acct1005 outline - s1, 2011

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BUSINESS SCHOOL

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ACCT1005Accounting, Business and SocietySemester 1 2011

Unit of study outline

Unit Coordinator: Peter EdwardsPhone: 61 2 9351 3899Email: [email protected]: Rm 309, Economics and Business Building (H69)

Staff:

Associate Professor Rosina Mladenovic-McAlpinePhone: 61 2 9351 6991Email: [email protected]: Rm 340, Economics and Business Building (H69)

Abdul RazeedPhone: 61 2 9351 6991Email: [email protected]: Rm 428, Economics and Business Building (H69)

Wesley Hamilton-JessopPhone: 61 2 9114 0757

Email: [email protected]: Rm 330, Economics and Business Building (H69)

Consultation Times:Staff consultation times are available on Blackboard (blackboard.econ.usyd.edu.au).

Lecture days and times:

'Stream 1' Tuesday 16:00-17:30 in Bosch Lecture Theatre 2 or'Stream 2' Wednesday 13:30-15:00 in Chemistry Lecture Theatre 1 or'Stream 3' Wednesday 16:00-17:30 in Merewether Lecture Theatre 1 or

'Stream 4' Thursday 15:00-16:30 in Merewether Lecture Theatre 1

Tutorials:Students are required to attend a 1.5 hour tutorial each week. These are scheduled by theuniversity timetable system. You must attend at least 80% of your allocated tutorial classes inorder to obtain a passing grade in the unit of study. A list of regular tutorial times and rooms willalso be posted on Blackboard once semester is underway.

All changes to tutorial timetabling must be completed at the Business School StudentInformation Office during the first week of semester. No changes to tutorial times will bepermitted after this time.

Academic staff do not process tutorial change requests.

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ACCT1005 UNIT OF STUDY OUTLINE

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1. Unit of study information1.1. School handbook descriptionThis unit canvasses the fundamentals of accounting the language of business. It is directed toproviding a broad understanding of the role of accounting in business and society. It seeks to developan understanding of the economic-cum-financial and social repercussions of accounting, as well as a

brief inculcation of the technical skills in manipulating numerical abstractions. It is accounting in anaction setting designed to show that there are many uses of accounting data.

Uses by numerous types of investors (individuals, institutional shareholders, creditors), employees,the government and others are considered. Starting from an accountability focus, it moves to adecision making focus both functions are explained through recourse to the double entry equation,augmented by primarily an output (financial statements) perspective, accounting is demonstrated to berelated to many decisions.

There are many organisational forms that are considered - sole traders, partnerships, corporations,other types of corporate joint ventures and associations and the unit considers accounting from boththe private and public sector perspectives. Accounting is shown to provide necessary information to

allow varied interests to make informed decisions. Those decisions can be considered as being bothinternal and external to the firm.

This unit demonstrates how accounting influences the way societal elements interact and governmenttaxes are levied. Some more technical aspects of the elements of accounting are outlined withinthe accounting equation, the elements of assets, liabilities, revenues and expenses are examined within simple, familiar settings. Differing sectors private (listed entities primarily) and public (non-listedentities) are shown to be equally dependent on accounting. As well as the conventional financialreports balance sheet, profit and loss, cash flow statements - students are exposed to the morerecent statements such environmental and corporate social responsibility reports. Accounting issuesare also explored within a governance framework.

1.2. Pre-requisite unitsThis is a restricted unit and is available only to students in the BCom. There are no pre-requisite unitsof study for this unit.

1.3. Assumed knowledge and/or skillsAssumed knowledge: 2-unit HSC mathematics.

1.4. Workload requirementIt is expected that you will spend an average of 9-12 hours of work per week per 13 week semesterand produce approximately 4,500-6,000 words or equivalent of work. This time should be made up ofreading research, working on exercises and problems and participating in classes. In periods where

you need to complete assignments or prepare for examinations, the required workload may begreater.

2. Learning aims and outcomes2.1. Aims of the unitThis accounting unit is both an introduction to accounting studies and a core unit in the B.Com.Therefore the goals of this unit are consistent with the B.Com. program goals, which are:

1. Understand contemporary business contexts and the role of commercial, economic andbusiness fundamentals in those contexts

2. Critically analyse and interpret commercial, economic and business information to developsolutions and responses to business problems and challenges

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3. Communicate effectively, both orally and in writing, including the ability to negotiate andpersuade in a business context

4. Work effectively in organisations with diverse colleagues, in teams, and with clients, institutionsand other stakeholders

5. Learn and creatively apply new commercial, economic and business knowledge

6. Develop discipline-specific expertise developed in a major or majors and be able to apply thatexpertise in a broad business context

7. Able to demonstrate generic and professional skill development.

Specifically, the way in which this unit seeks to develop each of these program goals, together with thedesired Graduate Attributes and the generic skills typically identified by employers, is summarisedbelow.

1. Understand accounting fundamentals (principles and concepts) and their application.

2. Begin to develop the ability to think critically about accounting concepts and assumptions.

3. Explore the manner in which different systems of accounting influence public policy and theallocation of economic resources within society.

4. Be able to confidently and coherently communicate to a professional standard.

5. Demonstrate a capacity to work professionally and independently (or in teams) to plan andachieve goals, meet new challenges and deadlines.

6. Be able to obtain accounting and related financial information using archives, libraries, the weband other sources of information.

7. Read and interpret the main output of the accounting processes.

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2.2. Program Learning Goals and outcomesThe Business School is also required to assure students achievement of program learningoutcomes (or assurance of learning) in specified graduating units for a number of internal andexternal stakeholders, such as alignment to the University of Sydney Business School strategiclearning and teaching goals, and accreditation for the Association to Advance Collegiate Schools ofBusiness (AACSB).

ACCT1006 introduces seven program learning outcomes (PLO) and associated learning goals forthe Bachelor of Commerce (Accounting Specialisation), namely outcomes 1 to 7 as follows:

Program Learning GoalsT h e B a c h e l o r o f Com m e r c e

a i m s t o d e v e l o p e ac h g r a d u a t e t o b e :

Accounting specialisation Program Learning

Outcomes

1. able to understand contemporarybusiness contexts and the role ofcommercial, economic and businessfundamentals in those contexts.

1.Demonstrate an understanding of the role ofaccounting, including how it is integrates withrelated disciplines and/or social and ethicaldimensions, within contemporary businesscontexts.

2. able to critically analyse and interpretcommercial, economic and businessinformation to develop solutions andresponses to business problems andchallenges.

2.Analyse and critically interpret accountinginformation and reports, in response to usersneeds and business problems and challenges.

3. able to communicate effectively, both

orally and in writing, including the abilityto negotiate and persuade in business

context.

3.Communicate ideas, findings or arguments in a

clear and persuasive way in a professionalbusiness report and/or oral presentation in a

given business or accounting context

4. Able to work effectively in organisation

with diverse colleagues, in teams, andwith clients, institutions and otherstakeholders.

4.Demonstrate the ability to work collaboratively

and effectively with others or in a team or agroup, simulating real work life withcolleagues, clients, institutions or stakeholders.

5. Able to learn and creatively apply newcommercial. Economic and businessknowledge.

5.Apply newly learned accounting concepts andtechniques to new contexts and scenarios

6. able to develop discipline-specificexpertise developed in a major or majorsand be able to apply that expertise in a

broad business context

6.Develop technical competency in accountingskills/techniques, and understanding ofaccounting principles, concepts and theory, so

as to be able to demonstrate their applicationin a business scenario/context.

7. able to demonstrate generic andprofessional skill development

7.Demonstrate basic competency in selectedgeneric skills that include: routine skills (e.g.essay writing, referencing); analytical/designskills (e.g. interpreting data /reports;appreciative skills, personal and inter-personalskills (e.g., critical/strategic thinking); businesscommunication and computer literacy (spreadsheets)

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University of SydneyGraduate Attributes

BComProgram Goals

ACCT1005Learning Outcomes Learning Activities

This unit aims to assist students to develop proficiencies in relation the followinglearning outcomes

TutorialRegu

reflection(15%

Information Literacy:

Graduates will be able to use

information effectively in a

range of contexts.

5. Learn and creativelyapply new commercial,

economic and business

knowledge

6. Develop discipline-

specific expertise developedin a major or majors and be

able to apply that expertise

in a broad business context

6. Be able to obtain accountingand related financial information

using archives, libraries, the web

and other sources of information7. Read and interpret the mainoutput of the accounting

processes

Obtain and read assigned& further study materials

Complete required

analyses / evaluation Conduct research using

various information

sources

Be able to support and

justify answers obtained

Be ablediscuss

inform

questio Provide

accoun

Indepemake u

referen

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3. AssessmentAssessment items Relevant unit

learning outcome/s

Word

length

Weight Due Date Closing Date

Tutorial Work* 1,2,3,4,5,6,7 1,000 15% Each Week Each Week

Major Assignment 1,2,3,4,5,6,7 1,000 15% Week 92 May 1pm

5 days after duedate

Mid Semester Exam 1,2,3,5,7 1,500 20% Week 715 April 7pm

Date of Exam

Final Exam 1,2,3,5,7 2,500 50% Exam Period Date of Exam

Academic honesty module ** 2,3,6,7 N/A 0% Week 4 25 June 2011

* Students must attend at least 80% of their timetabled tutorial classes to receive a passing mark in the unit.

** Students must complete the academic honesty module in Blackboard with a mark above 80% by the final day of exams, oran Absent Fail (AF) grade will be given for the entire unit. Students can complete the module multiple times until thisgrade is achieved. Students who completed the module with a score of 80% or above last semester do not need to do itagain.

The major assignments must be submitted electronically via Blackboard using Turnitin. Assignmentssubmitted electronically via Turnitin do not require cover sheets. Ensure that your student ID number(SID) is in the top right hand corner of each page for individual assignments and the Group name ornumber plus SID of all members is in the top right hand corner for group assignments. Full informationabout how to prepare assignments for electronic submission can be found in the Turnitin StudentGuide:http://blackboard.econ.usyd.edu.au/webapps/portal/frameset.jsp?tab_tab_group_id=_20_1

Should submission problems occur, students should contact Business eLearning Support first on61 2 9036 6433 or [email protected] the Unit Coordinator as soon as possible.

3.1. Detailed assessment informationTutorials (weekly)

The assessment will comprise a group presentation mark and a mark based on the weekly reflectivetask. Note that it is a unit requirement that students must attend at least 80% of their allocated tutorialclasses in order to receive a passing grade in the unit. Students are expected to attempt tutorialquestions prior to attending their tutorial class. Marks will be awarded for competent studentparticipation in tutorial classes. Students are expected to have prepared for the tutorials by doing the

assigned reading and practising any techniques taught.

In addition students must complete a weekly task which is intended to help students learn to reflect,self-evaluate and improve learning outcomes and learning processes. The reflective tasks have beendeveloped to help you become responsible for your own learning, become an independent learner andachieve good learning outcomes.

The tutorial will provide an environment in which students can work through problems with the help ofa tutor, and discuss assigned questions and problems and prepare responses to them. The tutorialprovides an opportunity for students to discover what they understand (and also demonstrate theirunderstanding by explaining technical concepts to other tutorial members) and/or what they do notunderstand (and can ask questions of other tutorial members). Tutorials are not intended to be mini-

lectures by the tutor but a place for shared learning experiences with the tutor acting as a facilitator forthis process. You are strongly encouraged to bring your queries to the relevant tutorial classthroughout semester and discuss these queries in class.

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Where a student is unable to attend a tutorial class due to illness or unforseen misadventure, theymay submit a request for special consideration, with appropriate documentation, to the SIO. Pleasenote the minimum attendance requirements outlined on Blackboard.

Note: there are no tutorial classes in week 1. All tutorial changes are to be made via the onlineUniversity Timetabling system. Academic staff do not process tutorial changes. NO changes to tutorialtimes permitted after week 2.

If a student misses a number of tutorial classes they may, if they meet the criteria for specialconsideration due to serious illness or misadventure, submit an application for special considerationdirectly to the SIO (NOT to their tutor). These should be submitted only if a substantial number oftutorial classes have been missed.

Assignment

This assignment is a written response to an evidence based case analysis. Submissions are to be ofa business quality and should be between 750 and 1,000 words. Assignments must be submittedelectronically via Blackboard. The assignment is due at 1pm on Monday, 2 May 2011.

Mid-Semester ExamThe mid-semester exam will be held on 15 April 2011 at 7pm. This one hour exam will test materialcovered in the first 6 weeks, including lecture, tutorial and reading content. The exam will beconducted in several venues please check your University Timetable for details of your assignedvenue.

Students must enter their name, student number and tutorial details correctly on their exam paper and

on the multiple choice answer sheet. You must bring a non-programmable calculator, a black or bluepen and your USyd Student Identity Card to the exam.

Further details about the structure of the mid-semester exam and the materials that students arepermitted to bring into the exam venue will be provided on Blackboard two weeks before the examdate. Please ensure you read these instructions before the exam.

Students who cannot sit the mid-semester test due to timetable clashes MUST contact a senior tutorto arrange a clashing exam time; this will be immediately before or after the scheduled exam.

Final ExamThe final exam will be held during the University Exam Period. The exact time will be available on the

universitys website later in the semester. It may cover topics from the entire unit of study. Additionalinformation will be provided prior to the examination.

3.2. Referencing style and style guideThe referencing and style guide that should be used in all assessments in this unit is of the HarvardStyle. A copy of these requirements is posted to Blackboard, or see:http://www.wiley.com/bw/submit.asp?ref=0810-5391&site=1

3.3 Feedback on assessment

Timely feedback (which may be written, oral, class discussion, peer review, online feedback etc) isintended to help you to improve your learning during the unit.

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Feedback on performance is a valuable tool to guide and direct student learning. Feedback onassessments should be taken seriously. Students will receive the following feedback:

Weekly tutorialsand discussionprovides timely, regular feedback for students on theirunderstanding of content and ability to apply concepts and processes to practical problems.Students are also provided with solutions for homework questions to further assist in thisprocess. Occasion

Feedback for the mid-semester examis provided in a number of ways. Marks for the mid-semesterexam will be posted into the Blackboard Grade Book as soon as marking is completed and resultshave been compiled and checked. A summary of markers comments will be posted on Blackboardproviding a general indication of topics done well by the majority of students, outlining commonmistakes made by students and providing suggestions as to how students might improve.

The exam paper will be returned to students to review their paper to help students identify those areasin which they have, or have not, been able to demonstrate a sound understanding of accountingconcepts and processes.

Students can expect exam marks to be returned in a timely nature, generally within threeweeks. Any student wishing to receive further feedback is encouraged to ask for it - preferably duringstaff consultation hours.

Solutions to lecture demonstration questionspresented in lectures provide students with theopportunity to determine how well they have understood the concepts presented.

Staff consultation timescan be utilised to provide students with individual face-to-face feedback.Blackboard discussion boardhas numerous forums for students to post questions regarding coursecontent. The lecturers will answer questions posted within three to four business days.Feedback on the Group Written Presentation is provided on a feedback/marking sheet that will be

returned with your group written presentation. Immediate feedback on your tutorial group presentationwill be given in tutorials.

Final markswill be made available by the University and not by the unit of study coordinator or otherunit of study staff.

3.4. Academic honesty, plagiarism, legitimate cooperation and groupworkCommencing students should complete the academic honesty module available via Blackboard beforetheir first assessment submission. Students should refer to Business School and University policies onacademic dishonesty and plagiarism(sydney.edu.au/business/currentstudents/student_information/student_administration_manual),copyright (sydney.edu.au/senate/policies/Intellectual_Property_Rule.pdf) and the All your own workwebsite (sydney.edu.au/secretariat/students/plagiarism_index.shtml) for information about legitimatecooperation, group work, how to reference correctly and how to avoid plagiarism.

Academic honesty is important to protect students' right to receive due credit for work submitted forassessment. It is clearly unfair for students to submit work for assessment that dishonestly representsthe work of others as their own and gain marks and degrees, which are not based on their own effortsand abilities. Deliberate breaches of academic honesty constitute academic misconduct. Thesebreaches include: plagiarism, fabrication of data, recycling previously submitted material, engagingsomeone else to complete an assessment on ones behalf and misconduct during supervisedassessments.

The penalties for academic misconduct may include: a mark of zero on the assessment; a fail grade inthe unit of study, additional assessment (including an unseen exam), and reference of the matter tothe University Registrar.

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All assessments will be checked for plagiarism. Where plagiarism is suspected, the assessment willbe fully checked and monitored using manual process, Google checks and also electronic plagiarismdetectors. In order to do this, the Business School may reproduce the assessment, provide a copy toanother member of the Business School, and/or communicate a copy of this assignment to aplagiarism checking service (which may then retain a copy of the assignment on its database for thepurpose of future plagiarism checking).

Academic dishonesty involves more than just copying material. Cooperation and helping otherstudents may at times trigger academic dishonesty proceedings if it appears you have worked tooclosely with another student.

In this unit,

1. Tutorial preparation & written work These are an individual assessment except

for the group presentation which is a groupassignment.

2. Major Assignment This is an individual assessment

3. Mid Semester Exam This is an individual closed book exam

4. Final Exam This is an individual closed book exam

Individual assignments must be written and prepared alone. You may consult with other studentsabout ideas and possible research sources but the analysis and writing of the assignment must bedone alone. Group assignments should be prepared within the group. Students should contribute fullyto the group and take part in all group activities, contributing ideas, analysis and writing to the finalproduct. While students within the group should assist each other freely, students should not carry thislevel of cooperation outside the group. One group may cooperate and help another group about ideasand possible research sources but the analysis and writing of the assignment must be done by thegroup alone.

4. Texts and other resourcesThe prescribed texts for this unit is

Birt, J., K. Chalmers, S. Byrne, A.Brooks and J.Oliver, 2010, Accounting: Business Reportingfor Decision Making, 3ed. Wiley.

A study guide is also available as an optional purchase.

Other materials may be provided from various Books, Textbooks, Journal articles and Newspaperarticles (cuttings). Students can access these through Blackboard.

5. University and Business School policies and support5.1. Business School policiesBusiness School policies are contained in the Administration Manual for Students:sydney.edu.au/business/currentstudents/student_information/student_administration_manual.

It is crucial that you take the time to consult this manual early in your studies in order to familiariseyourself with policies and procedures relating to critical issues such as the Business Schools policy onspecial consideration (including requirements and timelines. e.g. lodging applications five workingdays after a missed assessment), appeals (lodge within 15 working days of the decision) and otherpolicies such as enrolment, credit etc. Assistance is available from the Business Schools Student

Information Office (sydney.edu.au/business/student_information_office).

5.2. University policies

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University policies: sydney.edu.au/policy

Assistanceis available from the Universitys Student Centre:sydney.edu.au/current_students/student_administration

The code of conductis an important policy which outlines the Universitys expectations abouttreating all staff employees and students with respect, dignity, impartiality, courtesy and

sensitivity and refrain from acts of discrimination, harassment or bullying:sydney.edu.au/ab/policies/Student_code_conduct.pdf

5.3. Student resources and servicesLinks to other student services and resources are included on Blackboard and on the learning andteaching section of the Business School website: sydney.edu.au/business/learning

6. Continual improvement of the Unit6.1 Past FeedbackThis is a new offering; no prior feedback is available.

6.2 Improvements madeThis is a new offering; no prior feedback is available.

6.3.How feedback will be collectedYour feedback on this unit of study will be collected via i) student representatives by way of a shortmeeting attended by all teaching staff in accounting discipline, and ii)a unit of study evaluation at theend of the semester during lectures. Feedback will be used to make changes to improve the unit ofstudy.

ACCT1005 students will be surveyed to identify possible areas of improvement. All student feedbackwill be carefully considered and, where appropriate and practical, will be incorporated into thestructure of the subject in future.

Student representative body:At a lecture to be announced part-way through the semester, students will be given the opportunity toselect several representatives to exchange ideas on all aspects of this unit, including course structure,assessment (etc.) with teaching staff, on behalf of the student body as a whole. The studentrepresentatives will be invited to submit comments and suggestions to teaching staff towards the endof semester. We take the suggestions of students seriously and appreciate the positive contributionsthey make to the development of our courses.

Student evaluations:

In addition, all students have the opportunity to evaluate anonymously our units of study in theevaluation surveys administered at the end of each semester. These evaluations have space forwritten comments from students and are reviewed by the course coordinator prior to convening thecourse for the next semester. Based on this written feedback changes will be constantly incorporatedinto the ACCT1005 unit of study where appropriate and practical.

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7 Topic scheduleWeek Date Materials

Birt et al.Lecture content Assessments Due

1 28 FebPE

Ch 1 Introduction to Accounting

The accounting process

Development of capitalism The industrial revolution

2 7 MarWH-J

2, 3 Business Entities, Business Structures andGovernance

Business entities

Business structures

Governance notions principles, guidelinesand practices

Reflection Task

3 14 MarRM

4 Business Transactions

Development of double entry bookkeeping

Concepts of duality, proportionality and balance

Source documents

Analysis of business transactions and theaccounting equation

Capturing accounting information

Standardised reporting

Reflection Task

4 21 MarRM

5 Statement of Financial Position

Introducing the Statement of Financial Position

Accounting form an output perspective

Definition and recognition criteria work inpractice

Using the statement of Financial position for

decision-making

Group 1 Presentation

Reflection Task

5 28 MarAR

6 Statement of Comprehensive Income andStatement of Changes in Equity

Introducing the Statement of ComprehensiveIncome

Accounting assumptions and conventions:period assumption, matching principle andaccrual accounting

Definition and recognition criteria

Using the Income Statement for decision-making

Reflection Task

64 AprAR

7 Statement of Cash FlowsIntroducing the Cash Flow Statement

Uses of financial statements in financialmanagement decisions


Reflection Task

7 11 AprAR

8 Analysis and Interpretation of Financial Statements

Techniques for analysing financial statements:common sized financial statements, financialratio analysis

Bank reconciliations; internal checks

Horizontal, Vertical and trend analysis

Limitations of ratio analysis

Mid Semester Exam(15 April @ 7pm)

Reflection Task

8 18 AprPE

9 Planning and Budgeting

Purposes of budgeting The budgeting cycle

Budgeting and planning


Reflection Task

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Types of budgets

Behavioural aspects

9 2 MayPE

10 Accounting for Costs

Cost behaviour

Break even analysis

Taxation

CVP Analysis

CVP assumptions

Contribution margin ratio

Limiting factors

Outsourcing Decisions

Special order decisions

Assignment Due

Reflection Task

10 8 MayPE

11 Costing and Pricing in an Entity

Internal uses of information by managers direct and indirect costs

The allocation process

Full costs Product cost

Pricing of products and services


Reflection Task

11 16 MayPE

14 Responsibility Centres and PerformanceMeasurement

Overview of responsibility centres

The use of accounting technology to enablecontrol within diverse organisations

Divisional performance measurement

Individual performance measurement

Non-financial performance evaluation

Reflection Task

12 23 MayAR/PE/RM

Accounting, Accountability and Governance Group 5 Presentation

Reflection Task

13 30 May Current Controversies in Accounting & Review Reflection Task

acct1005 outline - s1, 2011

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