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Business and Economics Unit Guide: Semester 2, 2013 Australia  Malaysia  Sout

Business and Economics Unit Guide: Semester 2, 2013 Australia  Malaysia  South Africa  Italy  India 8 MAY 2013 AFW 1002 Introduction to Financial Accounting SYNOPSIS: This unit will cover various aspects of financial accounting and builds on the principles introduced in AFW1000. Aspects associated with transaction reporting and the preparation of financial statements investigated include: the recording of inventory in a retail context, the use of control accounts, the role of specialised journals, a range of balance day-adjustments, reversing entries and account reconstruction. The unit also focuses on internal control procedures. The definition, recognition and disclosure criteria of financial statement elements are explored as well as the cost and fair value measurement of various financial statement elements Mode of delivery: ON-CAMPUS Workload: On-campus: This is a six credit point unit with three hours class contact per week over 12 teaching weeks. It is expected that you will spend, on average, nine hours in self-directed study each week, in addition to the three hours of class contact. Self-directed study for a particular unit may exceed nine hours during weeks preceding an in-semester test, submission of a major assignment or final examination. Prerequisites: Students must have passed one of the following: AFG1000, AFW1000 or AFW1001 (pre 2009) before undertaking this unit Co-requisites: Prohibitions: AFC1030, AFF1121, AFW1002 Chief examiner: Les Hardy Les.Hardy@monash.edu Campus Gippsland Contact details Email: Les.Hardy@monash.edu +61 3 990 26652 Lecturer: Jon Phillips Campus Berwick Contact details Lecturer: YB Foo Campus Malaysia Contact details Email: foo.yee.boon@monash.edu Email: foo.yee.boon@monash.edu Lecturer: Campus South Africa Contact details HANDBOOK ENTRY: http://www.monash.edu.au/pubs/2013handbooks/units/AFW1002.html Copyright © Monash University 2013 2 ACADEMIC OVERVIEW Learning objectives The learning objectives associated with this unit are to: 1. account for the recording and reporting of inventory applying the periodic and perpetual method as per issues raised in AASB 102/IAS 102. Prepare and complete balance day adjustments, closing entries and internal control systems to allow all final statements and bank reconciliations to be completed 2. apply the principles of double entry according to the reconstruction of accounts 3. demonstrate how the regulatory environment affects accounting statements in the context of a range of organizational forms 4. apply the definition and recognition criteria for elements of financial statements as per the Framework and specific international financial reporting standards. Consider accounting and accountability issues that arise from different measurement methods 5. apply critical thinking, problem solving and presentation skills to individual and/or group activities dealing with financial accounting and demonstrate in individual summative assessment task the acquisition of a comprehensive understanding of the topics covered by AFG1002. Graduate attributes Monash prepares its graduates to be: 1. responsible and effective global citizens who: a) engage in an internationalised world b) exhibit cross-cultural competence c) demonstrate ethical values 2. critical and creative scholars who: a) produce innovative solutions to problems b) apply research skills to a range of challenges c) communicate perceptively and effectively Assessment summary ASSESSMENT TASK DUE DATE VALUE Mid-Semester Test Week 5 beginning August 26 15% Assignment 7th October 15% Exam 4-22 November 70% TOTAL 100% Copyright © Monash University 2013 3 Hurdle requirement There is a hurdle requirement for this unit. The learning outcomes of this unit require you to demonstrate a comprehensive understanding of the topics covered in the unit. Hence the hurdle requirement for this unit requires that you must attain a mark of at least 50% in the final examination. If you fail the unit solely because of failure to satisfy the hurdle requirement, a mark of 48 will be determined by the faculty's Board of Examiners on the recommendation of the unit's Chief Examiner. The outcome from application of the hurdle requirement is often misunderstood by students who are awarded 48N. For example, some students mistakenly believe that 48N means they failed the final examination by two marks and that a second re-mark of their examination paper might find two extra marks. Whereas 48N does not provide any indication of the mark attained in the final examination other than a mark less than 50% was awarded. The following example should make the application of the hurdle requirement clear. In this unit 30% of the assessment regime is allocated to in-semester assessment and 70% to the final 3-hour examination. A student enrolled in this unit might achieve 25 out of 30 for their in-semester assessment and 30 out of 70 for the final examination. While the overall total of these marks is 55 P the final examination mark is five marks below the required 50%. Consequently a mark of 48N will be determined by the faculty's Board of Examiners on the recommendation of the unit's Chief Examiner. Second marking Where an assessment task is given a fail grade by an examiner, that piece of work will be marked again by a second examiner who will independently evaluate the work, and consult with the first examiner. You will not be awarded a fail grade for an assessment task or unit without a second examiner confirming the result. Note: Exceptions to this are individual pieces of assessment contributing 10% or less of the final mark, unless the total of such pieces exceeds 30% of the final mark. Return of final marks for the unit Faculty policy states that ‘the final mark that a student receives for a unit will be determined by the Board of Examiners taking into account all aspects of assessment’. The final mark for this unit will be released on Monday December 9th. Exam viewing Feedback on student performance in examinations and other end-of-semester assessment is required. The feedback should be in accordance with the University's procedures on Unit Assessment. Details of the examination script viewing arrangements set down by the Department of Accounting and Finance. Learning and teaching approach Students will be expected to work through their study materials, undertake all interactive and self- directed exercises, and contribute when appropriate to online discussions forums. The unit syllabus comprises 12 topics, with one topic dealt with each week over 12 weeks. Note taking Students are responsible for taking their own notes from the prescribed unit texts. In many instances students’ notes will provide answers to tutorial questions. On completion of required reading, students should attempt the associated tutorial questions and assignments. Students should ensure that their answers are included in their notes for each topic which will assist their revision of the material covered throughout the semester. Copyright © Monash University 2013 4 Reading and using the accounting handbook The Accounting Handbook 2012\13 should be treated as a reference book. Students are not expected to read all sections of the handbook listed under the required reading. Rather they should refer to the sections mentioned in the text, along with quotes and references made in lectures. If the issue has been covered, then the reading may stop, unless students wish to read further out of their own interest. Clearly students are encouraged to read widely. Tutorial questions and tutorials Tutorial questions in regard to each topic in this unit are provided in this unit guide. The questions are not graded in difficulty, nor do they relate exclusively to the topic under consideration. At the completion of each topic and summarisation of the text, students should review the questions with a view to answering all questions in the context of the topics objectives. In many instances a student’s notes will already have provided answers to the tutorial questions. The tutorial unit schedule only lists the minimum number of questions that should be attempted. Students are encouraged to attempt further questions from the text. Model solutions to all the listed tutorial questions will be available on Moodle on a weekly basis for internal students. Off-campus students will have all of the solutions provided to them in an OCL block on moodle from the beginning of the semester. OCL students can also discuss their tutorial answers or raise issues relating to these questions using the Moodle bulletin board. Feedback Our feedback to you will be of a continuous nature:- there will be verbal communication with individuals when appropriate; written comments on Moodle as is appropriate both to individuals and the class; written comments on assignments on an individual basis; written comments providing feedback to the whole class on assignments. Your feedback to us Monash is committed to excellence in education and research and regularly seeks feedback from students, employers and staff. One of the key formal ways students have to provide feedback is through Student Evaluation of Teacher and Units (SETU) survey. The University’s student evaluation policy requires that every unit is evaluated each year. Students are strongly encouraged to complete the surveys. The feedback is anonymous and provides the department and faculty with evidence of aspects that students are satisfied and areas for improvement. Previous student evaluations of this unit Student feedback has highlighted the following strength in this unit: Digital recording of lectures. Student feedback has also contributed to continuous improvements, including: curriculum changes to put more emphasis on the accounting handbook. Go to Unit Evaluation Reports if uploads/Litterature/ afw-1002-introduction-to-financial-accounting-unit-guide-semester-2-2013.pdf