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ACFI1001: Accounting for Decision Makers
OVERVIEW
Course Description
Financial accounting and management accounting concepts provide the very foundation for business decision making. This course provides an introduction to financial accounting by analysing the accounting function and the preparation of conventional financial statements. Students will develop the initial skills of financial management while beginning to engage in appropriate ethical practices.
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.
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Contact Hour Requirement |
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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
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. Discuss and explain the nature and purpose of accounting.
2. Prepare and interpret financial statements according to conventional methods of accounting.
3. Identify, analyse and evaluate financial information relevant to the operating, investing and financing decisions of a business entity.
4. Organise, calculate and analyse information relevant to decision making, and
5. Demonstrate a growing awareness of ethics within the accounting environment
ASSESSMENT DETAILS
This course has 3 assessments. Each assessment is described in more detail in the sections below:
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Assessment Name |
Due Date |
Involvement |
Weighting |
Learning Outcomes |
| 1 |
Mid-Semester Test |
Week 7 in Class |
Individual |
25% |
1, 2 |
| 2 |
Project on Financial Statement Analysis |
Friday Week 10 by 11:59 pm |
Individual |
25% |
1, 3, 5 |
| 3 |
Final Examination |
Formal Examination Period |
Individual |
50% |
1, 2, 3, 4, 5 |
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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. |
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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. |
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Time referenced is time in Newcastle NSW
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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 – Mid-Semester Test
Assessment Type
In Term Test (Topics 1 to 5)
Purpose
To gauge student problem solving and analytical skills.
Description
Working independently, students engage in preliminary application of problem solving and analytic skills and demonstrate their understanding of appropriate ethical practices.
This assessment can ONLY be completed in the workshop enrolled in.
Weighting
25%
Length
100 minutes
Due Date
Week 7 – In Class
Submission Method
In Class
Assessment Criteria
Accuracy of answers with detailed workings and clarity of expression.
Return Method
In Class
Feedback Provided
In Class
Assessment 2 – Project on Financial Statement Analysis
Assessment Type
Individual Written Assignment
Purpose
To gauge student problem solving and analytical skills in relation to a specific provided case(s).
Description
Students engage in preliminary application of problem solving and analytic skills and demonstrate their understanding of appropriate ethical practices using given information of a company. Students will research and write an essay on indigenous perspectives on Corporate Social Responsibility.
Weighting
25%
Length
Maximum 3000 words
Due Date
Friday of Week 10 by 11:59 pm
Submission Method
Submitted via the link on CANVAS. Refer to CANVAS for details
Assessment Criteria
Accuracy of answers with detailed workings, clarity of expression and discussion.
Return Method
Online – via course CANVAS site
Feedback Provided
Online – via course CANVAS site
Assessment 3 - Final Examination
Assessment Type
Formal Examination
Purpose
To test student knowledge of course topics
Description
Students identify, analyse, evaluate and prepare financial information relevant to business; organise, calculate and analyse information relevant to problem solving and decision making; demonstrate accurate communication of accounting language/terminology at a foundation level.
This course has a CLOSED BOOK examination. No memory aids or other materials are permitted in the examination. Non-programmable calculators are permitted where specifically advised on the examination paper. Note: students are not permitted to use the calculation function on their mobile telephones.
This is a closed book examination to link ‘the knowledge and application of principles’ with the assurance of individual learning. Students are provided with a formula sheet as part of the examination paper whereby they are required to demonstrate their knowledge to decide when and how particular accounting or financial formulae are appropriate and to apply that knowledge to solve problems.
Weighting
50%
Length
120 minutes
Due Date
Formal Exam Period
Submission Method
Formal Examination
Assessment Criteria
Accuracy of answers with detailed workings and clarity of expression
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. Introduction to accounting, different accounting entities and indigenous accounting
2. Recording accounting transactions
3. Financial statements
4. Analysing, and interpreting Financial Statements
5. Accounting systems
6. Cost-volume-profit analysis
7. Time value of money and capital investment decisions
8. Budgeting
9. Accounting for sustainability and Ethical decision making
Course Materials
Required Text:
Custom Book - ACFI1001 Accounting for Decision Makers, © 2022 Edition
ISBN eBook: 9781307759068 ISBN Print (B&W): 9781307765830
Print Book is available online from:
The School Locker:
https://theschoollocker.com.au/universities/the-university-of
newcastle/subjects/semester-one/acfi1001-accounting-for-decision-makers
EBook is available from:
https://www.mheducation.com.au/ebook-acfi1001-accounting-for-decision-makers-1e
customised-9781307759068-aus
An additional Readings list will be provided on the course CANVAS site.
SCHEDULE
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Week |
Topic |
Class Preparation |
Assessment |
| 1 |
Introduction to accounting, limited companies and regulatory framework, indigenous accounting |
Refer to ‘course materials’ on CANVAS
Read Chapter 1
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| 2 |
Accounting in Business – Financial Statements |
Refer to ‘course materials’ on CANVAS
Read Chapter 2
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| 3 |
Accounting in Business – Financial Statements
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Refer to ‘course materials’ on CANVAS
Read Chapter 2
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| 4 |
Accounting in Business – Financial Statements
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Refer to ‘course materials’ on CANVAS
Read Chapter 2
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| 5 |
Statement of Cash Flows
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Refer to ‘course materials’ on CANVAS
Read Chapter 3
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| 6 |
Analysis and interpretation of financial statements
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Refer to ‘course materials’ on CANVAS
Read Chapter 4
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| 7 |
Mid semester test |
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Assessment 1 due: Mid-semester test in workshop (student must undertake the test in their enrolled workshop) |
| 8 |
Discussion of the mid semester test
Accounting information systems and firm value
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Refer to ‘course materials’ on CANVAS
Read Chapter 5
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| 9 |
Ethical decision making |
Refer to ‘course materials’ on CANVAS
Read Chapter 6
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| 10 |
Budgeting Systems |
Refer to ‘course materials’ on CANVAS
Read Chapter 7
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Assessment 2 due: Financial Statement Analysis Case Friday of Week 10 by 11:59 pm |
| 11 |
Cost volume profit analysis |
Refer to ‘course materials’ on CANVAS
Read Chapter 8
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| 12 |
Capital expenditure decisions |
Refer to ‘course materials’ on CANVAS
Read Chapter 9
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| 13 |
Revision |
Refer ‘course materials’ on CANVAS for a set of revision exercises |
Revision of all topics |