Students
ACCG100 – Accounting IA
2015 – MQC1 Day
General Information
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| Unit convenor and teaching staff |
Unit convenor and teaching staff
Moderator
Nicholas McGuigan
Contact via medhat.endrawes@mq.edu.au
Unit Convenor
Nazila Razi
Contact via nazila.razi@mqc.edu.au
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| Credit points |
Credit points
3
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| Prerequisites |
Prerequisites
(Admission to BAppFin or BCom or BCom-Accg or BCom-ProfAccg or BComBA-Psych or BBusLeadCom) or (12cp and GPA of 2.0 (out of 4.0))
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| Corequisites |
Corequisites
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| Co-badged status |
Co-badged status
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| Unit description |
Unit description
This unit is the first step towards an accounting career. It provides an introduction to the principles and concepts relating to financial accounting. It takes a decision-making focus and encourages students to not only prepare information but to understand how such information assists users in making important business decisions. The unit begins with discussion of the decision-making environment. By the end of the unit students are able to record basic business transactions, complete a worksheet and prepare a statement of financial performance and statement of financial position. An online practice set is used to consolidate the discrete topics taught and to connect classroom learning with practice. Learning materials which emphasise ethical practice and effective professional communication are also used to develop graduate capabilities. The unit practices constructive alignment in assessment. Graduate capability skills development is embedded in the learning experiences to enhance students' future employability in the profession.
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Important Academic Dates
Information about important academic dates including deadlines for withdrawing from units are available at https://www.mq.edu.au/study/calendar-of-dates
Learning Outcomes
On successful completion of this unit, you will be able to:
- identify users of financial information and the use of the information for decision making in business.
- understand and explain underlying accounting concepts and link them to the recording process and to the reporting of financial information.
- account for company operations and main elements of financial statements, including assets, liabilities, equity, income and expenses.
- ability to record adjusting entries, closing entries and reversing entries.
- ability to prepare a set of Financial Statements for both internal and external users.
Assessment Tasks
| Name | Weighting | Due |
|---|---|---|
| Class Tests | 20% | Weeks 4 and 10 |
| Assignment | 10% | Week 12 |
| Assessed coursework | 10% | Ongoing |
| Final Examination | 60% | University Examination Period |
Class Tests
Due: Weeks 4 and 10
Weighting: 20%
Two class tests (weeks 4 and 10) will be conducted in tutorials during the session, each worth 10% of the total assessment. The tests will cover all lecture material and readings from the weeks indicated.
Test 1 – Week 4: This test will cover topics week 1, 2, 3
Test 2 – Week 10: This test will cover topics week 4, 5, 6, 7 and 8.
It is each student’s responsibility to ensure that they attend the lecture they are registered in to attempt the Test.
Any student who fails to complete a test in their prescribed lecture will receive zero marks unless a legitimate request for disruptions to studies is received.
Feedback concerning student’s performance on each of the tests will be provided within two weeks of the conclusion of the availability of each test.
Submission
You are required to sit for the test in your registered tutorial.
Extension
No extensions will be granted. Students who are absent from the test will be awarded a mark of ZERO, except for cases in which an application for 'disruption to studies' is made and approved.
Penalties
A mark of zero will be awarded to students who are absent from the test.
On successful completion you will be able to:
- identify users of financial information and the use of the information for decision making in business.
- understand and explain underlying accounting concepts and link them to the recording process and to the reporting of financial information.
- account for company operations and main elements of financial statements, including assets, liabilities, equity, income and expenses.
- ability to record adjusting entries, closing entries and reversing entries.
- ability to prepare a set of Financial Statements for both internal and external users.
Assignment
Due: Week 12
Weighting: 10%
Students are required to complete an online practice set assignment that will count towards the overall assessment mark for this unit. The practice set has been designed to provide students with experience in the practical and technical skills essential to accounting, through the completion of a one month accounting cycle for a fictional business. The assignment questions will relate to the material learned in the tutorials weeks 2 to 12. The assignment will commence in the beginning of week five and it is due to submission at the end of week 12. No extensions will be granted. Students who have not submitted the assignment prior to the deadline will be awarded a mark of zero for the assignment, except for cases in which an application for special consideration is made and approved
Submission
Final online submission deadline is Week 12.
Extension
No extensions will be granted. Students who have not submitted the assignment prior to the deadline will be awarded a mark of 0 for the assignment, except for cases in which an application for special consideration is made and approved.
Penalties
Zero for non submission by due date.
On successful completion you will be able to:
- account for company operations and main elements of financial statements, including assets, liabilities, equity, income and expenses.
- ability to record adjusting entries, closing entries and reversing entries.
- ability to prepare a set of Financial Statements for both internal and external users.
Assessed coursework
Due: Ongoing
Weighting: 10%
There will be twelve weekly assignments collected by tutors during the session. This requires students to complete the ‘tutorial questions’ as outlined on pages 13-14 for every week. These collections must be submitted to your tutor at the start of your normal tutorial. No assignments submitted after this time will be accepted. Tutorial homework questions will be graded as follows:
1 mark – satisfactory completion (bona fida attempt has been made to complete all assigned questions) , ½ marks – unsatisfactory completion (partial attempt of assigned questions),
A mark of zero (work not submitted) - Students who fail to submit their assignment in the designated tutorial will receive a mark of zero.
Within the first four weeks three collections will act as another early diagnostic of how students are handling the materials in the unit. This will allow tutor to provide advice on how students might address any early problems they are encountering with the content and issues in the unit. If a student experiences difficulties in handling this task then they are advised to seek additional assistance in one of the consultation times listed on the unit website.
Submission
You are required to submit your assessed coursework in your registered tutorial.
Extension
Not applicable
Penalties
Zero for non submission in registered tutorial.
On successful completion you will be able to:
- identify users of financial information and the use of the information for decision making in business.
- understand and explain underlying accounting concepts and link them to the recording process and to the reporting of financial information.
- account for company operations and main elements of financial statements, including assets, liabilities, equity, income and expenses.
- ability to record adjusting entries, closing entries and reversing entries.
Final Examination
Due: University Examination Period
Weighting: 60%
A final examination is included as an assessment task for this unit to provide assurance that:
- The product belongs to the student and
- The student has attained the knowledge and skills tested in the exam.
A 3 hour closed book final examination for this unit will be held during the University Examination period. More information will be released in the revision lecture in week 13. Students MUST PASS the final examination (regardless of their performance during the session) to gain a passing grade in this unit.
You are expected to present yourself for examination at the time and place designated in the Final Examination Timetable. The timetable will be available in Provisional form approximately in week ten of this Session. You will have 1 week to give feedback to the Student Administration Manager. Prior to the examination period, you should ensure that you are familiar with the Examination Regulations. You can find these under Exam Information on the Student Portal Noticeboard.
Submission
Please check for the University Examination period.
You are expected to present yourself for examination at the time and place designated in the University Examination Timetable. The timetable will be available in Draft form approximately eight weeks before the commencement of the examinations and in Final form approximately four weeks before the commencement of the examinations. http://exams.mq.edu.au/
Extension
The only exception to not sitting an examination at the designated time is because of documented illness or unavoidable disruption. In these circumstances you may wish to consider applying for 'Disruption to Studies" application. The relevant website is provided in the 'Policies and Procedures Section' of this Unit Guide,
However, only those applications will be approved if students who have satisfactory performance in this unit. Satisfactory performance means that students mush achieve at least 50% in their coursework. If the criterion is not met in an application for special consideration subsequently, it will be rejected as 'Invalid'.
If a Supplementary Examination is granted as a result of the Special Consideration process, the examination will be scheduled as per the Supplementary Examination timetable of the Faculty. Please note that the supplementary examination will be of the similar format as the final examination.
Supplementary examination information for session 2, 2014 will be available in due course.
The Macquarie university examination policy details the principles and conduct of examinations at the University. The policy is available at:
http://www.mq.edu.au/policy/docs/examination/policy.htm
Penalties
A 'Fail' grade will be awarded to students who are absent from the final exam.
Time commitment
Your commitment to this unit should entail approximately 150 hours. An estimate of the amount of time that each task should take is shown in the following table:
Tasks
Total hours
Weekly class attendance (4 hrs per week)
52
Weekly study, preparation of homework, which includes the following components:
Assessed coursework + weekly homework (2 hrs per week)
24
Class tests (3 hrs per topic)
27
51
Assignment
20
Final examination preparation
27
Total
150
On successful completion you will be able to:
- identify users of financial information and the use of the information for decision making in business.
- understand and explain underlying accounting concepts and link them to the recording process and to the reporting of financial information.
- account for company operations and main elements of financial statements, including assets, liabilities, equity, income and expenses.
- ability to record adjusting entries, closing entries and reversing entries.
- ability to prepare a set of Financial Statements for both internal and external users.
Delivery and Resources
Classes
The unit has 4 hours face-to-face teaching per week consisting of 1x2-hour lecture and 1x2 hours tutorial.
The timetable for classes can be found on the MQC Student Porta at: https://student.mqc.edu.au/
Required and Recommended Texts and/or Materials
Prescribed textbook: Hoggett J., Medlin, J., Edwards, L., Tilling, M. and Hogg E. (2012), Accounting, 8th Edition, John Wiley & Sons Australia, Queensland [hereafter referred to as Hoggett].
Prescribed workbook
Perdisco
The practice set workbook is assessed online. See Assessment Tasks for details.
Technology Used and Required
Students require computer technology sufficient to regularly access the ACCG100 iLearn webpage via the internet and to complete the online practice set.
Unit Web Page
Unit materials, suggested solutions, announcements and other relevant information are found on iLearn for the unit at: http://ilearn.mq.edu.au.
Students are expected to visit the unit webpage on a regular basis..
Learning and Teaching Activities
There are four contact hours of teaching per week. Students are expected to read the prescribed readings and lecture materials prior to attending the lectures. Students are expected to come to class ready to discuss their answers and may be called upon to present their answers to the class. All students are expected to contribute to class discussions and are encouraged to raise any questions that they have about each weekly topic during the class.
The teaching philosophy is articulated as follows:
· Lectures – large group learning
In lectures, students are expected to grasp the main concepts and techniques that relate to the subject matter. Students are expected to read the readings corresponding to the weekly topics prior to attending lectures. Lecture materials for each week will be distributed online via the ACCG100 unit webpage on iLearn in the week before the lecture. It is the student’s responsibility to obtain a copy of the lecture notes before class, in order to make appropriate notes.
· Independent learning – learning by doing
ACCG100 relies heavily on independent learning with students required to read the relevant chapter, revise the lecture notes, prepare answers to the pre-set tutorial questions and extend themselves by doing additional reading, questions and problems.
· Tutorials – small group learning
Tutorials constitute a critical learning experience of this unit and students must attend them. The tutor will facilitate a highly student-centred discussion of answers to pre-set tutorial questions. A tutorial is also an active forum to present to the tutor difficulties that you encountered when preparing for the pre-set tutorial questions. Ask your tutor questions and further guidance on how to approach questions. The tutorial may also involve additional questions for discussion, practice and revision.
· Online practice set
You are required to complete the online practice set. You have two attempts; the higher score of the two will count towards your final mark. The practice set is an opportunity to practice your understanding of the key concepts and techniques discussed in this unit.
Unit Schedule
|
Week beginning |
Lecture topic |
Textbook chapter |
|
1 |
Role of accounting |
1 |
|
2 |
Financial statements and accounting assumptions |
2 |
|
3 |
Recording transactions |
3 |
|
4 |
Accounting systems (excluding MYOB) |
7 |
|
5 |
Adjusting entries and preparing financial statements |
4 |
|
6 |
Completing the accounting cycle |
5 |
|
7 |
Accounting for Depreciation |
20 |
|
8 |
Accounting for retailing |
6 |
|
9 |
Accounting for inventory |
19 |
|
10 |
Accounting for Receivables |
18 |
|
11 |
Cash management and control |
10 |
|
12 |
Ethics The relevant material will be posted to iLearn prior to the lecture |
Refer to iLearn |
|
13 |
Revision |
|
Learning and Teaching Activities
Lectures – large group learning
Independent learning – learning by doing
Workshops – small group learning
Online practice set
Policies and Procedures
Macquarie University policies and procedures are accessible from Policy Central. Students should be aware of the following policies in particular with regard to Learning and Teaching:
Academic Honesty Policy http://mq.edu.au/policy/docs/academic_honesty/policy.html
Assessment Policy http://mq.edu.au/policy/docs/assessment/policy.html
Grading Policy http://mq.edu.au/policy/docs/grading/policy.html
Grade Appeal Policy http://mq.edu.au/policy/docs/gradeappeal/policy.html
Grievance Management Policy http://mq.edu.au/policy/docs/grievance_management/policy.html
Disruption to Studies Policy http://www.mq.edu.au/policy/docs/disruption_studies/policy.html The Disruption to Studies Policy is effective from March 3 2014 and replaces the Special Consideration Policy.
In addition, a number of other policies can be found in the Learning and Teaching Category of Policy Central.
Student Code of Conduct
Macquarie University students have a responsibility to be familiar with the Student Code of Conduct: https://students.mq.edu.au/support/student_conduct/
Results
Results shown in iLearn, or released directly by your Unit Convenor, are not confirmed as they are subject to final approval by the University. Once approved, final results will be sent to your student email address and will be made available in eStudent. For more information visit ask.mq.edu.au.
Academic Honesty
The nature of scholarly endeavour, dependent as it is on the work of others, binds all members of the University community to abide by the principles of academic honesty. Its fundamental principle is that all staff and students act with integrity in the creation, development, application and use of ideas and information. This means that:
- all academic work claimed as original is the work of the author making the claim
- all academic collaborations are acknowledged
- academic work is not falsified in any way
- when the ideas of others are used, these ideas are acknowledged appropriately.
Further information on the academic honesty and schedule of penalties that will apply to breaches of the Academic Honesty Policy can be found at: http://www.mq.edu.au/policy/docs/academic_honesty/policy.html
If you are unsure about how to incorporate scholarly sources into your own work, please speak to your Lecturer or the Student Services team well in advance of your assessment.
Grades
Macquarie University uses the following grades in coursework units of study:
- HD - High Distinction
- D - Distinction
- CR - Credit
- P - Pass
- F – Fail
In addition, there is a requirement to pass the final examination to be awarded a final grade of a Pass or a higher grade
Grade descriptors and other information concerning grading are contained in the Macquarie
University Grading Policy which is available at:
http://www.mq.edu.au/policy/docs/grading/policy.html
For further information, please refer to page 71 of the 2013 Calendar of Governance, Legislation and Rules- Undergraduate Rules at
http://www.universitycouncil.mq.edu.au/pdfs/2013-Undergraduate_rules.pdf
Grade Appeals and Final Examination Script Viewing
If, at the conclusion of the unit, you have performed below expectations, and are considering lodging an appeal of grade and/or viewing your final exam script please refer to the following website which provides information about these processes and the cut off dates in the first instance. Please read the instructions provided concerning what constitutes a valid grounds for appeal before appealing your grade.
http://www.city.mq.edu.au/new_and_current_students/gradeappeals/
Student Support
Macquarie University provides a range of support services for students. For details, visit http://students.mq.edu.au/support/
Learning Skills
Learning Skills (mq.edu.au/learningskills) provides academic writing resources and study strategies to improve your marks and take control of your study.
Student Services and Support
Students with a disability are encouraged to contact the Disability Service who can provide appropriate help with any issues that arise during their studies.
Student Enquiries
For all student enquiries, visit Student Connect at ask.mq.edu.au
IT Help
For help with University computer systems and technology, visit http://informatics.mq.edu.au/help/.
When using the University's IT, you must adhere to the Acceptable Use Policy. The policy applies to all who connect to the MQ network including students.
Graduate Capabilities
Discipline Specific Knowledge and Skills
Our graduates will take with them the intellectual development, depth and breadth of knowledge, scholarly understanding, and specific subject content in their chosen fields to make them competent and confident in their subject or profession. They will be able to demonstrate, where relevant, professional technical competence and meet professional standards. They will be able to articulate the structure of knowledge of their discipline, be able to adapt discipline-specific knowledge to novel situations, and be able to contribute from their discipline to inter-disciplinary solutions to problems.
This graduate capability is supported by:
Learning outcomes
- identify users of financial information and the use of the information for decision making in business.
- understand and explain underlying accounting concepts and link them to the recording process and to the reporting of financial information.
- account for company operations and main elements of financial statements, including assets, liabilities, equity, income and expenses.
- ability to record adjusting entries, closing entries and reversing entries.
- ability to prepare a set of Financial Statements for both internal and external users.
Assessment tasks
- Class Tests
- Assignment
- Assessed coursework
- Final Examination
Critical, Analytical and Integrative Thinking
We want our graduates to be capable of reasoning, questioning and analysing, and to integrate and synthesise learning and knowledge from a range of sources and environments; to be able to critique constraints, assumptions and limitations; to be able to think independently and systemically in relation to scholarly activity, in the workplace, and in the world. We want them to have a level of scientific and information technology literacy.
This graduate capability is supported by:
Learning outcomes
- identify users of financial information and the use of the information for decision making in business.
- understand and explain underlying accounting concepts and link them to the recording process and to the reporting of financial information.
- account for company operations and main elements of financial statements, including assets, liabilities, equity, income and expenses.
- ability to record adjusting entries, closing entries and reversing entries.
- ability to prepare a set of Financial Statements for both internal and external users.
Assessment tasks
- Class Tests
- Assignment
- Assessed coursework
- Final Examination
Problem Solving and Research Capability
Our graduates should be capable of researching; of analysing, and interpreting and assessing data and information in various forms; of drawing connections across fields of knowledge; and they should be able to relate their knowledge to complex situations at work or in the world, in order to diagnose and solve problems. We want them to have the confidence to take the initiative in doing so, within an awareness of their own limitations.
This graduate capability is supported by:
Learning outcomes
- account for company operations and main elements of financial statements, including assets, liabilities, equity, income and expenses.
- ability to record adjusting entries, closing entries and reversing entries.
- ability to prepare a set of Financial Statements for both internal and external users.
Assessment tasks
- Class Tests
- Assignment
- Assessed coursework
- Final Examination
Effective Communication
We want to develop in our students the ability to communicate and convey their views in forms effective with different audiences. We want our graduates to take with them the capability to read, listen, question, gather and evaluate information resources in a variety of formats, assess, write clearly, speak effectively, and to use visual communication and communication technologies as appropriate.
This graduate capability is supported by:
Learning outcomes
- understand and explain underlying accounting concepts and link them to the recording process and to the reporting of financial information.
- ability to prepare a set of Financial Statements for both internal and external users.
Assessment tasks
- Assignment
- Assessed coursework
Research and Practice
This unit gives you opportunities to conduct your own research with regard to the concepts discussed in the unit. Further reading of relevant texts, academic journals and the business press is recommended to provide valuable real-life context to the concepts discussed.