Undergraduate Program Subject Outline

Faculty of Business
http://my.uowdubai.ac.ae

Subject Code: ACCY111 Subject Name: Accounting Fundamentals in Society

Session: Spring Year: 2018

Pre-requisite(s): ARTS015 Co-requisite(s): N/A

LECTURE INFORMATION FINAL EXAM PASSING REQUIREMENT: 50%

Day: Sunday Wednesday

Time: 10.30 am – 12.30 pm 10.30 am - 12.30 pm

Location: KV 14 - 302 KV 15 - 117

TUTORIAL INFORMATION
Tutorial 1 Tutorial 2 Tutorial 3
Day: Sunday Monday Tuesday
Time: 12.30 – 2.30 2.30 – 4.30 2.30 – 4.30
Location: KV 14 - 1251 KV 14 - 203 KV 14 - 206
Tutorial 4 Tutorial 5 Tutorial 6
Day: Wednesday Wednesday Thursday
Time: 08.30 – 10.30 2.30 – 4.30 10.30 – 12.30
Location: KV 14 - 206 KV 14 - 206 KV 14 - 206

Lecturer’s Name: Dr Nandini Kaul

Building & Office No: Block 15 Office 113
E-mail Address: nandinikaul@uowdubai.ac.ae
Consultation Days and Times: Saturday: 4.00 pm – 6.00 pm
Sunday: 2.30 pm – 4.30 pm
Tuesday: 10.30 am – 12.30 pm
Wednesday: 12.30 pm – 2.30 pm
- And by appointment: If you need to consult with me for any
of the material but you cannot visit me during regular office
hours please send me an e-mail so we can arrange a time
that will suit us both.
- For regular office hours you do not need to contact me, just
come by the office.

Subject Coordinator: Dr Nandini Kaul

Tutor’s Name: Ms Yusra Ghani

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ACCY111 Accounting Fundamentals in Society
 Building & Office No: Block 14 Office G01
E-mail Address: yusraghani@uowdubai.ac.ae
Consultation Days and Times: Monday: 12:30 to 2:30
Tuesday: 9:30 to 11:30
Wednesday: 10:30 - 11:30
Thursday: 12:30 to 2:30

1 SUBJECT DESCRIPTION
This subject introduces the role of accounting information in society including its social and ethical
aspects relating to both the individual and the organization. The subject introduces basic accounting
language, concepts and techniques to identify, classify, process, record and present accounting and
financial information. The subject also considers accounting information that can be used for making
decisions about past and future economic events in a variety of business and social settings.

2 LEARNING OUTCOMES
Upon successful completion of this subject, a student should be able to:

1. Demonstrate an understanding of the role of accounting in society by exploring the various roles of
accounting, including an appreciation of ethical aspects of accounting practice for both individuals
and organisations.
2. Demonstrate an acquisition of an elementary technical competence in accounting practice through
the use of basic accounting language, concepts and techniques to identify, classify, process,
record, summarise and communicate accounting and financial information.
3. Identify and explain different forms of economic entities and understand the diversity of economic
sectors and the consequences of this diversity for accounting practice.
4. Demonstrate competence in using accounting information to analyse, interpret and forecast
financial information that is useful in decision making.
5. Demonstrate an understanding of the use of specified information and communication
technologies.

3 SUBJECT SCHEDULE
Week
Tests/
Starting Related Text
Week Lecture Topic(s) Assignments
on Chapter(s)
Due
Sunday
• Introduction to accounting
• Decision making and the role of
Feb 4 Week 1 Chapter 1
accounting in society

• Financial statements for decision

making
o underlying assumptions
Feb 11 Week 2 o qualitative characteristics of Chapter 2
financial statements
o the accounting equation

• Recording transactions
o source documents
Quiz 1
o the accounting cycle
Feb 18 Week 3 Chapter 3 (Chapter 1)
o account formats
o balance sheets
o income statements

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ACCY111 Accounting Fundamentals in Society
 o double entry accounting

• Adjusting the accounts

o classification of adjusting
entries
Quiz 2
Feb 25 Week 4 o adjusting entries for deferrals Chapter 4
(Chapter 2)
o adjusting entries for accruals
o adjusted trial balance.

• Adjusting the accounts continued

o using the worksheet to record
adjusting entries
Mar 4 Week 5 • Preparing financial statements Chapter 4
o distinguishing current and non-
current assets and liabilities

• Completing the accounting cycle

o the closing process
o closing temporary accounts
Quiz 3
o post-closing trial balance
Mar 11 Week 6 Chapter 5 (Chapter 3)
o accrual entries in subsequent
periods
o reversing entries

Mid Term Examination will be on Saturday 17th March 2018 (Chapters 1 to 4) – Class I and II combined.
Material up to - and including - Week 5 – Review Questions will be provided)

Mar 18 Week 7 No lecture classes

Mid Semester Break : 25th March (Sunday) to 7th April (Saturday)

Ellwood, S. and
Greenwood, M.
(2016) "Accounting
• Accounting and social responsibility for heritage assets:
o accounting and governments Does measuring
Apr 8 Week 8
o accounting and not-for-profits economic value 'kill
the cat' " Critical
Perspectives on
Accounting, 38,
pp.1-13.
• Regulation and the Conceptual
Framework
o the development of accounting
o the Conceptual Framework for
financial reporting Quiz 4
Apr 15 Week 9 o the nature of a reporting entity Chapter 17 (Chapter 4)
o objectives of general purpose
financial reporting
o qualitative characteristics for
selecting and presenting
financial information

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ACCY111 Accounting Fundamentals in Society
 o recognition criteria including
revenue recognitionAccounting
for retail and merchandising
Retail Inventory

• Accounting for retailing

o inventory
o retail business operations
o income statement for a retailer
o accounting for sales
transactions
Submission of
Apr 22 Week 10 o accounting for purchases and Chapter 6
Poster Critique
cost of sales
o end of period process
o net price method and
settlement discountsRetail
Inventory

• Accounting Systems
o considerations in developing an
accounting system
o internal control systems -
principles and limitations
Quiz 5
Apr 29 Week 11 o control accounts and subsidiary Chapter 7
(Chapter 5)
ledgers
o special journals
o subsidiary ledgers and control
accounts

• Analysis and interpretation of

financial statements
o sources of financial information
o percentage analysis
May 6 Week 12 Chapter 25
o ratio analysis
o limitations of financial analysis
Financial Statement Analysis

Quiz 6
May 13 Week 13 • Review (Chapter 25)

3.1 TUTORIAL SCHEDULE

Week Session Tutorial/Computer Lab Activities Tests/ Assignments
Starting
on

Feb 4 Week 1
No Tutorials
Chapter 1: DQ* 1.1, 1.5, 1.8, 1.14
Feb 11 Week 2- Session 1 EX*.1.5, 1.8, 1.10

Chapter 2: EX 2.1,2.2,2.3,2.4,2.7,2.11
Feb 18 Week 3- Session 2
P* 2.5, 2.10

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ACCY111 Accounting Fundamentals in Society
 Chapter 3: EX 3.1,3.2,3.4
Feb 25 Week 4- Session 3 P 3.2, 3.9 (A) and (B)

Chapter 4: EX 4.1,4.2,4.4,4.5,4.8,4.14
Mar 4 Week 5- Session 4

Mar 11 Week 6- Session 5 Chapter 4: P 4.1(A),4.5,4.8,4.15

Mar 18 Week 7- Session 6 No Tutorials
Mid Semester Break: 25th March (Sunday) to 7th April (Saturday)

Chapter 5: EX 5.1,5.2,5.3,5.5
Apr 8 Week 8- Session 7 P 5.2,5.5

Discussion of the journal article for

Apr 15 Week 9- Session 8 assessment task 2

Chapter 17: EX 17.1,17.2,17.6,17.7

Apr 22 Week 10 - Session 9 P 17.2,17.8

Chapter 6: EX 6.1,6.2,6.9,6.10,6.11
Week 11 - Session P 6.5 Part (A) 1 & 2,6.11
Apr 29
10
Chapter 7: DQ 7.2,7.3
Week 12 - Session EX 7.2,7.4,7.5,7.11,7.12
May 6 P 7.1 (A),7.14
11

Chapter 25: EX 25.3,25.4,25.5,25.6

Week 13 - Session P 25.1,25.4
May 13
12
DQ - Discussion Question, EX - Exercise Question, P - Problem Question

TEXTS
4.1 REQUIRED TEXTS
John Hoggett, Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire
Beattie, Jodie Maxfield, ACCOUNTING, 9TH edition, John Wiley, 2014
Required texts can be purchased from the University Bookshop located in Block 5 Ground
Floor.

COPYRIGHT NOTICE: The University of Wollongong in Dubai complies with UAE Federal
Law No. (7) of 2002 pertaining to Copyrights and Neighboring Rights. Severe penalties
apply for copyright violations. No copied materials will be allowed on campus, except where
permitted as per UAE Federal Law No. (7) of 2002. Any copied materials that violate UAE
Laws or UOWD Policies will be confiscated in the first instance and disciplinary actions
may be taken against the person(s) involved.

4.2 RECOMMENDED READINGS

• Hoggett, J, Edwards, L, and Medlin, J, Accounting, 6th edition, John Wiley & Sons,
Queensland 2006
• Hines, R 1988, ‘Financial accounting: In communicating reality, we construct reality’,
Accounting, Organizations & Society, vol.13, no.3, pp.251-261.

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ACCY111 Accounting Fundamentals in Society
 • Ellwood, S. and Greenwood, M. (2016) “Accounting for heritage assets: Does measuring
economic value ‘kill the cat?’” Critical Perspectives on Accounting, 38, pp. 1-13.
• Chwastiak, Michele & Young, Joni J. 2003, 'Silences in annual reports', Critical
perspectives on accounting, vol. 14, no. 5, pp. 533-552

All of the recommended readings above are available at the UOWD Library located on the
first floor in Block 14.

4.3 LECTURE NOTES

All teaching materials can be downloaded from the student intranet: https://myuowdubai.ac.ae

5 ASSESSMENT
5.1 ASSESSMENT OF LEARNING OUTCOMES

Learning Outcome Measures (Elements of Assessment)

1. Demonstrate an understanding the role of 2

accounting in society by exploring the various roles
of accounting, including an appreciation of ethical
aspects of accounting practice for both individuals
and organisations.
2. Demonstrate an acquisition of an elementary 1, 3 and 4
technical competence in accounting practice
through the use of basic accounting language,
concepts and techniques to identify, classify,
process, record, summarise and communicate
accounting and financial information
3. Identify and explain different forms of economic 2 and 4
entities and understand the diversity of economic
sectors and the consequences of this diversity for
accounting practice.
4. Demonstrate competence in using accounting 1, 3 and 4
information to analyse, interpret and forecast
financial information that is useful in decision
making.
5. Demonstrate an understanding of the use of 1, 2, 3 and 4
specified information and communication
technologies.

5.2 ASSESSMENT TASKS

Assessment Task: 1 Midterm Test
Type: Individual
Learning Outcome Measured: 2, 4 and 5
Total Marks: 100
Weighting: 25%
Date, Time and Location: Saturday, 17th March

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ACCY111 Accounting Fundamentals in Society
 OUTLINE AND REQUIREMENTS
It is a 2 hours’ exam. The examination will consist of multiple choice and problem solving
questions on all topics covered up to and including week 5. It is expected that students will have
read the relevant chapters from the text in addition to tutorial review questions prior to the
examination. You must attempt the mid-term examination in order to meet the requirements of
this subject and failure to do so could result in failure of the subject.

MARKING CRITERIA
Marked for correct technical knowledge and an understanding of theoretical concepts

Assessment Task: 2 Authentic Tasks – Social Responsibility Poster

Critique
Type: Group of Two
Learning Outcome Measured: 1, 3 and 5
Total Marks: 100
Weighting: 5%
Date, Time and Location: Week 10

OUTLINE AND REQUIREMENTS

Students will work in groups of two. They will answer questions based on an academic journal
article, using the template which will be provided on moodle.

This assessment guides students to relate a current business problem as shown in a poster
image to the concepts explored in their reading. Students will be required to discuss how the
business problem broadly affects society. Students will be asked specific questions that require
short and long answer responses.

MARKING CRITERIA
This assessment task has to be submitted to turnitin.
Marking criteria will be provided to you by week 7.

Assessment Task: 3 Quizzes

Type: Individual
Learning Outcome Measured: 2, 4 and 5
Total Marks: 100
Weighting: 20%
Date, Time and Location: During tutorials

OUTLINE AND REQUIREMENTS

Multiple Choice and Problem Solving questions. Six quizzes will be conducted in the tutorials
during the semester. Five best quizzes will be considered. Each quiz will be of duration of 20-25
minutes having a weighting of 4% each.

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ACCY111 Accounting Fundamentals in Society
 Students must do their tests in their assigned tutorial class. Tests completed in other class will
not be taken into account.

MARKING CRITERIA

Marked for correct technical knowledge and an understanding of theoretical concepts.

Assessment Task: 4 Final Exam

Learning Outcome Measured: 2, 3, 4 and 5
Total Marks: 100
Weighting: 50%
Date: To be held during the official examination period. Please
refer to the Exam Timetable available on the Student
Online Resources website (http://my.uowdubai.ac.ae)
closer to the exam period.

OUTLINE AND REQUIREMENTS

The examination will consist of calculations and short answer questions.
All content of the subject is examinable.

MARKING CRITERIA
Marked for correct technical knowledge and an understanding of theoretical concepts

5.3 GRADES AWARDED

The approved grades of performance and associated ranges of marks for undergraduate subjects
are:
High Distinction (HD) 85 – 100%
Distinction (D) 75 – 84%
Credit (C) 65 – 74%
Pass (P) 50 – 64%
Pass Supplementary 50%
Fail (F) 0 – 49%(and not meeting the attendance requirements)
Technical Fail (TF) Not meeting the final exam passing requirements – see the
Assessment Policy PP-REG-DB-2.1

5.4 SATISFACTORY COMPLETION REQUIREMENTS

In order to be considered for a grade of Pass (P) or better in this subject, students must achieve
the minimum required mark in the Final Examination (see page 1 for required score); students
who obtain a composite mark greater than or equal to 50% but do not satisfy the Final
Examination minimum pass requirements in the final examination will be awarded a “Technical
Fail” grade.

Students must ‘reasonably’ complete all assessment tasks (including the required score for the
Final Examination,) and submit these as specified in the subject outline. ‘Reasonable’
completion of an assessment task will be determined based on the instructions given to the
student including: word length, demonstration of research and analysis where required,
adherence to the Plagiarism Policy guidelines, and completion of each section/component of the

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ACCY111 Accounting Fundamentals in Society
 assessment. Failure to ‘reasonably’ complete any assessment tasks to the standard specified
above may result in a Fail grade awarded for the subject.
4 RELEVANT POLICIES AND DOCUMENTS
All students must read and be familiar with the following UOWD policies and documents, which
are available on the Student Online Resources (my.uowdubai.ac.ae) website by following the
Policies link:
• Academic Grievance – Students
• Assessment Policy
• Attendance Policy
• Code of Conduct – Library Users
• Code of Practice – Students
• Copyright Policy
• Information Literacies Rule
• Library Regulations
• Minimum Rate of Progress
• Music, Video and Software Piracy
• Plagiarism Policy
• Plagiarism – Acknowledgement Practice
• Rules – Campus Access and Order
• Rules for Student Conduct and Discipline
• Rules for use of ITTS Facilities
• Special Consideration Policy
5 SASS
SASS (Student Academic Support Services) is a program committed to assisting students
in developing their academic skills and getting the most out of their studies. As part of their
services, SASS provides Peer Tutoring Program and Academic Workshops.
For further information contact, please contact:
SASS Admin Assistant
Room 019, Block 5. Sass@uowdubai.ac.ae Ph: + 971 4 390 060

6 PLAGIARISM
Plagiarism is a serious offense that can lead to expulsion from the university. Students must be
familiar with the Plagiarism policy which outlines the procedure that will be followed in case of
plagiarism. For more information please refer to the Plagiarism policy available on the Student
Online Resources website (http://my.uowdubai.ac.ae– follow the Policies link).

8.1 TURNITIN
In addition to a hard copy, students are required to submit all written assignments in soft copy
through the TurnItIn system which is available online at www.turnitin.com. Every student must
have a TurnItIn account. Failure to submit an assignment through TurnItIn will result in marks
for that assignment being withheld. Students do NOT need to hand in a printed copy of the
TurnItIn Originality Report! More information about TurnItIn (including how to create an
account and add a class) will be provided in the first lecture. Students can download Frequently
Asked Questions (FAQs) about TurnItIn from the SASS section of the website
(http://www.uowdubai.ac.ae/ss).

TurnItIn information required to add this subject:

Class ID: TBA

Password: TBA

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 8.2 REFERENCING & IN-TEXT CITATION & UOWD RULES & POLICIES
For information about Referencing and In-Text Citation, as well as a guide to some of the
UOWD Rules and Policies, please go to the Student Online Resources website
(http://my.uowdubai.ac.ae) and click on the POLICIES link. You will find the required
information under the letter “S” for “Subject Outline Information”.

7 ATTENDANCE REQUIREMENTS
Attendance in this subject is compulsory. Failure to attend all tutorials and computer labs as
per the Student Attendance Policy may result in a FAIL grade. Students are strongly
encouraged to become familiar with this policy (which can be found on the Online Resources
website at my.uowdubai.ac.ae).

8 TUTORIAL/COMPUTER LAB ENROLMENTS

All students must sign up for one tutorial and/or computer lab in Week 1. Admission to a
tutorial/computer lab will not be possible unless the student’s name is on the Attendance List
for that class. No changes will be allowed once a student has enrolled in a tutorial/computer
lab.

9 SUPPLEMENTARY ASSESSMENTS
A supplementary assessment may be offered to students whose performance in this subject is
close (45-49 or TF) to that required to pass the subject, and are otherwise identified as meriting
an offer of a supplementary assessment. The precise form of a supplementary assessment will
be determined at the time the offer of a supplementary is made.

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