Unit Information Management System

Financial Accounting (ACCT1101, SEM-1, 2017, Albany)




UWA Business School




Unit Outline




Financial Accounting


ACCT1101


SEM-1, 2017


Campus: Albany


Unit Coordinator: Dr Leo Langa


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Copying of this material by students, except for fair dealing purposes under the Copyright Act, is prohibited. For the purposes of this fair dealing exception, students should be aware that the rule allowing copying, for fair dealing purposes, of 10% of the work, or one chapter/article, applies to the original work from which the excerpt in this course material was taken, and not to the course material itself

© The University of Western Australia 2001



Unit details

Unit title Financial Accounting
Unit code ACCT1101 Credit points 6
Availability SEM-1, 2017 (27/02/2017 - 24/06/2017)
Location Albany Mode Face to face, Multi-mode

Contact details

Faculty Business School
School UWA Business School
School website http://www.business.uwa.edu.au/
Unit coordinator Dr Leo Langa
Email leo.langa@uwa.edu.au
Telephone 6488 5838
Consultation hours To be advised
Lecturers
NamePositionEmailTelephone Number
Dr Leo LangaAssistant Professorleo.langa@uwa.edu.au6488 5838
Ms Feama BrassPractical Lecturerfeama.brass@uwa.edu.au6488 2800
Tutors/ Demonstrators/ Facilitators
Unit contact hours
Lecture Times:

Mondays, 2:00pm - 3:00pm (original) 5:00pm - 6:00pm (repeat)

Wednesdays, 2:00pm - 3:00pm (original) 4:00pm - 5:00pm (repeat)

Practical Lecture:

Fridays, 3:00pm - 4:00pm (original) 4:00pm - 5:00pm (repeat)

Lecture Venues:

Please refer to http://www.timetable.uwa.edu.au for the unit timetable

Lecture capture system LCS is implemented for this unit.
Online handbook http://handbooks.uwa.edu.au/units/unitdetails?code=ACCT1101
Unit website http://www.lms.uwa.edu.au

Unit rules

Prerequisites
Corequisites
Advisable prior study
Incompatibility
Approved quota

Unit description

This unit provides an introduction to financial reporting as well as a foundation for those who may later wish to specialise in accounting. No prior knowledge of the subject is required. Topics include the core concepts and practices underlying the preparation of financial statements, financial statement analysis and the factors in the business environment that influence the demand and supply of accounting information. The understanding of the business environment, measurement concepts and analytical skills gained through this unit are relevant to both accounting and non-accounting majors.

Introduction

The Business School at the University of Western Australia cordially welcomes all students enrolled in this unit. ACCT1101 Financial Accounting is the first unit in a sequence of four financial accounting units. The others being: ACCT2201 Corporate Accounting; ACCT3321 Financial Accounting: Theory and Practice; ACCT3302 Financial Statement Analysis and FINA2207 Business Analysis and Valuation. Assistant Professor Leo Langa will be the Unit Coordinator and Principal Lecturer in ACCT1101 Financial Accounting and Ms. Feama Brass will be the Practical Lecturer.

ACCT1101 Financial Accounting will examine the contemporary financial accounting requirements for Australian firms. As a result of lecture and tutorial discussions and completion of tutorial exercises you will be aware of the:

(i)     application of approved accounting standards and other guidelines

(ii)    decision usefulness of the accounting numbers reported in the published financial statements of Australian companies

(iii)   measurement and disclosure problems confronted by firms in accounting for their economic activities

(iv)   financial accounting concepts which might help resolve these reporting problems.

Given the changes that are occurring in the regulatory environment affecting financial accounting practices, an additional objective of ACCT1101 Financial Accounting is to equip you with the ability to analyse financial reporting problems, formulate well-reasoned and coherent arguments about those problems and reach conclusions about how these problems may be resolved. Achievement of this objective will be attained through your preparation for and participation in tutorial discussions and the completion of a manual accounting practice set.

Unit content

The subject matter covered in this unit includes core accounting concepts, recording of business transactions, the use of accounting systems, accounting regulation and the preparation of financial statements.

Unit goals

The overriding aims of ACCT1101 Financial Accounting are to develop your understanding of current issues in the field of financial accounting, formulate skills via the application of Australian Accounting Standards and to encourage your interest in accounting as a profession.

Learning outcomes

Students are able to (1) demonstrate an understanding of the accounting environment; (2) show an ability to apply accounting vocabulary, principles and concepts; (3) prepare general purpose financial statements; (4) analyse transactions and prepare journals, ledgers and worksheets, and a Trial Balance; (5) appreciate internal control, corporate governance and the ethical issues affecting the work of accountants; and (6) analyse and interpret financial statements.

Unit structure

For standard teaching period: lectures two hours per week; tutorial one hour per week

(See Timetable)

Unit schedule

WeekWeek CommencingLectures/Chapters ReadingTutorial QuestionsPractical Lecture
127 FebruaryDecision making and the role of accounting (Ch1),
Financial statements for decision making (Ch2)
Review of Company Annual Report, P2.8
26 MarchRecording transactions (Ch3)Ch1: D5, D7, Decision Analysis Ch2: D1, E2.1, E2.2, E2.4, P2.10P3.3 (b),
P3.12 (one month only)
313 MarchAccounting for retailing (Ch6)Ch3: D3, E3.1, E3.5(a), P3.13 (a),(b) and (c)P6.4,
P6.9
4 (*)20 MarchAccounting systems (Ch7)Ch6: D4, E6.3, E6.5, P6.6, Decision Analysis
E7.14,
P7.7
5 27 MarchAdjusting the accounts and preparing financial statements (Ch4)Ch7: D3, E7.7, E7.8, P7.5P4.4,
P4.14
6 3 AprilCompleting the accounting cycle (Ch5)
Ch4: D1, E4.8, E4.9, P4.12, Ethics and Governance
P5.8,
P5.14
7 (**)
10 AprilRegulation and the conceptual framework (Ch10)Ch5: D2, E5.5, E5.8,
P5.9, P5.11
Revision/Assignment
Mid-semester study break 17 - 21 April
8 (**)24 AprilCash management and control
(Ch11), Cash flow statements (Ch18)
Ch10: D4, D11, E10.5, E10.9, P10.2E11.12,
P18.5
91 MayReceivables (Ch12),
Inventories (Ch13)
Ch11: D10, E11.7, E11.11, Ch18: Ethics and Governance, E18.3, E18.4
P12.4,
P13.1
108 MayNon–current assets: acquisition and depreciation (Ch14),
Non–current assets: revaluation, disposal and other aspects (Ch15)
Ch12: D7, E12.4, E12.6,
P12.7
Ch13: D1, D8, E13.6, Critical Thinking
P14.3,
P15.10
1115 MayLiabilities (Ch16),
Presentation of financial statements (Ch17)
Ch14: D1, E14.6, P14.2,
Ch15, D4, E15.1, E15.4
E16.9, P16.1,
P17.3
1222 MayAnalysis and interpretation of financial statements (Ch19)Ch16: D2, D3, E16.5, E16.7, E16.8
Ch17: D2, D3,
P19.5
13 29 MayRevision lecturesCh19: D7, E19.1, E19.3, E19.5, E19.6No practical lecture
Pre-examination study break5 - 9 June
Semester 1 examination period10 - 24 June
Denotations for Tutorial Questions:
D = Discussion
E = Exercises
P = Problems
(*) PROSH is to be held on the 22 March this year. (**) If your tutorial is on a Public Holiday - Good Friday (14 April); or Anzac Day (25 April); students should attend an alternative tutorial during that particular week.

Teaching and learning responsibilities

Teaching and learning strategies

The strategies used in this unit to facilitate your learning process include lectures, tutorials, a practical accounting assignment, mid-semester examination, online quizzes and an independent final examination.

Lectures

The lectures will cover important financial concepts as detailed later in this unit outline.  In this unit, it is highly recommended that you come prepared to each lecture. By doing so, you can maximise the value of attending lectures and contribute readily to discussions concerning objectives and content in tutorials.

Additionally, given the number of students enrolled in ACCT1101 Financial Accounting and the time constraints associated with delivering each lecture, it will not be possible for a free exchange of ideas, questions and/or comments to occur between you and the lecturer during the lecture. However, you are encouraged to approach your lecturer at the end of each class and, where time permits, to discuss any issue or to clarify any point that has been presented during the lecture. Alternatively, you are welcome to meet with and discuss any matter arising from a lecture during designated consultation times with the teaching staff of ACCT1101 Financial Accounting. To assist you in preparing and understanding the lecture material, you will be provided with access to abbreviated lecture notes and any other lecture activities the week before each lecture, on LMS. Assistant Professor Leo Langa will be delivering these lectures.

Practical Lectures

The practical lectures in ACCT1101 Financial Accounting are designed to assist with your preparation for your weekly tutorials. As the volume of material that needs to be covered in the main lectures precludes a detailed repetitive demonstration of examples by the teaching staff, the purpose of practical lectures is simply to work through similar exercises or problems that have been set for tutorials (for example, in the case of the Friday practical lecture, the following week’s tutorial). The practical lectures must be attended by students who have not done any prior accounting studies. They are optional for all other students.

When enrolling for your tutorial through the Class Allocation System (CAS), you can also register your preference for one of the practical lectures. Given venue size constraints, it is necessary that you attend your allocated practical lecture. Please also note that the practical lecture begins in Week 1 to give students with Monday tutorials the opportunity to benefit from this teaching method.

Tutorials

Your tutorials are an important part of your learning experience in ACCT1101 Financial Accounting. As accounting is a very practical discipline, the course will involve number crunching and the practical aspects of ACCT1101 Financial Accounting will be covered in a one-hour tutorial that will be held each week. Each tutorial will commence with a review of the solutions for questions that you have to complete prior to class and then move to a review of other questions where time permits. However, accounting concepts are equally as important as the number crunching and these concepts will be examined during tutorials that you will be required to attend each week.

The tutorials provide students with an opportunity to improve their understanding and technical competence by completing a range of questions and problems related to each topic. In addition, tutorial participation encourages the development of oral communication skills, teamwork and group skills, as well as problem solving and critical thinking skills. To this end, students are encouraged (and expected) to contribute and participate at the tutorials. To get maximum benefit from the use of tutorials, you should be prepared in advance for each tutorial by having: (a) analysed the topic in advance; (b) completed the required readings; (c) completed the set questions and problems, and; (d) drafted a set of questions concerning problems encountered during reading of the topic and/or preparation for tutorial. The tutorials will also provide you with an opportunity to present to the class the progress you and your group have made in completing the assignment (accounting practice set). To assist you with your learning, the course material will be consistent with the required textbook and answers to tutorial questions will be made available after the last tutorial held each week has been completed.

Online Quizzes

During the semester there will be ten weekly online multiple choice question quizzes that students should attempt. Each quiz will relate to material that has been covered in the lectures and tutorials and will open on a weekly basis. The first quiz will open on 13 March, 2017.

Teaching and learning evaluation

You may be asked to complete two evaluations during this unit. The Student Perception of Teaching (SPOT) and the Students’ Unit Reflective Feedback (SURF). The SPOT is optional and is an evaluation of the lecturer and the unit. The SURF is completed online and is a university wide survey and deals only with the unit. You will receive an email from the SURF office inviting you to complete the SURF when it is activated. We encourage you to complete the forms as your feedback is extremely important and can be used to make changes to the unit or lecturing style when appropriate.

Attendance

Participation in class, whether it be listening to a lecture or getting involved in other activities, is an important part of the learning process, therefore it is important that you attend classes. As confirmation of this, the University regulations formally state that ‘to complete a course or unit students shall attend prescribed classes, lectures, seminars and tutorials’.

PASS Program for ACCT1101 Students

PASS is a peer facilitated, cooperative student support scheme for students. PASS gives first year students enrolled in some of the large core units the opportunity to work collaboratively in small groups with the help of competent, caring, subject experienced student peers. In PASS, the focus is on the group and learning together. Peer learning is recognised as a powerful learning technique and research has shown that students who study together outside the classroom achieve better results. See http://www.business.uwa.edu.au/studentnet/learning/pass

Tutorial times

1 x 1 hour tutorial session per week.

The day, time and venue for your tutorial and practical lecture will be determined by your allocation through the Class Allocation System (CAS) .

Charter of student rights and responsibilities

The Charter of Student Rights and Responsibilities upholds the fundamental rights of students who undertake their education at the University of Western Australia.  The University's charter of Student Rights and Responsibilities is available at www.governance.uwa.edu.au/procedures/policies/policies-and-procedures?method=document&id=UP07/132

Student Guild contact details

The Guild represents all students enrolled at UWA. They can help you in a number of ways by providing financial, academic, and welfare support. Contact details for the University Student Guild can be found at www.guild.uwa.edu.au/. The Guild Education Officer is available to provide assistance and advice on a range of issues.

Student Services contact details

There is a wealth of material provided by UWA Student Services that can help you settle into university life and help with many other issues you may encounter as a university student.  Contact details for Student Services can be found at http://www.student.uwa.edu.au/contact

UniAccess

UniAccess provides free services and support to UWA students who want to disclose a disability or a medical condition and request assistance http://www.student.uwa.edu.au/experience/health/uniaccess

The Library

The University Library http://www.library.uwa.edu.au/has many services available to support you academically.  The Business collection is located in the Barry J Marshall Library in the Science building http://www.library.uwa.edu.au/contact/science , otherwise a Business librarian is available at the School at specified times. 

Uses of student feedback

ACE/AISE/CARS

Your academic orientation includes three online units which you must complete within the first 10 weeks of your enrolment:

AACE1000 Academic Conduct Essentials (ACE)  (just this for postgraduate)
INDG1000 Indigenous Study Essentials
CARS1000 Communication and Research Skills

Information for students with disabilities

The University has a range of support services, equipment and facilities for students with a disability. If you would like to receive advice on these services please email uniline@uwa.edu.au or visit www.student.uwa.edu.au/life/health/uniaccess

Using peer feedback to assess team contributions

The online tool SPARKPLUS may be used to assess individual contributions to team work. Where Spark is used you will be required to provide feedback to, and receive feedback from, your team members. Based on a series of answers from each team member SPARKPLUS automatically produces two weighting factors: your RPF and SAPA. The use of SPARKPLUS will be explained in class and more information is available on LMS.

Assessment

Assessment overview

Typically this unit is assessed in the following ways: (1) tutorial attendance and participation; (2) assignment; (3) online quizzes; and (4) examinations. Further information is available in the unit outline.

For Semester 1, 2017, please refer to the assessment mechanism below.

Assessment mechanism

#ComponentWeightDue DateRelates To Outcomes
1Tutorial participation
10%Ongoing1 - 6
2Assignment15%15 May, 12:00pm (noon)3 and 4
3Examinations

Mid-semester examination 25%
Final examination 50%
Mid-Semester Examination: 26 April, 6:30pm
Final Examination: Semester 1 examination period 10 - 24 June
1 - 6

Assessment items

ItemDescriptionSubmission Procedure
#1 - Tutorial participationDuring each weekly tutorial, questions will be assigned for discussion. A portion of your assessment will be based upon your participation assessed by the completion of weekly assigned tutorial work in Weeks 3, 6, 9 & 12 of semester. Each piece of work will be worth 2.5% and only students in attendance at their tutorial will be allocated a mark. Each of the 4 pieces of work submitted to your tutor will be marked primarily on the basis of completion and not accuracy. Students who miss their tutorial without a valid reason will be allocated a mark of zero (0) for each piece of work not submitted.Ongoing
#2 - AssignmentStudents will be assigned into a group by the end of the third week of semester which is on 17 March, 2017. The assignment must be completed to a satisfactory level.

The group assignment this semester consists of an accounting practice set which is titled Edward's Electrical Goods Pty Ltd. This practice set provides an exercise in recording and posting a variety of business transactions common to small retail/service businesses, so that the students will gain an understanding of the out-of-sight processes in computerised accounting systems and appreciate the steps in the accounting cycle. The assignment is to be completed online on LMS.

In groups of two to three students, you need to complete the requirements of the practice set by 15 May, 2017. There will be no extensions granted to any group, except in extenuating circumstances.
Please Note: Where an individual student does not contribute sufficiently towards the completion of the Group Assignment, a lower individual mark will be allocated to that particular student.

Further details will be provided during the semester.
via LMS
#3 - Examinations(i)Mid-Semester Exam: The mid-semester examination will comprise of theoretical and practical questions in a multiple choice format. The material will be drawn from the topics in Weeks 1 to 6 inclusive (Ch1 to 7). In preparing for the mid-semester examination you should review all lecture material, tutorial questions and exercises. You should try to be at the venue to which you have been allocated by 6:00pm on Wednesday 26 April, 2017. The exam will begin at 6:30pm. You will need to bring your UWA Student Card, an approved calculator, pencils with a 2B lead and an eraser.

(ii)Final Exam: The material covered in the final examination will be primarily drawn from the topics presented in Weeks 7 to 12 inclusive (Ch10 to 19). Students should review all lecture material, tutorial questions and exercises. Students are expected to obtain at least 45% on the final examination. Failure to do so, may place you at risk of not passing the unit.

Academic literacy and academic misconduct

The University of Western Australia takes very seriously the matter of academic misconduct by students and has policies in place that define misconduct (including plagiarism) and the penalties that apply. The consequences for misconduct can be severe, including exclusion from the University.

All students are expected to make themselves aware of the definitions and the policies relating to academic misconduct, found at the websites below, and with any additional requirements or stipulations that may be provided by individual coordinators www.governance.uwa.edu.au/procedures/policies/policies-and-procedures?policy=UP07%2F21

Appeals against academic assessment

The full regulations governing appeals procedures are available in the University Handbook at http://rules.handbooks.uwa.edu.au/rules/student_rules/

Penalty for late submission

A penalty of 5 per cent of the total mark allocated for the assessment item is deducted per day for the first 7 days (including weekends and public holidays) after which the assigned work is not accepted. Each 24-hour block is recorded from the time the assignment is due.

 Penalty for exceeding word limit

Where an assignment exceeds the word limit, a penalty of 1 per cent of the total mark allocated for the assessment task applies for each 1 per cent in excess of the word limit.

Textbooks and resources

Recommended texts

The recommended textbook for this unit is:

Hoggett,J., Edwards,L., Medlin,J., Chalmers,K., Hellmann,A., Beattie,C. and Maxfield,J. (2015). Financial Accounting, 9th Edn, John Wiley & Sons Australia Ltd, Milton, QLD, Australia. ISBN  9780730318828  

Students may alternatively purchase an E-Text version of the textbook: http://www.wileydirect.com.au/buy/financial-accounting-9th-edition/   

The Practice Set for the assignment is:            

Langa, L. (2017). Edward's Electrical Goods Pty Ltd : Accounting Practice Set. It is available online on LMS and one copy is to be submitted electronically by your Group.

 

 

Suggested alternate texts

Additional texts

Technical requirements

Software requirements

Additional resources and reading

Additional Online Resources

* A free online business game provided by CPA Australia to enhance student learning is available at http://www.boardroomtycoon.com/

Other important information

CFA® University Recognition Program

This unit embeds a portion of the CFA Program Candidate Body of Knowledge™. Further details available at www.business.uwa.edu.au/future-students/undergraduate



Standard of assessment

The Business School must ensure that the processes of assessment are fair and are designed to maintain the standards of the School and its students. The School follows the UWA marks and grades distribution:

Higher distinction

(HD)

80-100%

Distinction

(D)

70-79%

Credit pass

(CR)

60-69%

Pass

(P)

50-59%

Fail

(N+)

45-49%

Fail

(N)

0-44%

Failed component

(FC)

 

 

The scaling of marks to ensure comparability between classes is an acceptable academic practice. The School and Board of Examiners have the right to scale marks where it is considered necessary to maintain consistency and fairness.

Quality assurance

Your assessed work may also be used for quality assurance purposes, such as to assess the level of achievement of learning outcomes as required for accreditation and audit purposes. The findings may be used to inform changes aimed at improving the quality of Business School programs. All material used for such processes will be treated as confidential, and the outcome will not affect your grade for the unit.

Approved calculators for examinations

The University permits only the use of calculators in examinations when the calculator has an approved sticker and the examiner permits their use.  If the student does not have an approved sticker on their calculator, they will not be permitted to use the calculator.  Calculators can be approved at the Undergraduate Student Centre, the Postgraduate Student Centre or at Student Administration.  Further information is available on the Business School website at www.business.uwa.edu.au/students/assessments

Special consideration/alternative arrangements

If you are unable to attend a class, tutorial or examination due to circumstances beyond your control and are seeking an extension for submission of an assignment or a deferred exam, please read valid reasons for special consideration at www.student.uwa.edu.au/life/health/uniaccess/special-consideration, complete the application form and submit at the Student Centre.
PLEASE NOTE that deferred exams are not available in Summer School units.

Acknowledging Sources of Information and the Business School Policy on Plagiarism

Student Services provides an online plagiarism portal that includes a definition of plagiarism and a link to FAQ www.studentservices.uwa.edu.au/ss/learning/online_services/plagiarism_portal

‘Turnitin' Originality Checking & Plagiarism Prevention is used in the Faculty to allow both educators and their students check written work for improper citation or misappropriated content. More information about 'Turnitin' can be found at http://turnitin.com/static/index.html

eBooks and open book exams

eBooks cannot be accessed at an examination. Please check your exam details and purchase a printed version of any book you would select to take into an open book exam.

Referencing

It is important that the referencing of any sources used in your written work is done properly, if only to substantiate the points you are making in your assignment or project.  The Harvard style is the preferred and there are some notes for guidance which have been prepared by the library staff:  ‘Citing your Sources Harvard Style’ http://libguides.library.uwa.edu.au/harvard

The EndNote software package is a really good system for building up a database of references.  Not everyone will want to invest the time in using this system but you should consider it if you intend to build up resource materials or plan to undertake extensive research in a particular area.  The library staff have also developed a tutoring package: ‘A Quick Guide to Using EndNote’ which provides the basics for using EndNote with an essay http://libguides.library.uwa.edu.au/endnote

Last day to add a unit offered in a semester

The final date to add a unit is the end of week 2 of the semester.  For further information on important dates for 2017, refer to www.student.uwa.edu.au/course/dates/important

STUDYSmarter

STUDYSmarter helps students get more out of their study by equipping you with additional skills needed at university. Explore the range of free on-campus and online services to help you develop academic communication, research, critical analysis, numeracy and study skills. http://www.student.uwa.edu.au/learning/studysmarter