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COURSE OUTLINE

ACCT421
Financial Accounting and Reporting

Semester One, 2017


This course outline contains information specific to this paper. For more general information
common to your papers, please refer to the COMMERCE_UG_2017: Commerce Undergraduate
Students site on Blackboard.

Paper Description and Aims


This course introduces you to concepts of financial accounting and helps you in learning technical
skills required for preparation and analysis of financial statements and disclosures. This course
emphasises on recording business transactions within the accounting and double entry system. This
course also provides an understanding of both NZ and international financial reporting regulations,
uses and limitation of financial accounting information and current issues in reporting including the
integrated reporting concept.

Learning Outcomes
Upon successful completion of this paper, you should be able to
1- Explain and recognise elements of financial statements and record transactions using
double entry system.
2- Prepare and critically analyse financial statements
3- Apply accounting concepts, techniques and analytical skills at an advanced level
4- Critically reflect on financial reporting and accounting practice from an ethical and a global
perspective, and respect ethical standards
5- Communicate confidently and accurately to a high professional standard and employ
technology effectively for communicating accounting information
6- Synthesise information from academic and professional literature and use information
effectively for independent research, applied problem-solving and management decision-
making
7- Demonstrate thorough knowledge of current concepts, frameworks and techniques in
financial accounting

Teaching Staff
Paper Coordinator
Name: Dr Samuel Jebaraj Benjamin
Office: Room 3.43, Commerce Building
Email: samuel.benjamin@otago.ac.nz
Office Hours: Monday 11 – 12 noon
Wednesday 10 – 12 noon
Lecturer
Name: Dr Rakesh Pandey
Office: Room 3.16 , Commerce Building
Email: rakesh.pandey@otago.ac.nz
Office Hours: Tuesday 2-3:30 pm
Wednesday 10 – 11:30 am

You should contact Dr Samuel Benjamin with any administrative enquiries about the paper, e.g.
tutorial changes, or requests for late submission of assignments.
Class Representatives
Class representatives are an important means of communication between students and staff.
Contact details for your student class representatives can be found on the Blackboard page for this
paper.

Course Delivery
Lecture Day/Time: Tuesdays and Thursdays 10am-12 noon

Room: Please check eVision

Every week students must attend one two-hour lecture and one two-hour workshop. Lectures
present the key conceptual material through discussion and interaction between teaching staff and
students. Workshops are interactive, collaborative sessions in which students attempt to cement
concepts presented at lectures with their peers in a supportive environment. Workshops offer you
the opportunity to work in groups on a series of tasks designed to apply the concepts that you have
been exposed to in class and from your reading, and to stimulate your interest in the course as it
applies to real world. Each week the course lecturers will assign readings and accounting problems
that need to be completed before coming to lectures and workshops. Students are required to
attend all lectures and workshops.

Course Learning Resources


Text book

There is no text book required for this course. The following books will help you in understanding
the material covered in this course. These books are available at the library.

 Low, M., Davey, H., Ling, A., Sharma, U. and Cheng, A. (2013). Accounting Principles and
Practice for New Zealand Students. 1st Edition. Cengage Learning Australia.
 Nobles, T., Matison, B., Matsumara, E.M, Best, P., Fraser, D., Tan, R. and Willet, R. (2015),
Horngren’s Financial Accounting, 8th edn., Pearson Australia
 Deegan, C. and Samkin, G. (2013), New Zealand Financial Accounting, 6th edn., McGraw Hill

The University Library provides a multitude of other resources for students as well as textbooks.
These include subject guides, research resources, and citation styles. As well as an extensive range
of books, there is an Audio-visual Centre that contains many interesting and useful videos,
documentaries and other resources.

Check it all out at http://www.library.otago.ac.nz/services/undergrad.html


If you are unfamiliar with the University Library and all its facilities, please sign up for a tour at the
beginning of the semester.
Blackboard
https://blackboard.otago.ac.nz/ provides you with access to course materials, class notices, and
resources. Blackboard is used to email the whole class so it is important that you check your
student email and Blackboard regularly.

Further information about student support, learning support and information, academic integrity
and other University resources for students is available on the COMMERCE_UG_2017: Commerce
Undergraduate Students site on Blackboard.

Student Webmail
We will use your student email account to email you information relevant to your programme. To
forward your University email address to an email address that you use regularly:
1. Log into your StudentMail account (http://www.otago.ac.nz/smlanding/) using your
student username and password.
2. Click the Cog button (top right corner).
3. Click on Mail under Your App Settings.
4. Under Accounts on left hand side, select Forwarding.
5. Under the Forwarding heading, type in the email address you want your email to be
forwarded to. You can also choose to have a copy of these emails kept on your StudentMail
account, so please check the box if you would like this.
6. Click the Save button.

Assessment
All material presented is examinable (except where stated otherwise) by assignments and the final
examination. All important assessment information such as due dates and times, content,
guidelines and so on will be discussed at lectures and, where appropriate, detailed on Blackboard.
Students are responsible for ensuring that they are aware of this information, keeping track of their
own progress, and catching up on any missed classes.

Assessment Due date % of Requirements to pass


final this paper
grade
Workshop assignments Every week 15% Must complete this assessment
Individual assignment & Week 10 10% Must complete this assessment and gain a
presentation minimum mark of 50%
Mid-semester test Week 7 25% Must complete this assessment and gain a
minimum mark of 50%
Final exam After week 50% Must complete this assessment and gain a
13 minimum mark of 50%
Course Requirements
Workshop Assignments (15%)

Every week assignments will be posted on Blackboard. Students are required to bring their own
completed assignments to the workshop. Each assignment will be marked out of 1 and your total
marks will be the average of your assignment marks during the semester. There are eleven
assignments in total and these will contribute to 15% of your final grade.

Individual assignment and presentation (10%)

Purpose of this assessment is to test students’ critical thinking and presentation skills. Assignment
topics will be allocated in week 3 and students are required to submit a written report (maximum
five pages) and deliver a 20 minute presentation with 10 minutes for questions in week 10 during the
seminar. Detailed marking criteria for assessing seminar presentation and report will be discussed
in week 3 during the seminar.

Mid-Semester Test (25%)

There will be a mid-semester test held one evening during week 6 or 7. The exact date and location
for this test will not be known until after the beginning of lectures; you will be notified in lectures
and on Blackboard about where to go for this test.

Printed booklets will be provided, and you will need to bring your own pens, pencils and calculators.
There is no restriction on the type of calculator that may be used, except that it cannot have any
communicating ability and must be silent. You must achieve at least 50% to continue this course.

There will be no make-up test. In cases of exceptional circumstances, the same criteria will be
applied as for the Final Exams by the Examinations Office. If this applies to you, you must provide a
medical certificate or similar to the Course Coordinator as soon as possible, and no later than 5
calendar days after the test.

Final Exam (50%)

The Final Exam will be three hours long, and you must achieve at least half (50/100) to pass the
paper, regardless of internal marks. In other words, good marks throughout the semester will not
compensate for a poor final exam.

The exam will cover all topics covered throughout the semester. Like the mid-semester test, you
will be given printed booklets with spaces provided for both workings and your answers. All
material presented during the semester is examinable (except where stated otherwise).

Referencing Style and Style Guide


For this paper the referencing style is APA. More information about the APA style referencing is
available at http://www.otago.ac.nz/library/quicklinks/citation/#apa
Learning Outcomes

Assessment

Assessment

Assessment

Exam

Total
Learning Outcome

Explain and recognize elements of financial statements X X X


and record transactions using double entry system.
Prepare and critically analyze financial statements X X X X

Apply accounting concepts, techniques and analytical X X X X


skills at an advanced level
Critically reflect on financial reporting and accounting X X X X
practice from an ethical and a global perspective, and
respect ethical standards
Communicate confidently and accurately to a high X
professional standard and employ technology effectively
for communicating accounting information
Synthesize information from academic and professional X X X
literature and use information effectively for
independent research, applied problem-solving and
management decision-making
Demonstrate thorough knowledge of current concepts, X X X X
frameworks and techniques in financial accounting
100%
Total 10 25 15 50
Course Calendar
Lecture/
Tutorial Week Commencing Topic Reading Notes
Number
Introduction to Accounting Low et al.
different types of businesses, Chapter 1 & 2,
1 Monday 27 February accounting principles & Nobles et al.
conventions, elements, , ethics in Chapter 1
accounting
Process of Recording Business Low et al. Assignment 1
Transactions Chapter 3,
2 Monday 6 March
The Accounting Equation , Nobles et al.
transaction analysis, GST Chapter 2
Accounting Cycle I Low et al. Assignment 2
Source documents, Recording Chapter 4 &5,
3 Monday 13 March
business transactions, Nobles et al.
General Journal & Special Journals Chapter 2
Low et al. Assignment 3
Accounting Cycle II
Chapter 3,
4 Monday 20 March Double-entry system, Ledger
Nobles et al.
Accounts
Chapter 2
Accounting Cycle III Low et al. Assignment 4
Trial balance, Adjusting entries Chapter 6,
and accounting principles; type of Nobles et al.
5 Monday 27 March
adjusting entries - prepayments & Chapter 3
accruals; adjusted trial balance

Low et al. Assignment 5


Accounting Cycle IV Chapter 6,
6 Monday 3 April
Financial statements, worksheets Nobles et al.
Chapter 4
Low et al. Assignment 6
Accounting Cycle VI Chapter 7,
7 Monday 10 April
Statement of Cash Flows (with GST) Nobles et al.
Chapter 16
Mid Semester Break 17 - 21 April
Non-Current Assets Low et al. Assignment 7
Disposal of assets, intangible Chapter 10, Mid semester
8 Monday 24 April
assets, impairment Nobles et al. exam
Chapter 10
Reporting and analyzing Low et al. Assignment 8
receivables and liabilities Chapter 9,
9 Monday 1 May Nobles et al.
Chapter 9 & 11

Reporting and analyzing equity Nobles et al. Individual


Chapter 14 & assignment &
10 Monday 8 May 15,Deegan and presentations
Samkin Chapter
13
Accounting for partnerships Low et al., Assignment 9
Chapter 7 and
11 Monday 15 May
Nobles et al.
Chapter 13
Accounting for corporate social Deegan and Assignment 10
12 Monday 22 May responsibility and integrated Samkin Chapter
reporting 32
13 Monday 29 May Revision Assignment 11

Lectures end Friday 2 June 2017


University Exam Period 7 - 21 June 2017

Disclaimer
While every effort is made to ensure that the information contained in this document is accurate, it
is subject to change. Changes will be notified in class and via Blackboard. Students are encouraged
to check Blackboard regularly. It is the student’s responsibility to be informed.

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