ACCTING 7019 - Accounting Concepts and Methods (M)

North Terrace Campus - Semester 1 - 2015

This course introduces students to the fundamentals of financial accounting practice. It develops students' understanding of key accounting concepts, recording methods and measuring and disclosing requirements. Topics include an introduction to accounting information in decision contexts, the conceptual framework (SAC 1, SAC 2, the Conceptual Framework), Income Statement and Balance Sheet, recording financial transactions, adjusting entries and the accounting cycle, inventory, revaluations, cost of acquisition, depreciation, introductory financial statement analysis, organisational structures (sole proprietors, partnerships, companies, not for profit), cash flow statements, and other selected issues relating to financial reporting standards.

  • General Course Information
    Course Details
    Course Code ACCTING 7019
    Course Accounting Concepts and Methods (M)
    Coordinating Unit Business School
    Term Semester 1
    Level Postgraduate Coursework
    Location/s North Terrace Campus
    Units 3
    Contact Up to 4 hours per week
    Available for Study Abroad and Exchange Y
    Incompatible ACCTING 7000
    Course Description This course introduces students to the fundamentals of financial accounting practice. It develops students' understanding of key accounting concepts, recording methods and measuring and disclosing requirements. Topics include an introduction to accounting information in decision contexts, the conceptual framework (SAC 1, SAC 2, the Conceptual Framework), Income Statement and Balance Sheet, recording financial transactions, adjusting entries and the accounting cycle, inventory, revaluations, cost of acquisition, depreciation, introductory financial statement analysis, organisational structures (sole proprietors, partnerships, companies, not for profit), cash flow statements, and other selected issues relating to financial reporting standards.
    Course Staff

    Course Coordinator: Dr Sabine Schuhrer

    Course Timetable

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

  • Learning Outcomes
    Course Learning Outcomes
    1 Explain and apply the concepts that underlie the preparation of general purpose financial statements.
    2 Explain the purpose of, and factors which influence the content of, a Statement of Financial Position, a Statement of Comprehensive Income and a Statement of Cash Flows.
    3 Prepare a simple Statement of Comprehensive Income, Statement of Financial Position and Statement of Cash Flows.
    4 Discuss the various business structures through which an entity can operate.
    5 Discuss the accounting system (source documents, journals, ledgers) used to record, classify and summarise transactions.
    6 Explain and apply the rules of debit and credit.
    7 Record transactions using the accounting system.
    8 Prepare adjusting entries and an adjusted trial balance.
    9 Prepare financial statements from an adjusted trial balance or using a worksheet.
    10 Record transactions and prepare a set of financial statements using the MYOB computer package.
    11 Discuss and account for various assets including inventory, receivables and non-current assets.
    12 Account for various organisation structures including sole proprietors, partnerships and companies.
    13 Analyse financial statements.
    14 Participate in tutorial discussions.
    15 Write analytical short answers.
    16 Develop and apply basic research skills, in accordance with the University of Adelaide Graduate Attributes.  In addition, this course offers an introduction to:  
    - exercising judgement in making decisions in diverse contexts; and
    - applying research principles and skills in planning and executing a research-based project to investigate an accounting issue or problem;
    17 Self-evaluate their research and learning skills, identify their strengths and aspects that can be improved, adopt strategies to address their issues in developing their research and learning skills.
    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. 1-17
    The ability to locate, analyse, evaluate and synthesise information from a wide variety of sources in a planned and timely manner. 13,14, 16, 17
    An ability to apply effective, creative and innovative solutions, both independently and cooperatively, to current and future problems. 11-17
    Skills of a high order in interpersonal understanding, teamwork and communication. 14 - 17
    A proficiency in the appropriate use of contemporary technologies. 10 - 16
    A commitment to continuous learning and the capacity to maintain intellectual curiosity throughout life. 1-17
    A commitment to the highest standards of professional endeavour and the ability to take a leadership role in the community. 1-17
    An awareness of ethical, social and cultural issues within a global context and their importance in the exercise of professional skills and responsibilities. 16
  • Learning Resources
    Required Resources

    Text Books:
    Hoggett, J., Edwards, L., Medlin, J., Chalmers, K., Hellmann, A., Beattie, C., and Maxfield, J. , Financial Accounting, 2015, 9th Edition, John Wiley & Sons.

    Accounting Practice Sets – Assignment 2 will involve practice sets and further information will be provided at a later date.

    Financial press:
    In this course we may use articles from the financial press to illustrate the concepts discussed and for the research assignment. All major newspapers have a business section and many are currently on the internet. The Australian Financial Review is the most comprehensive financial newspaper in Australia.

    Use of the internet:
    Accounting Concepts and Methods (M) will make use of various internet sites which are accounting related. Access to the internet can be via the library or various computer pools located within the university.

    Online Learning
    Course resources are available on the course website: www.myuni.adelaide.edu.au, including:
    • Lecture and tutorial documents;
    • Sample mid-semester test with suggested answers; and
    • Assignment related documents
    Students will be able to purchase access to WileyPLUS, an online resource accompanying the text book. Please note that this is an optional tool, students are not required to purchase the WileyPLUS version of the textbook.

  • Learning & Teaching Activities
    Learning & Teaching Modes
    Lectures

    Lectures will provide students with accounting concepts that underpin all accounting procedures, and give explanations and examples of analysing, recording, and summarising accounting information in formats suitable for users to make economic decisions. The material presented will be expanded and reinforced in tutorials the following week.

    Tutorials

    Tutorial classes will be held weekly commencing Week 2, the week beginning Monday 9 March. Each tutorial will be for two hours. Tutorial questions are included in the handout for each topic and reinforce the material covered in lectures the previous week, both as discussion questions and numerical questions. The tutorials include three types of questions:

    1. Questions to be prepared

    These questions should be prepared before the tutorial and will be briefly discussed at the beginning of each session. Please note that tutors expect that you are prepared and will not provide detailed answers.

    2. Questions to be done in class

    These questions are done in-class, often as group activities. No extra preparation is required.

    3. Self-study questions

    Solutions to self-study questions are provided on MyUni. These questions will only be discussed if requested by students for clarification of specific issues.

    Membership of tutorial classes is to be finalised by the end of the second week of semester. Students wishing to swap between tutorial classes after this time are required to present their case to the Lecturer-in-Charge, but should be aware that such a request may not be approved.

    Tutorials are an important component of your learning in this course and you are strongly encouraged to participate. The communication skills developed in tutorials by regularly and actively participating in discussions are considered to be most important by the School and are highly regarded by employers and professional bodies.
    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 (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 for a three-unit course or 13 hours for a four-unit course of private study outside of your regular classes.
     
    Students in this course are expected to attend all lectures throughout the semester plus one tutorial class and one workshop each week
    Learning Activities Summary
    Accounting Concepts and Methods (M) covers the topics outlined below. Topics include: accounting information in its decision making context; accounting systems and the accounting cycle; external financial reports; accounting for assets; different organisational structures; and financial statement analysis. Detailed information will be provided to enroled students at the beginning of the semester.
  • 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
    Assessment Due Date and time   Weighting     Related Learning Outcome  
    Research Project
    Part 1
    Part 2
    Part 3
    Summative
    Friday 27 March, 5 pm
    Friday 24 April, 5 pm
    Sunday 14 June, 5 pm
    20 % 1, 2, 13, 16 and 17
    Test
    Summative
    Held in lecture time
    Thursday 7 May
    (Week 8)
    15 % 1, 2, 3, 4, 5, 6, 7 and 8
    Practice Set:
    Part 1

    Part 2
    Formative and Summative
    Refer to Practice Set information 15 % 6, 7, 8, 9, 15 and 16
    Final Examination
    Summative
    Date to be confirmed; 3 hours plus reading time 50 %  All
    Total 100 %

    Further information about assessments will be provided to enrolled students at the beginning of the semester.
    Assessment Related Requirements
    To gain a pass for this course, a mark of at least 50% must be obtained on the final examination as well as a total of at least 50% overall result.

    Students not achieving the minimum final examination mark will be awarded no more than 49 for the course.
    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.

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