Ayb200 Week 1 Question Paper

Queensland University of Technology

QUT Business School
School of Accountancy

WEEK 1 UNIT INFORMATION – 2011

In addition to the Official Unit outline found on QUT Virtual this document will provide specific information about the unit as it will run this semester.

AYB200; Financial Accounting

Semester
Semester 2, 2011
Unit Coordinator

Name: Dr. Jodie Nelson
Phone: [phone]
Fax: [phone]
Room: B329
Email: [e-mail]
Consultation Times
Times will be posted on Blackboard by the end of Week 1
Co-requisites
Nil
Pre-requisites
BSB110
Anti-requisites
Nil
Teaching Team (full-time staff)

Name: Dr. Jodie Nelson
Phone: [phone]
Fax: [phone]
Room: B329
Email: [e-mail]
Name: Assoc. Prof Helen Irvine
Phone: [phone]
Fax: [phone]
Room: B327
Email: [e-mail]
School Contact (if unable to contact teaching team)
School of Accountancy Office, Level 3, B Block, Gardens Point.
Phone [phone]
Fax [phone]
Email [e-mail]
Contact Hours
Lecture: 2 hours per week
Tutorial: 1 hour per week
Consultation Times: Consultation times will be posted on the Blackboard site by the end of Week 1.
As this is a 12 credit point unit, students are expected to spend 12 hours per week studying. As there are 3 hours of contact, you are expected to spend on average an extra 9 hours in your own time, studying and completing all assessment items.
Mode of Offering
This unit is not offered in the form of external study. While resources such as lecture recordings and tutorial solutions may be made available, it is expected that students will attend class and participate, such that electronic resources are used in addition to attendance at scheduled classes.
Blackboard
You are deemed to have full knowledge of all information posted on the unit Blackboard site http://blackboard.qut.edu.au. It is vital that you check the Blackboard site and your QUT student email account on a regular basis for all important administrative announcements regarding this unit.
All material on the unit Blackboard site will be removed on the day of the final exam for this unit. It is your responsibility to ensure that you have copies of all materials before this date.
Development of Graduate Capabilities/Assurance of Learning Goals
The QUT Business School has established the Assurance of Learning Goals (AOLs) to meet contemporary industry needs and standards. Achieving these learning outcomes will assist you to meet the desired graduate outcomes set at QUT and are aligned with other internationally accredited business schools. These AOLs are described on page 8 and the specific contribution of this unit to the overall development of the learning goals in the School of Accountancy units is shown on page 9.

MODIFICATIONS TO UNIT FROM STUDENT FEEDBACK
In response to student feedback, the content of the subject was reviewed for Semester 2, 2011 and the assessment requirements have been modified. In order to ensure that the assessment tasks more appropriately support your learning, the mid-semester exam has been removed and replaced with weekly tutorial work. The tutorial work is to be undertaken prior to the tutorial and comprise exam-related questions. The tutorial work comprises two types of questions, practical and critical thinking. The tutorial work will be collected each week and marked at random 5 times during the semester and are worth 5% each. The best 4 of 5 collections will count towards the overall 20% available for tutorial work. The tutorial work will be corrected in class by the student and then handed in. The work will be marked for ‘accuracy’. The weekly tutorial work is designed to develop a more independent, active and deeper learning process. The overall objective is to ensure that you have the opportunity to participate in the weekly tutorial class to the best of your ability and to receive a constant level of feedback and guidance. By adopting the role of “self-marker” in you will receive a clear understanding of not only the relevant solutions but also the level of understanding required for the final exam. Critical Thinking workshops have been introduced for the first time this semester to assist students in understanding the concept of Critical Thinking and provide assistance to students in learning how to answer (and structure their answer) to Critical Thinking based questions.

CONTENT

Week
Week Commencing
Content
References / Readings
1

26/07/2011
Overview of the Australian External Financial Reporting Environment
The Conceptual Framework of Accounting and Its relevance to the Financial Accounting
Chapters 1 and 2
Deegan: Financial Accounting Theory 6ed. Chapter 3.
2

2/08/2011
Partnerships
Identify the characteristics of a partnership
Account for the partners’ investments in a partnership
Allocate profits and losses to the partners
Account for the admission and withdrawal of partner
Guest Lecturer - Critical Thinking
Horngren et al Chapter 13 pp 524-562.

Available on Blackboard under CMD
3

9/08/2011
Companies
Shareholders’ Equity (Introduction)
Different Classes of Shares
Key Features of the Corporate Structure
Accounting for the Issue of Share Capital
Over and Under Subscription
Critical Thinking Workshops (Optional):
1. 12-1pm RoomO412
2. 3-4pm RoomS410
3. 5-6pm RoomC405
Chapter 14

4

16/08/2011
Equity
Bonus Issues and Rights Issues
Share Options
Retained Earnings
Reserves

Guest Lecturer – Written Communication
Chapter 14
5

23/08/2011
Assets I
Definition and Recognition Criteria
Determining Acquisition Cost
Asset Disposal
Measurement Models – Cost or FV
Revaluation
Chapters 4 and 6

6

30/08/2011
Assets II
Intangible Assets

Critical Thinking Workshops (Optional):
1. 12-1pm RoomO412
2. 3-4pm RoomS410
3. 5-6pm RoomC405
Chapter 8

7

6/09/2011
Liabilities I
Definition and Recognition criteria
Implications of Reporting liabilities Provisions
Contingent Liabilities
Chapter 10:
8

13/09/2011
Liabilities II
Accounting for Debentures and Employee Benefits
Chapter 13
9

20/09/2011
Cash Flow Statements
Why cash flow statements?
AASB107 Statement of Cash Flows
Operating Cash Flows
Investing Cash Flows
Financing Cash Flows
Critical Thinking Workshops (Optional):
1. 12-1pm RoomO412
2. 3-4pm RoomS410
1. 3. 5-6pm RoomC405
Chapter 20
Assignment Due – 6pm Tuesday 13th September
26th September – 30th September – Mid Semester Break
10

4/10/2011
Cash Flow Statements
Constructing a cash flow statement
Chapter 20
11

11/10/2011
Income & Expenses and Presentation of Financial Statements
Definition and recognition
Introduction to Income Taxes
Presentation of Financial Statements
Chapters 16 and 17
12

18/10/2011
Leases
Lessee Accounting for Finance and Operating Leases
Accounting by Lessors
Implications for Accounting-Based Contracts
Chapter 11
13
25/10/2011
Revision Lecture

ASSESSMENT

The assessment in this unit aims to support your achievement of the learning outcomes for both Discipline Knowledge and Other Graduate Capabilities. Assessment has been designed in order to allow you to:
Receive feedback on your learning as you progress toward the development of knowledge, understanding, skills and attitudes (formative assessment); and
Demonstrate your learning in order to achieve a final grade (summative assessment).

Summary of Assessment

Item
Title
Learning Outcomes (Unit Objectives and AOL Goals)
Due Date
Weight
Type
(Formative, Summative or both)
1.
Weekly Tutorial Work
1, 2, 3, KS, CTA
Weekly
20%
Both
2.
Assignment
1,2,3, KS, CTA, PC
Week 8
13th September
6pm – Assignment Minder
25%
Both
3.
Final Examination
1, 2, 3, KS, CTA
During central examination period
55%
Summative

Total

100%

Details of Assessment

Assessment item No.:
1
Assessment type:
Weekly Tutorial Work
Assessment name:
Weekly Tutorial Work
Description:
These weekly tasks comprise exam-related content questions.
The tutorial work comprises two types of questions, practical and critical thinking. The tutorial work will be collected each week and marked at random 5 times during the semester and are worth 5% each with the best 4 of 5 collections will count towards the overall 20% available for tutorial work. The tutorial work will be corrected in class by the student and then handed in. The tutorial work must be typed and accompanied by the provided coversheet.

The weekly tutorial-based work is designed to develop a more independent, active and deeper learning process. The overall objective is to ensure that you have the opportunity to participate in the weekly tutorial class to the best of your ability and to receive a constant level of feedback and guidance. By adopting the role of “self-marker” in you will receive a clear understanding of not only the relevant solutions but also the level of understanding required for the final exam. Tutorial work will not be accepted late or sent via email, without a medical certificate.
Length / Duration:
Based on questions set
Formative or Summative:
Both
Relates to learning
outcomes:
Unit objectives: 1, 2, 3 and AOL goals: KS (1.1)
Weighting:
20%
Internal / External:
Internal
Individual / Group:
Individual
Due date:
Weekly

Assessment item No.:
2
Assessment type:
Report
Assessment name:
Business Report
Description:
The assignment will require students to research and write a business report to the accounting firm’s partners responding to an accounting situation and to submit the assignment via Assignment Minder. Students are required to submit both a hard copy and soft copy of their assignment. Penalties will apply for late submission as detailed below.
Length / Duration:
1000 (+/- 10%) words
Formative or Summative:
Both
Relates to learning outcomes:
Unit objectives: 1, 2, 3 and AOL goals: KS (1.1), CTA (2.1), PC (3.1)
Weighting:
25%
Internal / External:
Internal
Individual / Group:
Individual
Due date:
Week 8

Assessment item No.:
3
Assessment type:
Exam
Assessment name:
End of Semester Examination
Description:
The final examination will be held in the formal examination period at the end of the semester, with the date and time of the exam set by Central Examinations. It will consist of both practical and critical thinking questions and will cover all lecture weeks – i.e. from Weeks One to Twelve. Detailed information will be provided closer to the examination.
Length / Duration:
2 hours working + Perusal
Formative or Summative:
Summative
Relates to learning outcomes:
Unit objectives: 1, 2, 3 and AOL goals: KS (1.1), CTA (2.1), PC (3.1)
Weighting:
55%
Internal / External:
Internal
Individual / Group:
Individual
Due date:
Central Exam Period

Penalty for Late Submission of Assessment

A penalty of 10% of the total mark per day will be applied to late submission of assignments without the prior approval of the Unit Coordinator.

Assignment Minder

Assignment Minder is the University’s assignment submission and collection service. Students are required to submit all assignments through Assignment Minder unless instructed otherwise. Assignments can be submitted at any campus but must be collected from the campus students attend for that unit. Students will be notified via e-mail when they can collect their assignment.

Assignments of A4 size must be submitted in a document wallet. All assignments must be submitted with an assignment submission form (located on all Blackboard sites).

Students should refer to the website http://www.am.qut.edu.au for further information and submission details.

Assessment Feedback Procedures

Please ensure you keep a copy of all work submitted for assessment during the Semester. Students are encouraged to see the Unit Coordinator or other nominated staff to review assignments and examination papers after the marks for these items of assessment have been released. This is the initial step to be undertaken if you wish to review your grade.

Review of Grade Procedures

Any student who believes that an error has been made or an injustice done, with regard to a final grade for a unit, may request a review of the grade. Students should consult the MOPP Chapter E 9.1 Review of grades and academic rulings with regard to the process to follow.

Determining Final Grades

The Business Academic Board determines student grades. The Unit Coordinators provide the detailed assessment results to the Board, working through the relevant School. These results are advisory in nature and do not necessarily constitute the final grades awarded by the Board. In its decisions the Board compares results both within units and programs, using as a guide a set of standard distribution criteria. These criteria help the Board to ensure consistency in the marking and grading of students as applied across the QUT Business School. These guidelines are not applied in a prescriptive fashion.

Student Rules and Assessment Procedures

Students are responsible for both knowing and abiding by all rules relating to assessment, academic dishonesty, non-discriminatory language, conduct and performance as contained in the QUT Manual of Policies of Procedures and the Student Charter. For further information on academic dishonesty refer to the following links:
QUT Manual of Policies and Procedures C/5.3
QUT Student Rule 29
Faculty of Business’ Academic Skills for Success ‘How to Avoid Plagiarism’ (Pp. 93-96)

STUDENT CONSULTATION & COMMUNICATION

Consultation hours (shown on page 1) are set times available for you to meet with your lecturer/tutor to discuss any aspects of work covered in this unit. In order for this time to be productive, you must demonstrate that you have first attempted to work on your own and bring the work completed with you to the consultation, along with specific questions you wish to ask.

Use of Email
You must ensure that your email account is active.
You must check your email on a regular basis.
Emails to staff must clearly state: your name and student number; the unit code, i.e. AYB200; and other details as relevant, such as your tutorial time, tutor’s name, and your contact number.
No response will be given to emails not containing the above information.
Lecturers and tutors will not respond to email queries where answers can be found in the unit outline and/or the Blackboard site.
Staff will attempt to answer emails promptly. However, you should not expect a response over weekends, public holidays and out of office times.

Professionalism
This unit is one component of an accountancy degree which aims to prepare students to work in a professional business environment. The accounting profession requires graduates who have strong interpersonal and communication skills. Working in a professional setting requires communication with colleagues and clients by email, discussions, and telephone calls in a professional manner at all times. Throughout your study, you will be required to communicate with other students and staff. It is our expectation that all of these communications will be in a professional and business-like manner. QUT has clear policies on the appropriate use of e-mail, and action will be taken where these policies are not adhered to. This includes the unauthorised use of group e-mails, and e-mails which include inappropriate language. It is important that students consider their actions, and communicate in a reasoned, timely, and professional manner (e.g. sending an e-mail once the relevant issue has been reflected upon, rather than sending an e-mail in haste).

In addition, many units in accounting require you to work in a team. Professional behaviour in teams means you should show respect and cooperation towards your fellow team members. In all interactions during the course of your studies, the assumption will be that you are in a work environment, and therefore will act accordingly.

RESOURCE MATERIALS

Texts
Deegan, C. (6th. ed.), 2010, Australian Financial Accounting, McGraw Hill, North Ryde, NSW, Australia Ltd. (Custom textbook prepared by Jodie Nelson for Queensland University of Technology).

References
Picker, R. et. al. (2nd ed.), 2009. Australian Accounting Standards. John Wiley & Sons Australia Ltd.
Alfredson, K. et.al. (2nd. ed.), 2009. Applying International Financial Reporting Standards. John Wiley & Sons Australia Ltd.
CPA Australia, 2011, Accounting Handbook. Pearson Australia.

Other Resources
Accounting Fundamentals documents
Australian Accounting Standards – www.aasb.com.au
Additional references can also be found at the unit’s Blackboard site.

UNIT COSTS TO STUDENTS

“There are no out-of-the-ordinary costs associated with this unit.”

You will be expected to:
Purchase the prescribed textbook
Print lecture and tutorial materials and appropriate documents from the Blackboard site and/or the CMD

QUT
SCHOOL OF ACCOUNTANCY
ASSURANCE OF LEARNING GOALS

AIM: To prepare QUT Accountancy graduates for lifelong learning and to be highly employable in the accounting profession.

The Faculty of Business has established the Assurance of Learning Goals to meet contemporary industry needs and standards. Achieving these learning outcomes will assist you to meet the desired graduate outcomes set at QUT and are aligned with other internationally accredited business schools.

Assurance of Learning Goals:

1. Have knowledge and skills pertinent to a particular discipline (KS)
1.1 Integrate and apply disciplinary theory and skills to practical situations
1.2 Incorporate the use of technology appropriate to the discipline and context

2. Be critical thinkers and effective problem solvers (CTA)
2.1 Identify, research and critically analyse information relevant to a business problem or issue, be able to synthesise that information in order to evaluate potential solutions, make recommendations or otherwise effectively address the problem or issue

3. Be professional communicators in an intercultural context (PC)
3.1 Communicate effectively through written tasks appropriate to varied contexts and audiences
3.2 Communicate effectively through professional oral presentations appropriate to varied contexts and audiences

4. Be able to work effectively in a Team Environment (TW)
4.1 Demonstrate effective team skills in order to contribute appropriately to the production of a group output

5. Have a Social and Ethical Understanding (SEU)
5.1 Apply ethical reasoning, standards or codes of practice relevant to the discipline and make decisions that are informed by social and cultural understanding.

UNDERGRADUATE ACCOUNTANCY ASSURANCE OF LEARNING GOALS (AOLs) MAPPING TABLE

ASSURANCE OF LEARNING GOALS (AOLs) MAPPING TABLE – UNDERGRADUATE

Week 1 Unit Information Document prepared by: Dr. Jodie Nelson Date: 18 July 2011