LectureNoteswk12_209 - THE UNIVERSITY OF NEW SOUTH WALES...

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Unformatted text preview: THE UNIVERSITY OF NEW SOUTH WALES School of Accounting ACCT 1501.: Accounting and Financial Management 1A Week 12 The Australian Re ortin- Environment and Course Summafl Student Handout Lecturer: Trish Strong School of Accounting UNSW QUAD 3067 Ph: 9385 6657 t.‘strong@unsw.edu.au Course website: http://Www.e1earning.unsw.edu.au/ Table of Contents Sections 1. Summary of week 12 2. Learning Outcomes for Weeks 12 3. Required Readings for Weeks 12 4. Tutorial questions -— Week 13 4.1 Preparation questions 4.2 Tutorial questions 5. Learning checklist for Weeks 12 6. Lecture slides Week 12 — The Australian Reporting Environment '& Course overview 1. Summary Over the last 12 week you have been introduced the various aspects of accountng including the principles and assumptions which underpin it and the processes involved in the Accounting Cycle. These processes involved are the identification of transactions, preparing journals and special journals, posting to the various ledges, preparation of pre and post trial balances and the preparation and presentation of financial statements, both the Income Statement and Balance Sheet. In this week’s lecture we will examine the Australian Reporting Environment and Regulatory framework and refer you especially to Chapter 6, page 304 which provides a comprehensive overview to illustrate how the Australian Reporting Environment is supported. This final lecture wili also summarise what you will be required to know for both final exam preparation and providing the grounding for your continued study of accounting in Accounting 1B. 2. Learning Outcomes for Weeks 12 At the end of this topic, you should be able to: Explain the various components of the Australian Reporting Environment Understand the impact of Reserves and Dividends on Owner’s Equity Revise the processes of the Accounting Cycle Understand the material that has been covered so far in the course: Part A: Mechanics of Accounting; The events leading to transactions; the process involved — posting journal entries. Actual Account names; debit & credit amounts; The Accounting Cycle ' Part B: Application of particular accounting treatments; Cash, Accounts Receivable, Inventory; Non—Current Assets, Liabilities; Session 2, 2009 _ AFMlA 2 3. Required Readings for Weeks 12 Required reading for Week 11 Trotman & Gibbins, 4‘“ Edition a Chapter 6, pages 304-307 and Revise pages 290 - 297 0 Chapter 11, pages 502 — 508, sections 11.3 to 11.7 (inclusive). Other references used Hoggett, J ., L. Edwards & J. Medilin. 2006. Accounting. Melton ALD: John Wiley & Sons Australia Ltd Carton, S., Mladenovio, R., Lofius, J ., Palm ., Kimme‘l P., Kieso, D.E., & Weygandt, J .J . 2009, Accounting Building Business Skills. 3rd Edition Milton QLD: J ohn Wiley .& Sons Australia Ltd. 4. Tutorial Questions —— Week 12 4.1. Preparation Questions Students should complete ALL questions before the tutorial «- .TG Problem 6.9 o TG ' Problem 6.11 - TG Problem 6.18 - TG Problem 6.19 l 4.3 Tutorial Questions 4 Students MUST read the cases before the tutorial & should attempt ALL questions before the tutorial - TG Problem 6.22 - TG Case 6 B 0 TG Case 11C Session 2, 2009 AFMIA 5. Have you: Learnin checklist for Weeks 12 > Read the required readings from Trotman & Gibbins; Completed ALL the tutorial preparation questions; Completed the tutorial questions; and Clarified any problems you had with the text or tutorial problems? Reviewed each learning outcome and can honestly state that you have ' attained each one? Can you: Identify the components of the Australian Reporting Environment? Explain What Reserves are and how to classify them? _ Understand and prepare the journals pertaining to the payment of dividends? ' Understand the Accounting Cycle. Identify and record transactions using journal and special journal. Prepare a Trial Balance Journalise adjustments to the Trial Balance Prepare Income Statements and Balance Sheet. Session 2, 2009 AFMIA 4 Accounting and Financial '- Management 1A I Course evaluation — Dnline via nWNSW. — Available from 1611012009 in ZQIIOIZDOQ — Please mmpiete,‘wim constructive comments — as this will-help us makeimprovemems for future sessions and benefit future students. - i am speoficaiiy Interested in,your comments regardirigLectopia '(lhe rewrding of melooiures). if anyof you have usod'this service feedbadmpuld bemosthelpmi. Week 12. Session 2, 2005 Theflustraiia'n Reporting Environment and Course Summary Trish Strong @UABSQBT I The Auslraiian Reporflngfinwronment m Chapter 5, pg 304. Figure 5.1 The Regulatory Framework l Subject Review - overview I Preview oiACCT1‘511 (AFMtB) I Feedback from mid semester exam I FlnalExam — guide I Some FAQ .1 j . 1 — Chapter 6, pages 304-307 - The Accounting Environment * and Revise Chapter 6, pages 290 — 297, Principles and Assumption 8: Components of the Balance Sheet — Chapter 11, pages 502 — 508, sections 11.3 to 11.? (inclusive). These sections cover Owner’s Equity and specifically Reserves & Dividends _ Transactions ---- -—~ mm 7 : Wamm , a «M i 0 . M”; x , mmxmmflm . m Mmmmcw 7 Mechanics of Accounting — the events leading to transactions — The process involved 7 posting journal entries. Actual Account names: debit & credit amounts. — The Accounting Cycle I Part B: - Application of particular accounting treatments - Cash. Accounts Receivable. Inventory - Non-Currenlfitssets ' Liabilities 7 Requires understanding 01 Part A - egg special journals and subsidiary ledgers. n I heart to know? Accounting Equation: A = l. + OE Dr= Cr Journal entries Ledgers income SlalemenI—Revanucs and Expenses ualance Shoat “Assets and Liabilities EVERYTHING we have navcmd In 1A Can Include anything: In the readings Mentioned in ientures Covered in tutorials (both preparation and homework questions i.e.. anything covered this sesston l5 examinabie You can NOT go on to study 10 unless you pass 1A Acmunting is a scaffolding subject —what you learn in one course is assumed knowledge iortne next course The following information is given which may give rise to year and adjustments: Depreciation on Property. Plant and Equipment (PPE) is provided for at 12.5% per annum, The balance in Prepaid Rent relates to rent paid for the 12 month period from 1 January 2010 to 31 December 2010. The company discloses that $30,000 of sales revenue received during June 2010 relates to services to be performed in July 2010 (assume this has no impact on the Cost of Goods Sold), Interest of $3.000 is owed to the bank W Mm WWmaw'mmmme I Completion otreporting process I Management‘ncoounting — lnlernal decision making — Owner’s Equity 7 A and L recognition and disclosure — more detail — Statementotcash Flows a Financial StatemeniAnalysis l The Institutional Environment 7 Accounting regulation — Professional ethics 7 Corporate governance Cash at Bank Accounts Receivable Inventory Prepaid Rent Property. Plant and Equipment (PPE) Accumulated Depreciation - PPE Accounts Payable Bank Loan Contributed Capital Retained Profit at 1 July 2006 Sales Cost of Goods Sold Interest Expense Wages Expenees Rent Expense Depreciation Expense Accumulated Depreciation Rent Eipense Prepaid Rent Sales Revenue Unearned Revenue Interest Expense Interest Payable — CVPanalysis — Costing systems 7 Budgetin $150,000 $80000 520.000 $535300 $140,000 55,000 330000 515 ODD $9?5,000 $140000 555.000 $1 00000 5205000 $35,000 $400000 I Sales (1; 370.00!) I LessCOGS {1; 1 DO I Gross Profit (1) 230.000 9530 a tin Interest 11% 8.000 Depreciation (1) 63,875 Rent (4) 25.000 Wages Expense (1) 30 ED 129,§16 NetPtoftt (0.5) 100,425 How did-we get Rev of smooor Whyts the interest exp 3.0034! Rent25.00€l ? to minutesw you can not wrttoduringthls time Bring your own ca lottlatom - Calculator; Witt M91 be provided CALCULATORS NEED '70 £1.15 APPROVED at THE STUDENTCEU rm; w STICKERED Some Multiplechobequestlons Some ammo questions Some Qualitative qualms .tha’lda you mean bquuall‘tatlve? - wntlon.dlswnalon'oaw:l. TherowIII he questions: about amounting requiring answers fromyoa ...'In writing. What floy‘ou'maan by quantitative? - Colonialism) and. pracfiosl based similar to Etta immoral: you have been Going for otopnualion and tutmtal questions at semester. Question 1: Revenue and Expense Recognition 12 Marks Question 2: NorrCurrent Assets :4 Marks Question 3: Accounts Reoeivabte asMarks Question 4: Debt and Equity is Moms Question 5: Qualitative question —lnventnrv and accruals taMarks Question 6: Multiple-Choice 30 Mark: « MCQ - 30 questions. No negative marking. — Guttering All topics You were only asked for an extract of the balance sheet. fittest: yourTB to see what we needtto in'ctude. then check your IS. I Cash atBank 30 ON) I Accounts Payaole 65 000 -I interest Payable 3000 I Uneamoo Revenue M I TOTAL CURRENT UABILJHES $123 000 Whylsthe cash @hanlt figureinoluueqhete? Whytsthe Accounts Payable only $65,000 and the Interest Payable only $3.000 but our Interest expense was $9.000? I Saturday 31‘“ October, 2669 w 13245 m 1?:00 - Two ditferent rooms based on your family name! I tfynu do notknow Where yourroom ts. itis your responsibilityto find it—make sure you check where-It is betore the day of tho examltlt .meumflfllmhwmmmhmmwm I You will be provided with a Generalised Answer ShaeuGAS) I Make sure that you till tn-altwur details conectly, especiallyyour finder-gt ID and game - f noifittthtstn ti Wecazmot. aranteethat Ea; mag; wgit E asggnsd to m. I You must use pencil to complete the GAS — than use pen. the oomputerwlll not mag the answers and you wfll receive 0. I Ityou make a mistake, be careful and thorough in erasing. ~ Erase mstakes, do n3; mos them out. So remember to bring an emsertn the m. do not rely on someone else to provide one J i t meanness” mnmmfnmmuxw . memmwmt-ws Gt! through UNSW Student Central within 3 days altha date of assessment to npym for ‘sgecial consideralrnn Ilyou apply for special consideration and a supplementary exam is granted yourn'nal exam wrll fl bo marked. llSC is not granted your exam will be marked and the results released in the normal way. Do not go through stall in School at Accounting 7 the SC process is not managed by us. Follow the guidelines set out in the course outline (and found on webct) All supplementary exams will be held on early December. You will be notified via your university email amount so you must check you email aocount. STUVAC Consultation - Staff will be available during STUVAC as noted on the following slide Times and location of consultation will be posted on WebCT Consultation via email will not he entered into. Additional resources: Additional questions and solutions on WebCT The textbook has plenty of questions not covered in preparation or homework requirements The publisher also provides solutions to questions in the textbook marked with an ‘ Other textbooks in the library (see course outline for other textbooks). I What do I need to do to get a pass? - Need to get a composite mark otover 50%; you do not need to pass the final exam. However. if you do not pass the exam. orget a mark between 50-55%. you should seriously consider ifit is in your best interest to study accounting as a major. I Answers to further questions about the exam: — It is a 3-hour exam. — There is no writing during the reading time. — Closed book. You can only take in your calculators! pens r pencils lerasers. student lD's. assurance that you will receive a supplementary exam or having your mark scaled? u If you apply for a special consideration. the application will be evaluated, If it is deemed that your performance was impaired. you will be granted a supplementary exam s Depending on your performance throughout the rest at the course including the 80% attendance rule. I Special considerations are for genuine instances of impairment. not a safety blanket if you felt you might not have done well in the exam, or it you missed the exam entirely. if you sat the final exam but apply tor special consideration your paper WILL NOT BE MARKED only your supplementary paperwitl be marked. So do not phone staff trying to find out if you passed the final before deciding to sit the supplementary. Rulillt 3067 : Ere ., "m c: a 0 no p». mm a:- Arum" mummy ram aoao Room 3o 59 .‘f‘ 5‘.“ run to on o I l have nanayed to find past years exams. can lget the answers? No, because the tutors E lectures do nol have these available. It you wanl to work through an answer, come to can one or the staffduring lhelr consultation times. Caveat on ranking; a! Ens] Equrs: staff changes. topics dlti'er. past exams may nnl‘oe reflective at the current session. The questions whldr have been set for preparation and iulottalwilt he more than adequate. I Do we have to know about the practice set? - The practice selwas deslgned to reinforce and consolidate most of the rust hall'ot tho suhlad. Thus. I! underpins most ufthe hook-keeping parts at the course. tn short. yes you do need to know about the practice set in the sense that It you do not, ills probably an indication that you do not understand the emunung cycle which underpins rh course. I What is the bestway or me to Stu Understand rather than memorize Understand the cuncepts Apply them to practice] questions This isjust a suggestion. Everyone will have their own style which works best for them - you are already a successful sludsnt you achieve" good results to gel acceursn into this mums. I What if I am unwell on the day olthe exam? — If you are unwell. gm to a doctol. get a medical certificate, apply for a special consideration within three clays. provide all the documentation. 7 Do not tum up to: the exam If you are genuinely sick. — lfyou are well enough to attend. yuu are wail enough to sit 7 and you are unlikely to receive a favorable SC response. . l : i t I I I a ...
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This note was uploaded on 09/14/2011 for the course ACCT 1001 taught by Professor John during the Spring '11 term at Renmin University of China.

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LectureNoteswk12_209 - THE UNIVERSITY OF NEW SOUTH WALES...

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