VIETNAM NATIONAL UNIVERSITY UNIVERSITY OF ECONOMICS AND LAW FACULTY OF ACCOUNTING AUDITING SOCIAL REPUBLIC OF VIETNAM Independence Freedom Happiness COURSE SYLLABUS Course’s name Fundamentals of Accou[.]
VIETNAM NATIONAL UNIVERSITY UNIVERSITY OF ECONOMICS AND LAW FACULTY OF ACCOUNTING - AUDITING SOCIAL REPUBLIC OF VIETNAM Independence - Freedom - Happiness COURSE SYLLABUS Course’s name: Fundamentals of Accounting (CA) GENERAL INFORMATION Course Code : ACC1084 Credits :4 Periods :60 Prerequisite course : N/A Program : Bachelor Degree program Level : For Second-year students COURSE PURPOSES/AIMS: Accounting is the practice of recording, classifying, summarising, analysing and interpreting information of an economic nature for the purpose of helping people make decisions In the world of business, the role of accounting is to support management in providing timely and accurate financial information about the business so that informed decisions can be made This unit examines some of the basic rules and principles underpinning financial accounting, as well as studying the practical uses of the information supplied through the accounting process COURSE OUTLINES: This subject is an introduction to the basic concepts and standards underlying accounting Severalw important concepts will be studied in detail, including: analyzing and recording transaction, adjusting accounts, completing the accounting cycle, merchandising operations, inventory, accounts receivable, plant assets, natural resources, and intangibles The course emphasizes the construction of the basic financial accounting statements - the income statement, statement of retained earnings, statement of financial position - as well as their interpretation TEXTBOOK AND ADDITIONAL LEARNING MATERIALS 4.1 Textbook [1] Weygandt, Kimmel and Kieso (2015) Financial Accounting, 3rd edn Wiley 4.2 Additional learning materials [1] Wild, Larson and Chiappetta (2015) Fundamental Accounting Principles, 22nd edn McGraw-Hill Irwin [2] Weygandt, Kieso and Kimmel (2008) Financial Accounting, 8th edn John Wiley & Sons Australia Ltd [3] Henderson and Peirson (2009) Issues in Financial Accounting Longman [4] Jubb, Haswell and Langfield-Smith (2010) Company Accounting, 5th edn Nelson COURSE LEARNING OUTCOMES: On successful completion of this unit, students should be able to: • Explain the role of accounting in business • Understand the meanings of key accounting terms • Identify and understand the use of different accounting records • Outline key accounting principles and standards • Complete analysis charts and record transaction details from journal to ledge • Interpret and make simple corrections to a trial balance • Explain the difference between cash and accrual accounting methods • Construct basic financial statements • Analyse and interpret financial statements COURSE PLAN: Section Contents Chapter 1: Accounting in action: Readings WKK: Chapter 1 What Is Accounting? The Building Blocks of Accounting The Basic Accounting Equation Using the Accounting Equation Financial Statements: basic formats Chapter 2: The recording process Accounts WKK: Chapter 2 Steps in the double-entry accounting Trial balance (TB) Chapter 3: Adjusting the accounts WKK: Chapter Timing issues Adjusting entries Adjusted trial balance and financial statements Chapter 4: Completing the accounting Cycle WKK: Chapter Using the worksheet Closing entries Income statement Statement of retained earnings (changes in equity) Statement of financial position (classified balance sheet) Post-closing TB Chapter 5: Accounting for Merchandising WKK: Chapter Operations Merchandising activities Merchandise purchases in perpetual and periodic systems Merchandise sales in perpetual and periodic systems Financial statements of merchandising operations Chapter 6: Inventories Inventory basics (classifications and initial recognition) Inventory costing in perpetual and periodic system WKK: Chapter Inventory errors End of period adjustments for Inv: Lower of cost or net realizable value Chapter 7: Cash and Internal Controls WKK: Chapter Petty cash Bank reconciliation Reporting cash and cash equivalents Chap 9: Plant Assets, Natural Resources, and WKK: Chapter Intangible Assets PPE Intangibles Chap 8: Accounting for Receivables WKK: Chapter Self-reading/assignments ASSESSMENT METHODS No Type of Collaboration Weights (%) Classroom participation& attendance 01 Individual Class room tests 02 Individual 10 Mid Term Test 01 Individual 20 Group assignment presentation 01 Group 15 Final Exam (Closed book – 90 minutes) 01 Individual 50 Total 100 Assignments To successfully complete this unit, students must: • achieve a minimum of 50 marks overall, • complete all assessment items (including making a satisfactory contribution to group work), and • attend 80 per cent of class time A minimum threshold mark will be set which represents a reasonable level of performance in the final examination to convince UEL, that, in terms of independent work, as opposed to group and /or text assisted work, students have a reasonable grasp of the basic principles of the unit Unless you can demonstrate such knowledge you will not be eligible for a clear pass or better in the unit irrespective of the total mark attained Late Assignment Policy Coursework and assignments are expected to be completed within the stated time frame No late assignments will be accepted unless prior authorisation granted by the lecturer In case such an authorization is granted, a 30% grade deduction will be applied The lecturer may decide not to accept assignments that are not submitted within days after the assignment due date However, if there are extenuating or unforeseen circumstances, an exception may be granted at the discretion of the lecturer Make-up Policy All quizzes (if any) and the final exam must be taken on the assigned dates If there are extenuating or unforeseen circumstances, professor must be contacted prior to missing a quiz, or the final exam to authorise a makeup date No make-up quiz or exam will be accepted unless prior authorisation granted by the lecturer 8- CLASS POLICIES AND METHODOLOGY Attendance Lecturers are required to take attendance For this express term course, you are permitted no more than absences during the term Coming late by 15 minutes at the beginning of the class, coming late by minutes after the break, or leaving prior to the scheduled end time without the permission of the lecturer will equate to an absence Grade reductions for the course will be assessed when final grades are assigned if the 2-absence rule is violated during the term Electronic Device Use Cell phones will be turned off or switched to vibrate mode before class starts No phone calls or text messaging are allowed inside classroom during class time Portable listening and/or music devices may not be operated in the classroom Headphones and/or ear buds of any type may not be worn while in the classroom whether operating or not Laptop PCs are not permitted unless specifically authorised by the lecturer exclusively for note taking If you are in violation of these policies you will be excused from class and an absence will be assessed Email Policy The lecturer may be contacted through the standard UEL email system or at private email Students must use their assigned UEL Email account The lecturer will not respond to private or personal email account messages In case students use their personal email accounts, they will be held accountable for privacy issues Lecturer’s Expectations Students are to be punctual at every class meeting Assignments (including reading assignments) must be completed before class Projects and papers are to be completed on time and turned in as scheduled Students must participate in classroom assignments and discussions A participation grade will be included in the student's assessment This course will follow formal academic rules of correspondence so students are expected to observe college-level syntax, grammar, punctuation, capitalization, etc., in all written work Methods of Instruction Lecture slides with professor's in-class commentary, in-class discussions, written assignments, exercises, problems, team project, and exams will be employed Classroom Etiquette and Student Behavior Guidelines Students will demonstrate respect for lecturers and fellow students Behavior that is disruptive to a positive learning environment reported by the lecturer will result in a warning on the first instance; the second instance might result in expulsion from the course or campus Head of Department Dean ...4 .1 Textbook [1] Weygandt, Kimmel and Kieso (2 015 ) Financial Accounting, 3rd edn Wiley 4.2 Additional learning materials [1] Wild, Larson and Chiappetta (2 015 ) Fundamental Accounting Principles, ... edn Nelson COURSE LEARNING OUTCOMES: On successful completion of this unit, students should be able to: • Explain the role of accounting in business • Understand the meanings of key accounting. .. 1: Accounting in action: Readings WKK: Chapter 1 What Is Accounting? The Building Blocks of Accounting The Basic Accounting Equation Using the Accounting Equation Financial Statements: basic