ACCTING 1002NA - Introductory Accounting I
Ngee Ann Academy - Trimester 1 - 2017
General Course Information
Course Code ACCTING 1002NA Course Introductory Accounting I Coordinating Unit Adelaide Business School Term Trimester 1 Level Undergraduate Location/s Ngee Ann Academy Units 3 Contact Up to 3 hours per week Available for Study Abroad and Exchange N 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 Coordinator: Ik Hwa
The full timetable of all activities for this course can be accessed from Course Planner.
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.
- 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, 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 concepts that underlie the preparation of general purpose financial reports;
2. analyse financial statements;
3. explain the information needs of management;
4. identify and explain the various components of budgets; and
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
Hancock, P., Robinson, P., and Bazley, M. Contemporary Accounting A Strategic Approach for Users, 2015, 9th edition, Cengage Learning.
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:
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 will offer 2 intensive seminars. In each intensive seminar, lecturer will go through the topics.
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 (over 12 weeks) to their studies. This means that you are expected to commit approximately 108 hours (9 hours x 12 week) for a three-unit course of private study outside of your intensive seminars. Students are expected to attend both intensive seminars.
Learning Activities SummaryTopics:
1. Introduction to Accounting
2. Business Structures / Ethics & Corporate Governance3. Wealth & the Measurement of Profit / Introduction to Worksheets4. Balance Sheet
5. Income Statement and Statement of Changes in Equity
6. Review of Key Concepts / Linking the Financial Statements
7. Statement of Cash Flow
8. Financial Statement Analysis
9. Introduction to Management Accounting / Nature of Costs and Cost Behaviour
10. Performance Measurement
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:
Assessment Task Weighting Learning Outcome Workshop Activities / Online Test 10% Group Assignment 20% Mid-Semester Exam 20% Final Exam 50% Total 100%
- 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.
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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