Units

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Sample subject outline - Semester 1 2013

Note: Subject outlines often change before the semester begins. Below is a sample outline.

Rationale

All firms need to prepare financial statements at least annually. AYN416 provides a comprehensive introduction to financial accounting processes from both a practical and theoretical viewpoint. Being the first accounting unit in the Master of Business (Professional Accounting) AYN416 also provides the foundation for studies in all the other accounting related units in the degree course particularly AYN417 Financial Accounting 2 and AYN418 Financial Accounting 3.

Aims

The aim of AYN416 is to assist students in developing their knowledge and understanding of financial accounting concepts and methods, as used in practice in Australia for different types of business entities.

Objectives

The QUT Business School has established the Assurance of Learning (AOL) Goals to meet contemporary industry needs and standards. Achieving these learning outcomes will assist you to meet the desired graduate outcomes set at QUT - aligned with other internationally renowned business schools. Students will develop the following capabilities relevant to a contemporary global and sustainable business environment:

Have knowledge and skills pertinent to a particular discipline (KS)

1.1 Well-researched knowledge and critical understanding applied to issues at the forefront of a specialised discipline area
1.2 Ability to select and use effectively a range of tools and technologies to locate and/or generate information appropriate to the disciplinary context

Be critical thinkers and effective problem solvers (CTA)

2.1 Apply logical, critical and creative thinking and judgement to generate appropriate solutions to problems in the disciplinary context

Be professional communicators in an intercultural context (PC)

3.1 Ability to create and present professional documents and/or reports using high levels of analysis/synthesis/evaluation for a range of contexts and audiences
3.2 Ability to orally communicate and justify ideas and information, at a professional level, for a variety of contexts and audiences, including peers and discipline specialists

Be able to work effectively in a Team Environment (TW)

4.1 Operate effectively and with flexibility to achieve common goals in collaborative settings, using a range of skills, including leadership, negotiation, reflection, proactivity and support for team members

Have a Social and Ethical Understanding (SEU)

5.1 Apply knowledge of the ethical, social and cultural dimensions relevant to business situations, including appropriate standards or codes of practice, to provide courses of action

Unit Objectives
On completion of this unit, you should be able to:

1. Demonstrate an understanding of the importance of accounting information to the users and potential users of that information
2. Competently carry out accounting procedures using a generalised system of financial accounting in accordance with the regulatory framework
3. Prepare a set of general purpose financial reports (profit and loss statement, balance sheet, statement of changes in owners equity and a statement of cash flows) for external reporting purposes, both manually and using a computerised accounting package.

The specific course learning goals and unit objectives that apply to this unit are shown in the assessment section of this unit outline.

Content

The content of this unit has been selected with the specified aim and objectives in mind. The unit covers the accounting cycle for both, retail and merchandising operations, then examines specific issues including: accounting systems, liabilities, assets, company formation and operations. Other topics covered include the preparation of Income statement, balance sheet, statement of changes in owner's equity and statement of cash flows in accordance with the Australian equivalents to International Financial Reporting Standards (AIFRS).

Approaches to Teaching and Learning

This unit introduces basic accounting principles, applications and theoretical foundations. This is then extended to cover more detailed aspects of financial reporting in terms of technical and professional requirements. This unit will encourage students to conceptually link the theoretical aspects of financial reporting with the practical aspects enabling students to apply their knowledge in the preparation and analysis of financial statements.

Seminars commence in Week 1 and are structured to ensure student learning is facilitated by providing the basic understanding of the weekly material. This understanding is further developed through weekly reading, weekly practice questions and weekly online questions.

Lecture materials (power point slides and lecture examples) will be available each week from the QUT blackboard site: Students should download the lecture materials and bring them to the lecture each week.

Practice Questions are contained at the end of the weekly power point lecture slides and are based on the lecture material for that week. The first set of questions are to be completed by students using the 'Wiley Plus' online interactive learning package. Students will receive immediate feedback as to whether their answers are correct and can then re-attempt the questions. After the 3rd attempt the solution will be shown. This is a self-directed learning tool and the answers will not be discussed in seminars. The second sets of handwritten practical questions from the textbook extend the development of analytical and problem solving skills within the context of the 'real world' reporting requirement for accounting professionals. The solutions for these will be placed on blackboard the following week, to enable you to correct your answers.

Assessment

Students will receive feedback in various forms throughout the semester which may include:
· Informal: worked examples, such as verbal feedback in class, personal consultation
· Formal: in writing, such as checklists (e.g. criteria sheets), written commentary
· Direct: to individual students, either in written form or in consultation
· Indirect: to the whole class

Assessment name: Progressive Assessment
Description: Two progressive assessment tests will be held to ensure continuous learning. The first one in week 4 and the second in week 7, both will be conducted online.
Length/Duration: 2x 45 min
Formative or Summative: Both
Relates to objectives: Unit objectives: 1, 2, 3 and AOL goals: KS (1.1), CTA (2.1).
Weight: 20%
Internal or external: Both
Group or individual: Individual
Due date: Week 4 and 7

Assessment name: Integrated Accounting Project
Description: Students will be required to complete a financial reporting task both manually and using Quickbooks. For Quickbooks, you will use accounting software to set up the accounting records of a business, input typical transactions and prepare appropriate reports.
Length/Duration: Financial records and reports as required
Formative or Summative: both
Relates to objectives: Unit objectives: 1, 2, 3 and AOL goals: KS (1.1), KS (1.2), CTA (2.1)
Weight: 20%
Internal or external: Both
Group or individual: Individual
Due date: Week 10

Assessment name: Final Exam
Description: The final exam will cover the material from lectures 6-13 inclusive. The exam will consist of practical questions, short answer questions and a specific question emphasising written communication skills.
Length/Duration: 2 hours
Formative or Summative: Summative
Relates to objectives: Unit objectives: 1, 2, 3 and AOL goals: KS (1.1), CTA (2.1), PC (3.1), SEU (5.1)
Weight: 60%
Internal or external: Internal
Group or individual: Individual
Due date: Central Exam Period

Academic Honesty

QUT is committed to maintaining high academic standards to protect the value of its qualifications. To assist you in assuring the academic integrity of your assessment you are encouraged to make use of the support materials and services available to help you consider and check your assessment items. Important information about the university's approach to academic integrity of assessment is on your unit Blackboard site.

A breach of academic integrity is regarded as Student Misconduct and can lead to the imposition of penalties.

Resource materials

Before purchasing any text for this unit, please ensure that the prescribed text is the one that will be used for the semester you are studying. Prescribed texts are sometimes updated very close to the start of the semester.
Text
Weygandt, Chalmers, Mitrione, Fyfe, Kieso and Kimmel. (2012). Principles of Financial Accounting (3rd edition). John Wiley & Sons. Australia Ltd.
Other Resources
AYN416 powerpoint slides and other materials will be provided on the AYN416 Blackboard site: .
Quickbooks Student Edition V19. This is available in the Faculty of Business computer labs in B and Z Block. However if you wish to use the software at home or if you do not have access to the computer labs, you have to purchase a copy from the bookshop.

Suggested References
The following are useful references, including textbooks and websites. Additional references can also be found at the unit's Blackboard site:
Horngren, Harrison, Bamber, Best, Fraser and Willett. (2007). Accounting. (5th edition). Pearson Prentice Hall (Australia) Pty Ltd. Sydney.
Peirson and Ramsay. (2006). Financial Accounting. (4th edition). Pearson Prentice Hall (Australia) Pty Ltd. Sydney.
www.wileyplus.com.au
www.aasb.com.au

Risk assessment statement

There are no out-of-the-ordinary risks associated with lectures or tutorials in this unit. You should, however, familiarise yourself with evacuation procedures operating in the buildings in which you attend classes and take the time to
view the Emergency video.

Disclaimer - Offer of some units is subject to viability, and information in these Unit Outlines is subject to change prior to commencement of semester.

Last modified: 11-Feb-2013