ACCT11081 - Introductory Financial Accounting
Term 2 - 2017


All details in this unit profile for ACCT11081 have been officially approved by CQUniversity and represent a learning partnership between the University and you (our student). The information will not be changed unless absolutely necessary and any change will be clearly indicated by an approved correction included in the profile.

Overview

This unit introduces you to key concepts of financial accounting and supports you to apply these concepts to various elements of accounting. You will also examine financial statements and how they are analysed and interpreted for effective decision making by both internal and external users. This unit prepares you for further accounting units.

Details

Career Level Undergraduate
Unit Level Level 1
Credit Points 6
Student Contribution Band [not found]
Fraction of Full-Time Student Load 0.125

Pre-requisites or Co-requisites

Pre-requisite: ACCT11059 or ACCT11057

Attendance Requirements

All on-campus students are expected to attend scheduled classes – in some units, these classes are identified as a mandatory (pass/fail) component and attendance is compulsory. International students, on a student visa, must maintain a full time study load and meet both attendance and academic progress requirements in each study period (satisfactory attendance for International students is defined as maintaining at least an 80% attendance record).

Offerings

Term 2 - 2017
  • Brisbane
  • Bundaberg
  • Cairns
  • Distance
  • Gladstone
  • Mackay
  • Melbourne
  • Rockhampton
  • Sydney
  • Townsville

Website

This unit has a website, within the Moodle system, which is available two weeks before the start of term. It is important that you visit your Moodle site throughout the term. Go to Moodle

Recommended Student Time Commitment

Each 6-credit Undergraduate unit at CQUniversity requires an overall time commitment of an average of 12.5 hours of study per week, making a total of 150 hours for the unit.

Class Timetable

Assessment Overview

Assessment Task Weighting
1. Online Quiz(zes) 5%
2. Written Assessment 45%
3. Examination 50%

This is a graded unit: your overall grade will be calculated from the marks or grades for each assessment task, based on the relative weightings shown in the table above. You must obtain an overall mark for the unit of at least 50%, or an overall grade of ‘pass’ in order to pass the unit. If any ‘pass/fail’ tasks are shown in the table above they must also be completed successfully (‘pass’ grade). You must also meet any minimum mark requirements specified for a particular assessment task, as detailed in the ‘assessment task’ section (note that in some instances, the minimum mark for a task may be greater than 50%). Consult the University’s Grades and Results Procedures for more details of interim results and final grades.

All University policies are available on the IMPortal.

You may wish to view these policies:

  • Grades and Results Procedure
  • Assessment Policy and Procedure (Higher Education Coursework)
  • Review of Grade Procedure
  • Academic Misconduct Procedure
  • Monitoring Academic Progress (MAP) Policy and Procedure – Domestic Students
  • Monitoring Academic Progress (MAP) Policy and Procedure – International Students
  • Refund and Excess Payments (Credit Balances) Policy and Procedure
  • Student Feedback – Compliments and Complaints Policy and Procedure
  • Acceptable Use of Information and Communications Technology Facilities and Devices Policy and Procedure

This list is not an exhaustive list of all University policies. The full list of University policies are available on the IMPortal.

On successful completion of this unit, you will be able to:
  1. Describe the accounting conceptual framework as it applies to specific financial reports
  2. Apply the accounting conceptual framework to the measurement of the elements of accounting
  3. Examine how financial statements are analysed and interpreted for effective decision making
  4. Interact effectively with peers.

Alignment of Assessment Tasks to Learning Outcomes

Assessment Tasks Learning Outcomes
1 2 3 4
1 - Online Quiz(zes)  
2 - Written Assessment  
3 - Examination  

Alignment of Graduate Attributes to Learning Outcomes

  • Introductory Level
  • Intermediate Level
  • Graduate Level
Graduate Attributes Learning Outcomes
1 2 3 4
1. Communication    
2. Problem Solving
3. Critical Thinking    
4. Information Literacy        
5. Team Work      
6. Information Technology Competence        
7. Cross Cultural Competence        
8. Ethical practice        

Alignment of Assessment Tasks to Graduate Attributes

  • Introductory Level
  • Intermediate Level
  • Graduate Level
Assessment Tasks Graduate Attributes
1 2 3 4 5 6 7 8
1 - Online Quiz(zes)          
2 - Written Assessment        
3 - Examination          

Prescribed Textbooks

Accounting
Author/s: Hoggett, Medlin, Edwards, Chalmers, Hellmann, Beattie & Maxfield Year: 2015
Edition: 9th edn Publisher: Wiley
City: Milton State: Queensland
Country: Australia
View textbooks at the CQUniversity Bookshop
Note:

The Accounting 9th edition textbook can be purchased as an e-book directly from the online Wiley website at http://www.wileydirect.com.au/buy/accounting-9th-edition/

The e-book is usually cheaper than the hard copy textbook.

IT Resources

You will need access to the following IT resources:
  • CQUniversity Student Email
  • Internet
  • Unit Website (Moodle)
  • MYOB Accountright Plus v19
  • Microsoft Word
  • Microsoft Excel
All submissions for this unit must use the American Psychological Association (APA) referencing style (details can be obtained here). For further information, see the Assessment Tasks below.
Unit CoordinatorMartin Turner (m.turner@cqu.edu.au)
Note: Check the Term-Specific section for any additional contact information provided by the teaching team
Week Begin Date Module/Topic Chapter Events and Submissions
Week 1 10-07-2017 Introduction

2 (also see readings from Study Guide)

Study Guide: Chap 1: Sections 1.1-1.3

Start PeerWise: register and start writing and answering questions on the readings this week; in particular on Study Guide Chap 1 Sections 1.1-1.3

Fnd out your Company: Friday (14 Jul 17) 5:00PM AEST

ASS Step 1 Due Saturday (15 Jul 17) 11:00 AM AEST

Week 2 17-07-2017

Double-Entry Bookkeeping

3 (also see readings from Study Guide)

Study Guide: Chap 1 Section 1.4; Chap 2

PeerWise: write, answer, rate and comment on questions on the readings this week; in particular on Study Guide Chap 1 Section 1.4; and Chap 2

Week 3 24-07-2017

Double-Entry Bookkeeping

3,4 (also see readings from Study Guide)

Study Guide: Chap 2, 3

PeerWise: write, answer, rate and comment on questions on the readings this week; in particular on Study Guide Chap 2,3

ASS Step 2 Due Tuesday (25 Jul 17) 11:00AM AEST

Week 4 31-07-2017

Double-Entry Bookkeeping

4,5 (also see readings from Study Guide)

Study Guide: Chap 3

PeerWise: write, answer, rate and comment on questions on the readings this week; in particular on Study Guide Chap 3

ASS Step 6: Post draft by Friday (4 Aug 17) 5:00 PM AEST

Week 5 07-08-2017

Inventory

6, 19

PeerWise: write, answer, rate and comment on questions on Chap 6, 19

ASS Step 6: Make sure you have given feedback to others by Thursday (10 Aug 17) 5:00 PM AEST

Vacation Week 14-08-2017

PeerWise: write, answer, rate and comment on questions on Chap 6, 7, 19

ASS Steps 3-6 Due Tuesday (15 Aug 17) 11:00AM AEST

Week 6 21-08-2017

Accounting Systems: MYOB

7

PeerWise: write, answer, rate and comment on questions on Chap 7

Week 7 28-08-2017

Receivables

18

PeerWise: write, answer, rate and comment on questions on Chap 18

Week 8 04-09-2017

Non-Current Assets

20

PeerWise: write, answer, rate and comment on questions on Chap 20

Week 9 11-09-2017

Liabilities

22

PeerWise: write, answer, rate and comment on questions on Chap 22

ASS Step 11: Post draft by Friday (15 Sep 17) 5:00 PM AEST

Week 10 18-09-2017

Equity

16, 17

PeerWise: write, answer, rate and comment on questions on Chap 16, 17

ASS Step 11: Make sure you have given feedback to others by Thursday (21 Sep 17) 5:00 PM AEST

Exam advice available in Moodle in Week 10.

Week 11 25-09-2017

Statement of Cash Flows

24

PeerWise: write, answer, rate and comment on questions on Chap 24

PeerWise Due Thursday (28 Sep 17) 05:00 PM AEST
Assignment Due Tuesday (26 Sep 17) 11:00 AM AEST
Week 12 02-10-2017

Revision

Review/Exam Week 09-10-2017
Exam Week 16-10-2017

1 Online Quiz(zes)

Assessment Title PeerWise
Task Description

We will be using PeerWise as a place for you to create, share and evaluate questions with others in the unit.

PeerWise is designed to be used each week throughout the unit.

Each week, PeerWise will support you to read the Textbook and the Study Guide (that's right, each week), write multiple choice questions from your reading (including solutions), answer others questions and rate others questions. You can also comment on people’s questions, and people can then comment on your comments and so on.

You should aim to write at least 2-3 questions each week and answer (and rate) 20 – 30 questions each week.

It is a big advantage in PeerWise to start early in the unit; and to write high quality questions (and solutions).

Typically, on average, people will write about 25-30 questions during the unit and answer/rate about 250-300 questions. Some people will do much more; and others less.

Start by visiting PeerWise here:

http://peerwise.cs.auckland.ac.nz/at/?cqu_au

If you have not used PeerWise before, please click the "Registration" link and follow the prompts.

All you need to do is choose a user name and a password for your PeerWise account.

If you have used PeerWise before, simply log in and then select "Join a course" from the Home menu.

You will need to follow the information provided on Moodle in order to access PeerWise for our unit this term.

Number of Quizzes 1
Assessment Due Date Week 11 Thursday (28-Sep-2017) 05:00 PM AEST
Return Date to Students Your scores from Peerwise will be transferred to Moodle promptly; and within 2 weeks.
Weighting 5%
Assessment Criteria

As you contribute to PeerWise, you will accumulate a Reputation score calculated in the software which is composed of three parts:

· writing questions (Questioning)

· answering questions (Answering), and

· rating questions you have answered (Rating).

To achieve a high score it is much better to have good scores for each of the three components than a very high score in just one (or two) components. It is particularly important not to have a zero (or near zero) score for any of the three components.

Answering and Rating scores at a similar level and your Questioning score at about one-tenth of your Answering and Rating scores can be a good balance. For example, a score of Questioning: 175; Answering: 1,750; and Rating: 1,750.

You can see your score in the top right-hand corner of PeerWise. We use the Reputation score (not the Answer score).

You will gain a mark out of 5 for your PeerWise contribution. This will be calculated according to the Peerwise grading guidelines available on Moodle.

The Unit Co-ordinator reserves the right to adjust the mark of any student if they engage in inappropriate behaviour on PeerWise. Inappropriate behaviour might include:

· Bullying, harassing or being rude to any other student.

· Contributing questions flagged as being easy, for example as ‘Easy’ or ‘Questions for Dummies’.

· Marking correct answers in bold or with other marks.

· Copying other student’s questions and contributing them onto PeerWise as your own (although it is understood that different students may independently contribute similar or even identical questions at times, and this is perfectly alright).

Please report to the Unit Co-ordinator any inappropriate behaviour on PeerWise.

Submission Online

Learning Outcomes Assessed
This section can be expanded to view the assessed learning outcomes

1. Describe the accounting conceptual framework as it applies to specific financial reports

2. Apply the accounting conceptual framework to the measurement of the elements of accounting

3. Examine how financial statements are analysed and interpreted for effective decision making

Graduate Attributes
This section can be expanded to view the assessed graduate attributes

1. Communication

2. Problem Solving

3. Critical Thinking



2 Written Assessment

Assessment Title Assignment
Task Description

The assignment for this unit is made up of eleven (11) steps. As you complete each step, you will find your company’s annual reports and have a look at them. You will practice aspects of the recording process using Excel. You will then create a Trial Balance from your company’s financial statements, and explore its Inventory and Depreciation policies. . You will also have the opportunity of creating a set of business transactions for your company, recording these in MYOB software and producing a set of financial statements using MYOB. As well, you will have the opportunity to experience how interacting with others in the unit may be able to help you to better understand the concepts we will be studying.

Assessment Due Date Week 11 Tuesday (26-Sep-2017) 11:00 AM AEST
Return Date to Students Within two weeks from the due date of the assignment (or from submission date for late assignments).
Weighting 45%
Assessment Criteria

Mark
Step 1
KCQs 2
Step 2
KCQs 2
Step 3 (3 marks)
Background information on company 1
Comments/KCQs 1
Discussion with others 1
Step 4
The recording process 5
Step 5 (6 marks)
Trial Balance 4
Individual reflections 1
Discussion with others 1
Step 6
Individual feedback with others 2
Step 7
Inventory 5
Step 8 (5 marks)
MYOB set up 2
MYOB training 2
MYOB quiz 1
Step 9 (8 marks)
Business transactions 2
All Journals report 3
Financials and discussion 3
Step 10
Depreciation 5
Step 11
Individual feedback with others 2
TOTAL 45
Referencing Style American Psychological Association (APA)
Submission Online

Please refer to the Moodle course site for submission details. Links are provided on Moodle for online submission.

Learning Outcomes Assessed
This section can be expanded to view the assessed learning outcomes

2. Apply the accounting conceptual framework to the measurement of the elements of accounting

3. Examine how financial statements are analysed and interpreted for effective decision making

4. Interact effectively with peers.

Graduate Attributes
This section can be expanded to view the assessed graduate attributes

1. Communication

2. Problem Solving

3. Critical Thinking

5. Team Work



Examination

Outline Complete an examination
Date During the University examination period
Weighting 50%
Length 180 minutes
Details Dictionary - non-electronic, concise, direct translation only (dictionary must not contain any notes or comments).
Calculator - non-programmable, no text retrieval, silent only.
Closed Book
Learning Outcomes Assessed
This section can be expanded to view the assessed learning outcomes

1. Describe the accounting conceptual framework as it applies to specific financial reports

2. Apply the accounting conceptual framework to the measurement of the elements of accounting

3. Examine how financial statements are analysed and interpreted for effective decision making

Graduate Attributes
This section can be expanded to view the assessed graduate attributes

1. Communication

2. Problem Solving

3. Critical Thinking


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