ACCTING 7019NA - Accounting Concepts and Methods (M)

Ngee Ann Academy - Trimester 1 - 2014

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 7019NA
    Course Accounting Concepts and Methods (M)
    Coordinating Unit Business School
    Term Trimester 1
    Level Postgraduate Coursework
    Location/s Ngee Ann Academy
    Units 3
    Incompatible COMMERCE 7002NA
    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: Associate Professor Robyn Davidson

    Course Timetable

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

    Please refer to Ngee Ann-Adelaide Education Centre Schedule.
  • 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 Be aware of ethical issues in business.
    17 Be aware of the changing business environment, in particular in relation to accounting procedures and developments of the International Accounting Standards Board (IASB).
    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. 1-13
    The ability to locate, analyse, evaluate and synthesise information from a wide variety of sources in a planned and timely manner. 13,14
    An ability to apply effective, creative and innovative solutions, both independently and cooperatively, to current and future problems. 11-15
    Skills of a high order in interpersonal understanding, teamwork and communication. 14,15
    A proficiency in the appropriate use of contemporary technologies. 10
    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. 16,17
  • Learning Resources
    Required Resources
    Text Books
    Hoggett, J., Medlin, J., Edwards, L., Tilling, M. and E. Hogg, Financial Accounting, 2012, Eighth Edition, John Wiley & Sons.
    An ebook is available at:

    http://www.wileydirect.com.au/buy/financial-accounting-8th-edition/ 

    Accounting Practice Sets – Perdisco.
    Recommended Resources
    Financial press
    In this course articles from the financial press may be used to illustrate the concepts discussed. 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 and the Asian Wall Street Journal also has interesting articles.

    Use of the internet
    Accounting Concepts and Methods (M) will make use of various internet sites which are accounting related. These can be accessed in MyUni.
    Online Learning
    Some course resources are available on the course website: www.myuni.adelaide.edu.au: 
    • Text book resources include chapter overviews and short self assessment tests.
    • Sample examinations with suggested answers, and sample tests with suggested answers.
    • Assignment and test material.
    • Suggested answers to selected revision problems.
    Students are encouraged to use the Discussion Board on MyUni.
  • Learning & Teaching Activities
    Learning & Teaching Modes
    This course is taught in intensive mode. Each session provides students with accounting concepts that underpin all accounting procedures and give examples of analysing, recording and summarising accounting information in formats suitable for users to make economic decisions. During each session, the material presented is reinforced with class discussions and problem solving exercises.
    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 students to commit a total of 156 hours to this course. This includes formal contact hours, research, reading, writing, study and preparation for examinations and tests.
    Learning Activities Summary
    INTENSIVE 1

    DATE TOPIC READING - TEXT
    Saturday 18 January
    Session 1                    
    Accounting and decision making,
    regulatory framework for external
    reports and forms of organisation.

    Conceptual framework, statement of
    financial position (balance sheet).               
    Chapter 1, pp. 2-13;
    Chapter 2, pp. 29-33;
    Chapter 8, pp. 341-344;
    Chapter 9, pp. 376-380;
    Chapter 10, pp. 428-434;
    Chapter 17, pp. 716-720;
    Chapter 2, pp. 31-33 and 37-40;
    Chapter 10, pp. 436-451; and
    Chapter 17, pp. 722-725.
    Saturday 18 January
    Session 2
    Measurement of profit, statement of
    comprehensive income (income statement)
    and statement of cash flows.
    Chapter 10, pp. 449-450;
    Chapter 17, pp. 720-721; and
    Chapter 18, pp. 748-768 and 787-788.
    Sunday 19 January
    Session 3
    Recording financial transactions. Chapter 2, pp. 41-45,
    Chapter 3, and
    Appendix Chapter 3, pp. 102-104.
    Sunday 19 January
    Session 4
    Adjusting entries and the accounting cycle Chapter 4 and Chapter 5.
    Monday 20 January
    Session 5
    Accounting for retailing, receivables and inventory. Chapter 6,
    Chapter 12 and
    Chapter 13.

    INTENSIVE 2

    DATE   TOPIC READING - TEXT
    Friday 7 February       
    Session 1
    Manual and computerised accounting systems     Chapter 7                                      
    Saturday 8 February
    Session 2
    Test
    Cash management and control
    Chapter 11
    Saturday 8 February
    Session 3
    Accounting for non-current assets Chapter 14, pp. 599-616, 
    Chapter 15, pp. 638-648
    and pp. 653-658.
    Sunday 9 February
    Session 4
    Accounting for partnerships and companies Chapter 8, pp. 342-356 and
    Chapter 9, pp. 376-380 and
    pp. 382-405.
    Sunday 9 February
    Session 5
    Financial statement analysis Chapter 19, pp. 826-849.

  • 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
    Objectives  
    Assignment 1
    Summative
    Sunday 2nd February at 11:59pm      5 % 1,2,3,4 and 15
    Class Test
    Summative
    Saturday 8th February 15 % 1,2,3,4,5,6,7,and 8
    Assignment 2:
    Part 1
    Part 2
    Formative and Summative      
    To be negotiated 20 % 6,7,8,9,15, 16, and 17  
    Final Exam
    3 hours
    Saturday 1st March 2014 60% All
    Total 100%
    Assessment Related Requirements
    Attendance

    Statutory obligations in Singapore are such that attendance in person is a compulsory condition of passing a course. Our specific requirements are that students must attend at least 80% of class sessions to be graded for that course. For these purposes each intensive weekend is defined as comprising 5 sessions with 1 on Friday evening and 2 on each of Saturday and Sunday.

    Each course in total comprises 10 sessions; Students must attend a minimum of 8 sessions to be eligible to be given a grade for the course. Students failing to meet these requirements will be automatically graded 0% Fail (F) on their transcripts.

    Minimum Exam Mark
    To gain a pass for this course, a mark of at least 45% must be obtained on the final examination as well as a total of at least 50% overall. Students not achieving the minimum examination mark will be awarded no more than 49 for the course.
    Assessment Detail
    The assessment components are as follows:

    Assignment 1 -  5%
    Assignment 1 is a short assignment on Topics 1 and 2. Students must demonstrate they can explain underlying accounting concepts and apply these concepts to practical problems and prepare financial statements.

    Class Test  - 15%
    A one hour class test will be held on Saturday 8 February. It will cover Topics 1 to 4. Sample tests with suggested answers are available on MyUni.

    Assignment 2  - 20%
    Assignment 2 is in two parts. Both parts require students to record transactions for a period of one month for a fictitious company, and prepare financial statements at the end of the month. Part 1 involves the manual recording of the transactions and in Part 2, the transactions are recorded in MYOB – a widely used computerised accounting package.

    Final Exam  - 60%
    There will be a three (3) hour examination. The examination covers all of the topics studied in the course. Sample examinations and the suggested answers are available on MyUni.

    Notes on Assessment
    In this course, students’ continuing assessment will be assessed using specific guidelines and marking criteria determined by the lecturers-in-charge.

    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 in this course are not permitted to take a DICTIONARY (English or English-Foreign) into the examination. In this course, the use of a calculator that is incapable of storing text is permitted in the examination. The examination is a closed-book examination.

    Assignment Guidelines including Referencing Details
    A copy of the Postgraduate Programs: Communication Skills Guide is available to students. This guide will assist you structure your assignments. A copy of the guide can also be downloaded from http://www.adelaide.edu.au/professions/hub/downloads/Communication-Skills-Guide.pdf

    This publication also provides guidelines on a range of other important communication skills including writing essays and management reports, making oral presentations etc.

    In preparing any written piece of assessment for your postgraduate studies it is important to draw on the relevant ‘literature’ to support critical analysis. Also essential is to reference the literature used. Correct referencing is important because it identifies the source of the ideas and arguments that you present, and sometimes the source of the actual words you use, and helps to avoid the problem of plagiarism. (Further information on plagiarism is provided later in this course outline.)
    The Harvard system is widely used in the Business School. Guidelines for the use of this style of referencing can be found in the Communication Skills Guide.
    Submission
    Presentation of Assignments
    Assignments must be submitted individually, clearly marked with the student’s name and number. Assignments must be posted to MyUni no later than Sunday 2 February at 11:59pm. Details on how to submit the assignment will be available with the assignment on MyUni. The assignment should be in Word format (not Excel spreadsheets). Please complete, sign and date an ‘Assignment Cover Sheet’ (a copy will be on MyUni) and scan and post a pdf copy with your assignment. Lecturers can refuse to accept assignments which do not have a signed acknowledgement of the University’s policy on plagiarism.

    Students must retain a copy of all assignments submitted.

    Students must not submit work for an assignment that has previously been submitted for this course or any other course without prior approval from the lecturer-in-charge.

    Late Assignment Submission
    Students are expected to submit their work by the due date to maintain a fair and equitable system. Extensions will generally only be given for medical or other serious reasons. All requests for extensions must be emailed to the lecturer in charge of the course before the due date. Each request will be assessed on its merits. A late assignment (without prior arrangement) will be penalised by 20% of the total assignment mark for each day that it is late.

    Return of Assignments

    Assignment 1 will be returned to students by the second intensive. Marked files will be available on MyUni. The test will be returned to students the day following the test.
    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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