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PDC5112 Advanced Accounting Systems with MYOB

Full Year, 2012 External Toowoomba
Units : 0.33
Faculty or Section : Faculty of Business and Law
School or Department : School of Accounting, Economics and Finance
Version produced : 30 December 2013

Contents on this page

Staffing

Examiner: Mark Vallely
Moderator:

Requisites

Pre-requisite: PDC5111 for FBSC Group Students Only

Other requisites

Students are required to have access to a personal computer, e-mail capabilities and Internet access to UConnect. Current details of computer requirements can be found at <http://www.usq.edu.au/current-students/support/computing/hardware>.

Rationale

This course builds on the knowledge you gained from the study of PDC5111. In that course we focused on service providers as a means of introducing you to accounting systems, financial accounting reports and the use of this information by decision-makers in the business world. In this course, we will revise and extend your knowledge of accounting systems by examining the operation of firms in the retail sector. Retail operations raise a number of issues in relation to the measurement of assets, the timing of revenue recognition and the matching of revenue and expense. We will continue our study of the industry-leading MYOB software and complete both the expenditure and revenue cycles.

Synopsis

In this course you will extend your knowledge of the accounting process by closely examining the operation of retail firms. Emphasis is placed on the recording, measurement and control of the major assets inventory and receivables, the issue of revenue/profit recognition and the links between the income statement and balance sheet that arise through our use of accrual accounting. You will learn about two methods of accounting for inventory by retailers (the perpetual and periodic systems) and a number of different methods used to measure inventory (e.g. FIFO, LIFO and weighted-average). In relation to receivable assets you will investigate the timing of revenue recognition, which gives rise to receivables, and the issue of accounting for bad debts. Finally, you will continue to build upon your knowledge of computerised accounting systems (MYOB AccountRight Enterprise v. 19) by completing the expenditure and revenue cycles for the detailed case study Dee Why Golf Range. Our emphasis in the case study is on the design of the system, which must be able to produce detailed information for managers (e.g. sales analysis), statutory reports (e.g. a Business Activity Statement) and summary financial statements. This course is designed to provide you with a solid foundation for further study in PDC5113.

Objectives

On successful completion of this course, students should be able to:

  1. in relation to the major current asset and liability accounts (a) describe and discuss the relevant assumptions, principles and regulations related to their recognition, measurement and reporting and (b) perform calculations, record transaction entries and prepare reports for a sample set of financial data using formats and methods in conformity with regulatory or professional requirements
  2. use the accounting software MYOB AccountRight Enterprise v. 19, (a) to create inventory and other items used in the expenditure cycle and to record expenditure cycle related business transactions (e.g. purchases, returns and supplier payments) and (b) in relation to the revenue cycle, set-up system preferences, create customer cards and record revenue cycle related transactions (e.g. sales, returns, customer payments and bank deposits).

Topics

Description Weighting(%)
1. Retailing operations 20.00
2. Retail inventory measurement 20.00
3. Completing the expenditure cycle and MYOB 20.00
4. Profit recognition and measurement 20.00
5. The revenue cycle 20.00

Text and materials required to be purchased or accessed

ALL textbooks and materials available to be purchased can be sourced from USQ's Online Bookshop (unless otherwise stated). (https://bookshop.usq.edu.au/bookweb/subject.cgi?year=2012&sem=04&subject1=PDC5112)

Please contact us for alternative purchase options from USQ Bookshop. (https://bookshop.usq.edu.au/contact/)

  • Horngren, CT, Harrison, WT Jr, Best, PJ, Fraser, DJ & Willett, R 2010, Financial accounting, 6th edn, Pearson Education, Frenchs Forest, New South Wales.
  • Vallely, M 2010, MYOB a hands on approach: AccountRight Enterprise v. 19 + MYOB CD, 5th edn, Pearson Education, Frenchs Forest, New South Wales.
    (MYOB AccountRight Enterprise v. 19 - STUDENT VERSION Software (this is included in the Vallely textbook PLEASE DO NOT ATTEMPT TO USE ANOTHER VERSION OF MYOB.)

Reference materials

Reference materials are materials that, if accessed by students, may improve their knowledge and understanding of the material in the course and enrich their learning experience.
  • Bazley, M & Hancock, P 2010, Contemporary accounting, 7th edn, Cengage Learning, South Melbourne, Victoria.
  • Birt, J, Chalmers, K, Brooks, A, Byrne, S & Oliver, J 2011, Accounting: business reporting for decision making, 3rd edn, John Wiley & Sons, Milton, Queensland.
  • Deegan, C 2010, Australian financial accounting, 6th edn, McGraw Hill, North Ryde, New South Wales.
  • Henderson, S, Peirson, G & Herbohn, K 2010, Issues in financial accounting, 14th edn, Pearson Education, Frenchs Forest, New South Wales.
  • Hoggett, JR, Edwards, L & Medlin, JF 2011, Accounting, 8th edn, John Wiley & Sons, Milton, Queensland.
  • Marshall, DH, McManus, WW & Viele, DF 2011, Accounting: what the numbers mean, 9th edn, McGraw Hill/Irwin, Boston, Massachusetts.
  • Picker, R, Leo, K, Alfredson, K, Radford, J, Pacter, P & Wise, V 2010, Australian accounting standards, 2nd edn, John Wiley & Sons, Milton, Queensland.
  • Porter, GA & Norton, CL 2011, Financial accounting: the impact on decision makers, 7th edn, South Western Cengage Learning, Mason, Ohio.
  • Summers, J & Smith, B 2010, Communication skills handbook, 3rd edn, John Wiley & Sons, Milton, Queensland.
  • Weygandt, J, Chalmers, K, Mitrione, L, Fyfe, M, Kieso, D & Kimmel, P 2010, Principles of financial accounting, 2nd edn, John Wiley & Sons, Milton, Queensland.

Student workload requirements

Activity Hours
Directed Study 20.00
Private Study 20.00

Assessment details

Description Marks out of Wtg (%) Due Date Notes
PROJECT 100 100 TBA

Important assessment information

  1. Attendance requirements:
    Not applicable.

  2. Requirements for students to complete each assessment item satisfactorily:
    Not applicable.

  3. Penalties for late submission of required work:
    Not applicable.

  4. Requirements for student to be awarded a passing grade in the course:
    Not applicable.

  5. Method used to combine assessment results to attain final grade:
    Not applicable.

  6. Examination information:
    Not applicable.

  7. Examination period when Deferred/Supplementary examinations will be held:
    Not applicable.

  8. University Student Policies:
    Students should read the USQ policies: Definitions, Assessment and Student Academic Misconduct to avoid actions which might contravene University policies and practices. These policies can be found at http://policy.usq.edu.au.