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ACC1102 Financial Accounting

Semester 2, 2013 On-campus Toowoomba
Units : 1
Faculty or Section : Faculty of Business and Law
School or Department : School of Accounting, Economics and Finance
Version produced : 21 July 2014

Contents on this page

Staffing

Examiner: Afzalur Rashid
Moderator: Ratna Paudyal

Requisites

Pre-requisite: ACC1101

Other requisites

We recommend that you have completed CIS1000 Information Systems Concepts as we expect you to have sound computer skills, and in particular, a good knowledge of Microsoft Excel. The study resources for this course are provided online via the course home page. 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 is the first course in the accounting major and the second course in the Financial Accounting stream. The course assumes prior knowledge from ACC1101 and is a pre-requisite for ACC2115 and ACC3101. The course expands on the knowledge from ACC1101 in that it specifically focuses on the financial reporting requirements for reporting entities. The course also develops skills in the creation and design of an electronic accounting system using the popular MYOB software.

Synopsis

This course follows on from ACC1101, in which you learnt about the accounting cycle through the use of a manual accounting system. In this course you will build upon your knowledge by studying the use of a computerised accounting system (MYOB AccountRight Enterprise v. 19). You will work on a detailed case study in which you create a company file, set up a chart of accounts, record business transactions and adjusting entries and produce financial reports. The emphasis in the case study is on the design of the system, which must be able to produce detailed information for managers, statutory reports (such as a Business Activity Statement) and summary financial statements. In this course you will also consider the information provided by reporting entities through their financial statements (statement of financial position, statement of comprehensive income, statement of changes in equity and statement of cash flows). You will study a number of specific accounting standards and generally accepted accounting principles (GAAP) in this course, including accounting for inventory, receivables and long-term assets, such as property, plant and equipment, intangible assets and goodwill. Finally, you will be required to prepare each of the financial statements and understand and apply the recognition, measurement and disclosure requirements of the accounting standards and GAAP (for example, revenue recognition). Formerly ACC2103.

Objectives

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

  1. demonstrate professional literacy through a knowledge of the regulatory environment and the various regulations (accounting procedures and reporting practices) which impact on the information provided by reporting entities
  2. demonstrate professional literacy by processing a series of transactions and preparing financial reports consistent with a number of accounting standards and generally accepted accounting principles and (GAAP)
  3. demonstrate professional literacy by describing and explaining how different accounting choices can impact on the financial information reported in the financial statements
  4. demonstrate professional literacy by using accounting software, including Microsoft Excel and MYOB AccountRight Enterprise v. 19 to create a company file and chart of accounts, record business transactions and events, prepare accounting worksheets, analyse financial information, and produce financial reports, including statutory reports such as a BAS statement
  5. demonstrate the information literacy and numeracy skills required by accountants by applying financial mathematics to problems facing contemporary firms.

Topics

Description Weighting(%)
1. Retailing operations 8.00
2. Retail inventory measurement 8.00
3. Introduction to MYOB 9.00
4. Completing the expenditure cycle and MYOB 8.00
5. MYOB – revenue cycle and end of month process 8.00
6. Working capital accounts 9.00
7. Property plant and equipment 8.00
8. Accounting for companies 8.00
9. The presentation of financial statements 9.00
10. The statement of comprehensive income 9.00
11. The statement of cash flows 8.00
12. Intangible assets 8.00

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=2013&sem=02&subject1=ACC1102)

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

  • 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.)
  • Horngren, CT, Harrison, W, Oliver, S, Best, P, Fraser, D, Tan, R & Willet, R 2013, Financial accounting, with My accounting lab, 7th edn, Pearson Australia, Frenchs Forest, New South Wales OR Horngren, CT, Harrison, W, Oliver, S, Best, P, Fraser, D, Tan, R & Willet, R 2013, Accounting, with My accounting lab, 7th edn, Pearson Australia, Frenchs Forest, New South Wales.
  • Pearson Custom Book 2010, ACC1102 Issues in financial accounting, Pearson Education Australia, Frenchs Forest, New South Wales. (The Pearson Custom Book is published for USQ purposes and is only available for purchase from the USQ Bookshop. It is comprised of selected chapters from Henderson, Peirson and Herbohn 2010, Issues in financial accounting, 14th edn, Pearson Education Australia, Frenchs Forest, New South Wales.).
  • The Pearson custom book and the MYOB textbook can be purchased as a package. Some students could already have the Horngren Accounting 7th edn textbook from prior studies (it must be the 7th edn) and will only need to purchase the package. All other students are required to purchase the package and the Horngren Financial accounting with My accounting lab, 7th edn textbook.

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.
  • 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.
  • Picker, R, Leo, K, Alfredson, K, Radford, J, Pacter, P & Wise, V 2010, Australian accounting standards, 2nd edn, John Wiley & Sons, Milton, Queensland.
  • 2012, Accounting handbook, Pearson Education, Melbourne, Victoria.

Student workload requirements

Activity Hours
Assessments 24.00
Directed Study 48.00
Private Study 93.00

Assessment details

Description Marks out of Wtg (%) Due Date Notes
QUIZ 1 5 5 09 Aug 2013 (see note 1)
MYOB CASE STUDY 25 25 11 Sep 2013
QUIZ 2 5 5 13 Sep 2013
QUIZ 3 5 5 20 Sep 2013
EXAMINATION - PART A 30 30 End S2 (see note 2)
EXAMINATION - PART B 30 30 End S2

NOTES
  1. Three on-line quizzes will be available on the course homepage. Refer to the Quiz Instructions PDF file on the course homepage for details of the module to be assessed in each quiz and the opening and closing dates for each quiz. For more information about the on-line quizzes, please refer to the introductory materials.
  2. The examination is scheduled to be held in the end-of-semester examination period. Students will be advised of the official examination date for exam (parts A and B) after the timetable has been finalised. The total working time for exam (parts A and B) is 2 hours.

Important assessment information

  1. Attendance requirements:
    It is the students' responsibility to attend and participate appropriately in all activities (such as lectures, tutorials, laboratories and practical work) scheduled for them, and to study all material provided to them or required to be accessed by them to maximise their chance of meeting the objectives of the course and to be informed of course-related activities and administration.

  2. Requirements for students to complete each assessment item satisfactorily:
    To satisfactorily complete an individual assessment item a student must achieve at least 50% of the marks. (Depending upon the requirements in Statement 4 below, students may not have to satisfactorily complete each assessment item to receive a passing grade in this course.)

  3. Penalties for late submission of required work:
    If students submit assignments after the due date without prior approval of the examiner, then a penalty of 5% of the total marks gained by the student for the assignment may apply for each working day late up to ten working days at which time a mark of zero may be recorded.

  4. Requirements for student to be awarded a passing grade in the course:
    To be assured of receiving a passing grade a student must achieve at least 50% of the total weighted marks available for the course.

  5. Method used to combine assessment results to attain final grade:
    The final grades for students will be assigned on the basis of the aggregate of the weighted marks obtained for each of the summative assessment items in the course.

  6. Examination information:
    This is a restricted examination. Candidates are allowed access only to specific materials during the examination. The only materials that candidates may use in the restricted examination for this course are:
    1. writing materials. These must be non-electronic and free from material which could give the student an unfair advantage in the examination.
    2. calculator which cannot hold textual information. The student must indicate on the examination paper the make and model of any calculator(s) used during the examination.
    3. unmarked non-electronic translation dictionary (but not technical dictionary). A student whose first language is not English may take an appropriate dictionary into the examination room. A dictionary with any handwritten notes will not be permitted. Translation dictionaries will be subject to perusal and may be removed from the candidate's possession until appropriate disciplinary action is completed if found to contain material that could give the candidate an unfair advantage.
    Students are not permitted to take mobile telephones, pagers or other electronic means of communication into the examination room.

  7. Examination period when Deferred/Supplementary examinations will be held:
    Any Deferred or Supplementary examinations for this course will be held during the next examination period.

  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.

Assessment notes

  1. Assignments:
    1. Students must submit their assignment files online using EASE.
    2. Students must retain a copy of each assignment file submitted for assessment. This must be produced within 24 hours if required by the examiner.
    3. In accordance with university policy, the examiner may grant an extension of the due date of an assignment in extenuating circumstances.
    4. The assignment files must be submitted by 11.59pm on the due date using USQ time (as displayed on the clock on the course home page; that is, Australian Eastern Standard Time).


  2. Referencing in assignments:
    Harvard (AGPS) is the referencing system required in this course. Students should use Harvard (AGPS) style in their assignments to format details of the information sources they have cited in their work. The Harvard (AGPS) style to be used is defined by the USQ Library's referencing guide at http://www.usq.edu.au/library/referencing.

  3. Course weightings:
    Course weightings of topics should not be interpreted as applying to the number of marks allocated to questions testing those topics in an examination paper. The examination may test material already tested in assignments.

  4. Dishonest actions:
    1. Any student who is alleged to have performed a dishonest action relating to any assessment in the course will have a course of action taken against him/her as outlined in the academic regulations.
    2. Pieces of assessment should be the work of individual students. Joint pieces of assessment are not permitted unless written approval has been obtained from the examiner.
    3. Dishonest action in relation to assessment includes: copying or attempting to copy the work of others; use of or attempting to use information prohibited from use in that form of assessment; submitting the work of another as your own; consciously committing acts of plagiarism, that is, taking and using another's thoughts or writings as one's own with intent to deceive, which occurs when paragraphs, sentences, a single sentence or significant parts of a sentence which are copied directly, are not enclosed in quotation marks and appropriately footnoted or referenced in the text; direct quotations are not used, but text is paraphrased or summarised, and the source of the material is not acknowledged by footnoting or other reference in the text.


Other requirements

  1. Computer, e-mail and Internet access:
    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.

  2. Communication:
    All formal communication from the examiner will be distributed by email to the student’s Umail address; therefore students are expected to access their email correspondence on a regular basis.