Hello, if you have any need, please feel free to consult us, this is my wechat: wx91due
ACFI1002: Accounting Practice
OVERVIEW
Course Description
Accounting Practice extends both the knowledge and skills developed in Accounting for Decision Makers (ACFI1001). It examines the fundamental principles underpinning accrual accounting and financial reporting providing you with the technical skills of accounting, including the analysis, recording, preparation and interpretation of accounting information. Your understanding of the accounting professions' standards of practice will be further enhanced.
Contact Hours
Workshop
Face to Face on Campus A three (3) hour Workshop per week for Full Term
Students are expected to complete 4 hours of guided learning via online preparation, lectures, interactive workshops, tutorials, discussion groups or self-directed learning and an additional 6 hours of independent study per week.
|
Contact Hours Requirement |
||
|
There is a compulsory attendance requirement in this course. |
3 hour Workshop per week for Full Term |
All students must participate in 80% of all workshop activities in this course. |
Students can check-in using the app or advise the academic staff member at the commencement of the session if they need the staff member to check-in on their behalf. All students’ attendance will be recorded using the myUON app. Please note: The 80% attendance requirement applies to ALL students enrolled in 1000 level courses.
Unit Weighting
10
Assumed Knowledge
ACFI1001 Accounting for Decision Makers
Workload
Students are required to spend on average 120-140 hours of effort (contact and non-contact) including assessments per 10 unit course.
Please refer to the course CANVAS site for details of teaching staff for ALL course offerings. The primary contact for courses is the Course Coordinator, whose details are listed on the course CANVAS site.
Student Consultation
A minimum of one (1) hour of consultation per week. Please see course CANVAS site for details of time and location.
Course Learning Outcomes
On successful completion of this course, students will be able to:
1. Apply the double-entry system to a transaction data set, and manually proceed through the steps of the accounting cycle;
2. Apply the double-entry system to problems involving the purchase, valuation and recognition, and disposal of inventory and non-current assets;
3. Employ appropriate methods to record receivables and bad debts;
4. Prepare a bank reconciliation and related journal entries;
5. Identify, explain and critically appraise the principles underlying the procedures identified in 1-4 above;
6. Prepare financial reports (Income Statement, Balance Sheet and Cash Flow Statement) for non-manufacturing firms in accordance with relevant accounting standards;
7. Demonstrate a developing awareness of the ethical practices and conduct of the accounting profession; and
8. Demonstrate an understanding of, and communication in, accounting terminology and contexts.
ASSESSMENT DETAILS
This course has 4 assessments. Each assessment is described in more detail in the sections below:
|
|
Assessment Name |
Due Date |
Involvement |
Weighting |
Learning Outcomes |
| 1 |
Quizzes |
Week 3, 5 & 11 |
Individual |
10% |
1, 2, 3, 4, 5, 6, 7, 8 |
| 2 |
Mid Semester Class Test |
Week 7 |
Individual |
20% |
1, 2, 3, 4, 5, 6, 8 |
| 3 |
Practice Set |
Tuesday - Week 10 by 11:59 pm |
Individual |
20% |
1, 2, 3, 4, 6, 8 |
| 4 |
Final Examination |
Formal Exam Period |
Individual |
50% |
1, 2, 3, 4, 5, 6, 7, 8 |
|
Please note: students are advised that all assessments must be submitted in English. Assessment items not submitted in English will receive a mark of zero. |
|||||
|
Results of individual assessment items and final results, including those provided via the Learning Management System (LMS) are ‘unofficial results’ until they are confirmed as finalised by the School Assessment Body and the Head of School or delegate. Finalised results are released directly to students on the Fully Graded Date of the relevant Semester/Trimester. |
|||||
Time referenced is time in Newcastle NSW
|
Late Submissions |
The mark for an assessment item submitted after the designated time on the due date, without an approved extension of time, will be reduced by 10% of the possible maximum mark for that assessment item for each day or part day that the assessment item is late. Note: this applies equally to week and weekend days. |
Assessment 1 – Quizzes
Assessment Type
Quiz
Purpose
Assessment 1 is designed to provide formative feedback to students on their developing knowledge of practical accounting skills.
Description
There are three (3) quizzes under assessment 1. Quizzes will be held online in weeks 3, 5 and 11. Quizzes will comprise of a combination of questions on theory and numerical calculations. Topics from week 1 to week 2 (inclusive) will be included in quiz 1. Topics from week 3 to week 4 (inclusive) will be included in quiz 2. Topics from week 8 to week 9 (inclusive) will be included in quiz 3. Students must attempt their allocated quizzes. Please note that your participation in the quizzes at your scheduled time is not negotiable unless there are exceptional circumstances which have been formally approved.
Weighting
10% Quiz 1: 2%; Quiz 2: 4% and Quiz 3: 4%
Length
20 minutes per quiz
Due Date
Quiz 1: Week 3, Quiz 2: Week 5 and Quiz 3: Week 11.
Submission Method
Online
Students will be required to submit this assessment online. Further instructions are available from the Course CANVAS site.
Assessment Criteria
Two (2) Criteria will be used:
− Demonstrated understanding of relevant concepts
− Accuracy of calculations
Return Method
Online via course CANVAS site
Feedback Provided
Online via course CANVAS site
Assessment 2 - Mid Semester Test
Assessment Type
Test
Purpose
The purpose of the test is to assess students' knowledge and understanding of fundamental accounting concepts and methods.
Description
The test will be held in Week 7. This test will comprise a combination of questions on theory and numerical calculations. Topics from workshop 1 to workshop 6 (inclusive) will be included in the test.
Students must attend their allocated session for the test. Please note that your participation in the test at your scheduled time is not negotiable unless there are exceptional circumstances which are supported by a medical certificate or other written evidence.
Weighting
20%
Length
50 minutes (including reading time)
Due Date
Week 7 – In Class
Submission Method
In Class
Assessment Criteria
Three (3) criteria will be used:
− Demonstrated understanding of relevant concepts
− Application of appropriate accounting procedures
− Accuracy of answers
Return Method
Not Returned
Feedback Provided
In class
Assessment 3 - Practice Set
Assessment Type
Online Learning Activity
Purpose
This assignment has been designed to provide students with experience in the practical and technical skills essential to accounting, through the completion online, of a set of accounts for a fictional business using MYOB software.
Description
The practice set provides students with the experience of using the MYOB accounting software to complete a real-world simulation of transactions for a single month in the accounting cycle of a small retail business.
Purchasing details for the practice set and MYOB software will be provided on CANVAS site.
Weighting
20%
Length
Not applicable.
Due Date
Tuesday of Week 10 by 11:59 pm
Submission Method
Online.
Assessment Criteria
Four (4) criteria will be used:
− Demonstrated understanding of relevant concepts
− Application of appropriate accounting procedures
− Accuracy of journal entries and postings
− Preparation of appropriate financial statements
Return Method
Online
Feedback Provided
Online - Feedback will be provided online at each stage, throughout the submission of the assignment.
Assessment 4 - Final Examination
Assessment Type
Formal Examination
Purpose
The examination tests students' cumulative financial accounting knowledge and skills.
Description
Students apply a foundational level of knowledge of accounting theory, concepts and techniques to analyse and solve problem-based questions and demonstrate appropriate written communication skills via short response questions.
This course has a RESTRICTED OPEN BOOK examination. A memory aid is permitted. The memory aid is a single double sided A4 sheet of handwritten or typed notes for use during the examination. Note: memory aids must be left on the examination table and cannot be removed from the examination venue.
Weighting
50%
Length
120 minutes plus 10 minutes reading time
Due Date
Formal Exam Period
Submission Method
Formal Examination
Assessment Criteria
Four (4) Criteria will be used:
− Demonstrated understanding of relevant concepts
− Application of appropriate accounting procedures
− Accuracy of calculations
− Ability to clearly convey answers to theory questions
Return Method
Not Returned
Feedback Provided
No Feedback. Examination scripts will not be returned to students. Final examination scripts will be made available for review by students, upon request, in a controlled and monitored setting. Students are required to make requests, directly to the relevant course coordinator. Completed examination scripts are kept by the Newcastle Business School for a period of six (6) months only, from the relevant fully graded date. Requests made after the six (6) month period cannot be considered.
SYLLABUS
Course Content
Topics in the course include but are not limited to the following:
1. Recording business transactions
2. Measuring profit and the adjustment process
3. Completing the accounting cycle
4. Accounting information systems
5. Retailing operations
6. Inventory costing methods
7. Internal control and cash
8. Accounting for receivables
9. Non-current assets
10. Cash flow statement
11. Partnerships
12. Accounting concepts, assumptions and principles.
Course Materials
Required Text:
Miller-Nobles, Mattison, Matsumura, Best, Keene, Tan, Willett, (2020). Financial
Accounting, 9
th ed. Sydney: Pearson.
ISBN: 9780655700326
Perdisco Practice Set – Purchase details will be provided on course CANVAS site.
Please refer to the course CANVAS site for details of additional recommended texts.
SCHEDULE
|
Week |
Topic |
Class Preparation |
Workshop Activities |
| 1 |
Recording Business Transactions
|
Ch. 2 |
Refer to CANVAS for learning activities. |
| 2 |
The Adjusting Process |
Ch. 3 |
Refer to CANVAS for learning activities. |
| 3 |
Completing the Accounting Cycle |
Ch. 4 |
Refer to CANVAS for learning activities.
Assessment 1 due: Quiz 1 – Week 3 – online
|
| 4 |
Accounting Information
Systems
|
Ch. 7 |
MYOB Practice Set
Refer to CANVAS for learning activities.
|
| 5 |
Retailing Operations |
Ch. 5 + Appendices |
Refer to CANVAS for learning activities.
Assessment 1 due: Quiz 2 – Week 5 – online
|
| 6 |
Retail Inventory |
Ch. 6 + Appendices |
Refer to CANVAS for learning activities. |
| 7 |
Mid-Semester Test |
|
MYOB Practice Set
Refer to CANVAS for learning activities.
Assessment 2 due: Mid-Semester Test – Week 7 – in Class
|
| 8 |
Internal control and Cash |
Ch. 8 |
Refer to CANVAS for learning activities. |
| 9 |
Receivables, Current
liabilities and Payroll
|
Ch. 9 and Ch.11 |
Refer to CANVAS for learning activities. |
| 10 |
Non-Current Assets |
Ch. 10 |
Refer to CANVAS for learning activities.
Assessment 3 due: Tuesday of week 10 by
11:59 pm
|
| 11 |
Cash Flow Statements |
Ch. 16,
pp. 658-677
|
Refer to CANVAS for learning activities.
Assessment 1 due: Quiz 3 – Week 11 – online
|
| 12 |
Partnerships General
Principles of Reporting
|
Ch. 13
Ch. 1, pp 17-22
Ch. 17, pp. 724 - 730
|
Refer to CANVAS for learning activities. |
| 13 |
Revision |
|
Refer to CANVAS for learning activities |