ACCTING 1002 - Introductory Accounting

North Terrace Campus - Summer - 2019

The objective of the course is to provide an introductory knowledge of accounting to first-year students from a wide range of disciplines. While a general overview of accounting principles relating to the preparation of financial and managerial reports will be presented, the primary focus is to illuminate how accounting information is utilised by a variety of stakeholders in planning, controlling and investing decisions. Topics included: accounting information in its decision making context; record of accounting transactions; external financial reports; financial statement analysis; cost behaviour, determination of product costs, cost-volume-profit analysis; performance management; and budgeting.

  • General Course Information
    Course Details
    Course Code ACCTING 1002
    Course Introductory Accounting
    Coordinating Unit Business School
    Term Summer
    Level Undergraduate
    Location/s North Terrace Campus
    Units 3
    Contact Up to 3 hours per week
    Available for Study Abroad and Exchange Y
    Incompatible ACCTING 1011
    Quota Quota applies for Semester 1
    Course Description The objective of the course is to provide an introductory knowledge of accounting to first-year students from a wide range of disciplines. While a general overview of accounting principles relating to the preparation of financial and managerial reports will be presented, the primary focus is to illuminate how accounting information is utilised by a variety of stakeholders in planning, controlling and investing decisions. Topics included: accounting information in its decision making context; record of accounting transactions; external financial reports; financial statement analysis; cost behaviour, determination of product costs, cost-volume-profit analysis; performance management; and budgeting.
    Course Staff

    Course Coordinator: Dr Mahmud Al Masum

     
    Course Timetable

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

    The course outline can be accessed at the following link:

    https://www.adelaide.edu.au/course-outlines/003826/1/summer/
  • Learning Outcomes
    Course Learning Outcomes
    Knowledge 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 the skills to read and understand Financial Statements
    • 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, product costing, budgeting and performance management.
    • Develop skills in applying management accounting techniques to assist in decision making

    On successful completion of this course, students will be able to:

    1. Explain the key concepts that underpin the preparation of general purpose financial reports
    2. Analyse and interpret financial statements
    3. Evaluate the accounting information needs of management
    4. Understand and apply key principles of budgeting
    5. 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)
    Deep discipline knowledge
    • informed and infused by cutting edge research, scaffolded throughout their program of studies
    • acquired from personal interaction with research active educators, from year 1
    • accredited or validated against national or international standards (for relevant programs)
    All
    Critical thinking and problem solving
    • steeped in research methods and rigor
    • based on empirical evidence and the scientific approach to knowledge development
    • demonstrated through appropriate and relevant assessment
    All
    Teamwork and communication skills
    • developed from, with, and via the SGDE
    • honed through assessment and practice throughout the program of studies
    • encouraged and valued in all aspects of learning
    All
    Career and leadership readiness
    • technology savvy
    • professional and, where relevant, fully accredited
    • forward thinking and well informed
    • tested and validated by work based experiences
    All
    Intercultural and ethical competency
    • adept at operating in other cultures
    • comfortable with different nationalities and social contexts
    • Able to determine and contribute to desirable social outcomes
    • demonstrated by study abroad or with an understanding of indigenous knowledges
    All
    Self-awareness and emotional intelligence
    • a capacity for self-reflection and a willingness to engage in self-appraisal
    • open to objective and constructive feedback from supervisors and peers
    • able to negotiate difficult social situations, defuse conflict and engage positively in purposeful debate
    All
  • Learning Resources
    Required Resources
    Textbook

    This course will utilise the following two textbooks (which are bundled in a package):

    Tyler, J, Godwin, N and Alderman, CW
    ACCT3 Financial,
    3rd Asia-Pacific Edition, Cengage Learning, Australia.

    Sivabalan, P, Wakefield, J, Sawyers, R, Jackson, S and Jenkins, G,
    ACCT3 Managerial,
    3rd Asia-Pacific Edition, Cengage Learning, Australia.

    The Cengage publisher offers a 10% discount for the textbook. The discount code is: RADELAIDE10
     
    The print bundle is available for students to purchase at www.cengagebrain.com.au/isbn/9780170287258
     
    The books have an electronic version. The ACCT3 ePack is now available for purchase at
    www.cengagebrain.com.au/isbn/9780170288149.
    The discount code RADELAIDE10 can be used for this e-version as well.

    The textbook is also available at the Co-op bookshop at Adelaide Uni (Hub Central, near Bar Smith Library).

     



    Online Learning
    This course makes substantial use of the MyUni website. Information that will be available through MyUni include:
    · PowerPoint lecture slides
    · MyMedia lecture recordings
    · Readings
    · 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 Modes
    There will be seminars over the six weeks’ period. There will be two 3 hours' seminars (the first one will be on Wednesdays and the second one will be on Fridays) in each of these six weeks. Each seminar will contain a lecture and a tutorials component. Students should read the relevant section of the textbook to support and expand on the knowledge gained in these seminars. It is expected that each student will actively involve him/herself in the discussion in the seminars.


    Week 1:

    Introduction to Financial Accounting
    Financial statements

    Week 2:
    Recording accounting transactions
    Non-current assets

    Week 3:
    Financial statement analysis
    Mid-semester test

    Week 4:
    Introduction of management accounting
    Cost behaviour and Activity-based costing

    Week 5:
    Cost-volume-profit analysis
    Cost planning - Budgets

    Week 6:
    Performance management system - Balanced Scorecard
    Workload

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

    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 Summary

    No information currently available.

  • 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
    Participation in tutorials:10%

    Mid-semester test: 20%

    Group assignment: 20%

    Final exam: 50%
    Assessment Related Requirements
    1. 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).

    2. All assessment tasks are compulsory and none are redeemable.

    3. Students are not permitted to submit or use assessment from any previous or other course towards the assessment in this course.

    4. 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.

    5. Students are permitted to take any calculator into any of the invigilated assessments, including the final exam.

    6. 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 Detail
    Seminer activities and participation:  10%
    This is based on a student's discussion and contribution in the seminars.

    Mid-semester exam: 20%
    Date: January 25, 2019 (Friday) at 10:00 am
    Venue: Marjoribanks, 126, Santos Lecture Theatre, Nexus 10, 10 Pulteney Street.
    The test will cover topic 1 to 4 inclusive.

    Group assignment: 20%
    The Assignment will involve a group work. The Assignment will be submitted electronically through MyUni. Details of the Assignment are available at MyUni course homepage (under Assignment folder).
    The assignment must be done in a group of 5 students. The groups will be formed in the week 1 and 2 seminers. A penalty of 50% will apply if the assignment is not completed in a group.
    The group assignment is due on February 12 (Tuesday). The assignment must be submitted at MyUni course homepage.

    Final exam: 50%
    There will be a three (3) hour exam. This will be a closed book exam.
    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.