contemporary Accounting A Strategic Approach for Users, 2015, 9th edition, Cengage Learning.
Hoggett, J., Edwards, L., Medlin, J., Chalmers, K., Hellmann, A., Beattie, C., and Maxfield, J. Accounting, 2015, 9th edition, Wiley & Sons.
Online LearningThis course makes substantial use of the MyUni website. Information that will be available through MyUni include:
· PowerPoint lecture slides
· MyMedia lecture recordings
· Assignment information and feedback
· Messages for students
· Other facilities within MyUni will be activated from time-to-time as needed.
You must ensure that you check the MyUni site several times each week for any announcements or new information. It is your responsibility to remain informed about changes in the course and you will be deemed to know of any new information added to the MyUni site.
Learning & Teaching Activities
Learning & Teaching ModesThis course contains two main avenues for learning (apart from assessment). These are:
1. Delivery of 2 X 1 hour lectures per week for each student. These are the primary source of information on a topic. Students should read the relevant section of the textbook to support and expand on the knowledge gained in these lectures. Lectures will often be supplemented with MyMedia recordings on certain topics.
2. There is a weekly 1.5 hour tutorial. The aims of the tutorials are threefold; to develop a conceptual understanding of key accounting principles, to review and refine the technical competencies required to perform accounting calculations, and to gain an insight into the implications flowing from accounting information including the financial statements.
During the Tutorials students are free to ask any questions or issues about the topic under consideration. The objective here is to provide a more personalised approach to any problems which students have.
It is expected that each student will actively involve him/herself in the discussion during each tutorial. In general, a good participant will, among other things:
· Take the initiative and lead the discussion on a question,
· Be prepared to control the level of their involvement so that other class members can participate equally in the discussion;
· Present their points in a structured manner with reference readings;
· Be prepared to accept and explore alternative viewpoints;
· Be willing to go beyond the suggested readings and resources and use their initiative to present other topical material as examples, e.g., recent newspaper articles;
· Speak clearly;
· Assist other members of the class with understanding the material;
· Be prepared to work cooperatively and productively in small groups;
· Be sensitive to the needs and feelings of other participants; and
· Be punctual.
It is not expected that you will always have the “right” answer and, indeed, it should be recognised and understood that valid alternative points of view might well exist on an issue. This does not mean that “anything will do” when trying to find a solution to controversial topics – rather a “good” answer will be one that is grounded in, among other things, references to relevant and valid accounting concepts.
Preparation prior to attending your workshop is vital to your successful completion of this course and if you have not prepared beforehand you will have significant difficulties in understanding what is going on in the tutorial. Solutions generally will NOT be provided out for the tutorial activities. However, the teaching staff members are very happy to spend time assisting you with a question PROVIDED you have made a sincere written attempt beforehand. Ensure that you make good use of staff consultation times and the first year learning centre.
The information below is provided as a guide to assist students in engaging appropriately with the course requirements.The University expects full-time students (i.e., those taking 12 units per semester) to devote a total of 48 hours per week to their studies. This means that you are expected to commit approximately 9 hours of private study outside of your regular classes.
Students in this course are required to attend all lectures and Tutorials throughout the semester, tutorial preparation and participation will form part of the overall assessment as outlined in the assessment section below.
Learning Activities SummaryWeek:
1. Introduction to Accounting
2. Business Sustainability & Business Structures
3. Business Transactions & Debits and Credits
4. Balance Sheet
5. Income Statement and Statement of Changes in Equity
6. Key Concepts and Linking the Financial Statements
7. Statement of Cash Flow
8. Financial Statement Analysis
10. Nature of Costs and Cost Analysis
11. Investment Decision Tools
12. Course Review / Revision
The University's policy on Assessment for Coursework Programs is based on the following four principles:
- Assessment must encourage and reinforce learning.
- Assessment must enable robust and fair judgements about student performance.
- Assessment practices must be fair and equitable to students and give them the opportunity to demonstrate what they have learned.
- Assessment must maintain academic standards.
Assessment SummaryThere are five assessment tasks, each designed to provide students with opportunities to demonstrate their level of comprehension and understanding of each of the topics covered in this course. The assessment tasks are:
- Workshop Attendance -- 5%
- Workshop Activities -- 10%
- Assignment -- 20%
- Mid-Semester Exam -- 20%
- Final Exam -- 45%
Assessment Related Requirements
- To pass the course students must achieve 50% of the overall course assessment. In addition there is requirement to achieve at least 45% in the final exam. Students who achieve an overall course result of 50% or greater but achieve less than 45% in the final exam will be recorded with 49% and be awarded an additional assessment (ie an academic supplementary exam).
- All assessment tasks are compulsory and none are redeemable.
- Students are not permitted to submit or use assessment from any previous or other course towards the assessment in this course.
- 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.
- Students are permitted to take any calculator into any of the invigilated assessments, including the final exam.
- The final exam is a closed book exam and no materials are permitted to be taken into the exam except for a calculator referred above.
Assessment DetailWORKSHOP ATTENDANCE -- 5%
Students must attend workshops in order to receive workshop attendance marks. Students must attend only the workshop they are enrolled in*. Students must ensure they sign in at the beginning of each workshop and stay until the end of the workshop in order to receive 1/2 mark for workshop attendance. The maximum score attainable is 5 marks (10 x 1/2).
* Students enrolled in workshops falling on the public holiday may attend any alternate workshop in that week.
It is a student’s responsibility to ensure that their attendance at the workshop is recorded by their tutor. This can be done by producing a student ID card (or similar) and having the attendance noted on a class roll. However, a student's attendance will only be recorded if the student is present during the entire duration of a tutorial.
WORKSHOP ACTIVITIES -- 10%
From week 2 students must submit a copy of their workshop solutions at the beginning of each workshop. One of the workshop questions will be randomly marked and awarded either pass or fail. Students will receive 1 mark per pass up to a maximum of 10 marks for the 10 workshops. Workshop activities due in weeks: 2, 3, 4, 5, 6, 7, 9, 10, 11, & 12. No workshop in week 8 due to mid-semester exam.
MID-SEMESTER EXAM -- 20%
The Mid-Semester Exam comprising a 1 hour computer lab exam will be held on Monday 14th of September from 8am to 1pm.
The exam will cover Topics 1-6. The exam is a combination of multiple
choice and calculation style questions. Students will be randomly
allocated an examination slot. More details will be provided in due
course. No materials are permitted except for a calculator.
INDIVIDUAL ASSIGNMENT -- 20%
The Assignment is due Monday 5th October by 5pm. The Assignment is concerned with financial accounting with an emphasis on financial statement analysis and the use of financial ratios to analyse and interpret financial statements. Students will be assigned an ASX 200 listed company to investigate. Each student has a unique set of tasks to complete. The Assignment will be submitted electronically through MyUni. Further details of the submission process will be advised in due course.
FINAL EXAM -- 45%
At the completion of the course there will be a three (3) hour exam. This will be a closed book exam and no materials are permitted except for a calculator.
SubmissionWorkshop Activity Solutions must be submitted to the workshop facilitator at the beginning of each the workshop in order to be considered for assessment. All submissions must be hand-written, typed or photocopied submissions will not be accepted.
The Assignments will be submitted electronically through MyUni. Further details will be provided in due course.
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.
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.
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