Accounting is the Language of Business

Accounting is the Language of Business

The first section aims to enhance the students’ understanding of business and the role of accounting in business. It covers why businesses exist, and how businesses create value for their stakeholders. Using the value chain analysis, and the five forces model, we examine the impact of external environment on the success of businesses. This section also introduces the contract theory and examines the relationships between a business and its stakeholders, and the information requirements of the stakeholders in designing contracts between the firm and themselves.

The second section aims to provide a sound understanding f how business activities are measured and communicated to stakeholders through the accounting information system. It covers the elements of financial statements, double entry bookkeeping system, accounting for financing, investing and operating activities and the preparation of income statement and classified balance sheet. The final section of the course focuses on the use of information for decision making planning performance measurement and control.

It covers financial statements analysis, cost- volume-profit analysis, the use of relevant information in decision making scenarios, budgeting, responsibility accounting and the use of balanced scorecard to improve performance evaluation. Students will also learn how the organizational architecture and accounting information can help minimize issues and problems arising from differences in information and interests between contracting parties. Course Learning Objectives The learning objectives of this course are: Learning Goal Course Learning Objective Acquisition of knowledge To understand what is business and how businesses create value.

To understand the role of information in business and the information needs of he stakeholders of business. To understand and use the accounting information system for measuring and communicating business activities and progress towards achieving business objectives. Problem solving and decision making To develop the ability to use relevant information for decision making, planning and control. To develop the students’ problem-solving skills. To develop the students’ analytical skills. IOWA SO 1011 Course Outline Others To develop the students’ self-learning abilities and attitudes toward active learning.

To develop the students’ research skills. To develop the students’ communication skills. Learning & Teaching Methods This course adopts the Project Discovery (PDP) approach, which focuses on inculcating a culture of self-learning as opposed to the traditional method of education, which primarily focuses on the delivery of facts and ideas by the instructors and the absorption of facts and ideas by the students. The teaching-learning mode is structured into a two-hour lecture and a two-hour tutorial per week.

The first lecture will commence on 24 January 2011 and the tutorials will commence in the week commencing 31 January 2011. The purpose of the lecture is to provide an overview Of the assigned material or the week. The lecture will be followed by small-group tutorial sessions where students apply the concepts learned during the lecture through problem solving and discussions. Instructors are facilitators who encourage students to engage in the process of self-learning. Other learning activities to be done outside class-contact time include a team project, online discussions and self-practice problems.

Much of the learning is to be self-based where students explore the issues further through the use of resource materials in the library, web-based self-learning supplements and so on. Group learning is strongly encouraged as it enables examining an issue/problem from multiple perspectives and developing communication and inter-personal skills during the process. As a result of this pedagogy, what the students gain from this course depends very much on themselves; their preparation prior to attending lectures and tutorial sessions; and the effort they put in to understand the concepts will determine the extent of their learning in this course.

Course Assessments Components Marks Individual/Group Class participation 10% individual al Team project 15% Group Mid-term test individual 5% individual Final examination 50% Total 100% Quiz IOWA 52 1011 course outline Assessment Plan Assessment Method Acquisition of knowledge Team project, test, quiz and final exam Problem solving and decision making Team project and class participation Class Participation (10%) The purpose of class participation is to develop and enhance students’ verbal communication skills and enhance learning through group discussion.

Class participation will also allow tutorial instructors to obtain feedback on students’ thinking and learning, and hence facilitate tutorial instructors’ intervention to improve student’s cognitive processes. Class participation will be assessed on an individual basis. More details will be provided in the AI 01 lecture adventure site. Tutorial instructors will discuss the assessment criteria on class participation with the students during tutorial 1 . Absenteeism from tutorial classes without a valid reason will adversely affect this assessment component.

Tutorial instructors will provide two rounds of feedback on the students’ class participation during the semester. Team Project (15%) (Submission deadline: 4 April 201 1, Monday, at 1 p. M. ) The objective of the team project is to provide an opportunity for the dents to work in teams to apply their knowledge acquired to analyze the strategy, value chain and external environment of a company; and to analyze the financial performance of the business. The details of the team project will be provided in the IOWA lecture adventure site.

Mid-term Test (20%) (Will be held on 31 March 2011, Thursday, at 7 p. M. ) The purpose of the mid-term test is to test the students on the knowledge acquired during the first half of the semester and their ability to apply the knowledge to solve problems and make decisions. It is a vehicle for providing dieback on both the understanding and application of concepts. This is a closed-book test. The test will cover lectures/tutorials 1 to 7. Test venues will be advised on a later date. There is no re-test for those who miss the mid- term test.

Any absentees from the mid-term test without valid reasons will be given zero mark. Those absentees with valid reasons will be allowed to transfer the weighting to the final examination. (Will be held on 28 April 2011, Thursday, at 7 pm) The purpose of the quiz is to assess the students’ preparedness and understanding of the materials covered in lectures/tutorials 9 to 1 1. More information about the quizzes will be provided during the semester. Any absentees from the quiz without valid reasons will be given zero mark.

Those absentees with valid reasons will be allowed to transfer the 5% weighting to the final examination. 3 Final Examination (50%) This is a closed-book examination. The purpose of the final examination is to comprehensively test the students’ understanding of conceptual and technical knowledge acquired during the semester. Academic Integrity Ethics are very important in today’s business context. Ethics are equally vital to the process of education. The instructors will assure, unless there is evidence to the contrary, that the students are fulfilling their ethical responsibilities as undergraduates.

The ethical responsibilities pertaining to the different assessment areas include, but are not limited to the following: Team Project The team project must be done by the team members themselves. All team members must contribute their fair share to the team project; otherwise, different grades will be awarded to the team members in accordance to their level of contributions. When information from external sources is quoted in he team project, adequate acknowledgements must be given. The university views plagiarism as a serious offence.

Examination, Mid-term Test and Quiz All individual assessments such as examination, mid-term test and quizzes must be the exclusive work of the individual student. Students have an obligation to inform the instructor if they know of any student obtaining the course credit by deceit penalty for violation Of Academic Integrity It is University policy that any student found to have cheated through any means be awarded a fail grade in the course and may also be barred from the University. Please refer to the University Honor Code on the University policy on plagiarism.

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