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    Topic 1 Handout Cover Page 2023 Term3

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    Sakura Hayashi
    This document provides an overview of the learning objectives, required readings, practice questions, and tutorial questions for Topic 1 of the ACCT2511 Financial Accounting Fundamentals course. The topic covers record keeping, accounting information systems, and accounts receivable. It outlines 3 learning objectives for record keeping, 2 objectives for accounting information systems, and 6 objectives for accounts receivable. It lists the required textbook chapters and additional references. It provides 4 discussion questions, 2 problems, and 3 additional tutorial questions to practice the concepts covered in Topic 1.

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    Topic 1 Handout Cover Page 2023 Term3

    Uploaded by

    Sakura Hayashi
    32 views4 pages
    This document provides an overview of the learning objectives, required readings, practice questions, and tutorial questions for Topic 1 of the ACCT2511 Financial Accounting Fundamentals course. The topic covers record keeping, accounting information systems, and accounts receivable. It outlines 3 learning objectives for record keeping, 2 objectives for accounting information systems, and 6 objectives for accounts receivable. It lists the required textbook chapters and additional references. It provides 4 discussion questions, 2 problems, and 3 additional tutorial questions to practice the concepts covered in Topic 1.

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    This document provides an overview of the learning objectives, required readings, practice questions, and tutorial questions for Topic 1 of the ACCT2511 Financial Accounting Fundamentals course. The topic covers record keeping, accounting information systems, and accounts receivable. It outlines 3 learning objectives for record keeping, 2 objectives for accounting information systems, and 6 objectives for accounts receivable. It lists the required textbook chapters and additional references. It provides 4 discussion questions, 2 problems, and 3 additional tutorial questions to practice the concepts covered in Topic 1.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    32 views4 pages

    Topic 1 Handout Cover Page 2023 Term3

    Uploaded by

    Sakura Hayashi
    This document provides an overview of the learning objectives, required readings, practice questions, and tutorial questions for Topic 1 of the ACCT2511 Financial Accounting Fundamentals course. The topic covers record keeping, accounting information systems, and accounts receivable. It outlines 3 learning objectives for record keeping, 2 objectives for accounting information systems, and 6 objectives for accounts receivable. It lists the required textbook chapters and additional references. It provides 4 discussion questions, 2 problems, and 3 additional tutorial questions to practice the concepts covered in Topic 1.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 4

    UNSW Business School

    School of Accounting, Auditing & Taxation

    ACCT2511
    Financial Accounting Fundamentals
    Topic 1
    Record Keeping,
    Accounting Information Systems,
    and Accounts Receivable

    Student Handout

    Content:

    1. Learning objectives
    2. Readings
    3. PASS questions
    4. Tutorial questions

    Website: http://moodle.telt.unsw.edu.au
    CRICOS Provider Code 00098G

    business.unsw.edu.au
    Introduction and Learning Objectives

    At the end of this topic, you should:

    Part 1: Record Keeping


    1. Understand what accounting and record keeping is
    2. Be able to identify the users and key elements of an annual report
    3. Have an overarching understanding of the key financial statements prepared in
    this course

    Part 2: Accounting Information Systems

    1. Understand how information and communication technology (ICT) can be


    useful for accountants
    2. Understand why learning about accounting software is important in preparation
    to enter the accounting profession

    Part 3: Accounts Receivable

    1. Understand the principles of recording sales transactions in accordance with


    accrual accounting
    2. Understand the use of contra accounts for recording of doubtful debts
    3. Be able to prepare journal entries related to the management of accounts
    receivable, including changing the allowance for doubtful debts and writing
    off bad debts, as well as demonstrate the financial statement impacts of
    doubtful debts and bad debts
    4. Be able to calculate and record trade discounts for early payment of
    accounts payable and early receipts of accounts receivable
    5. Understand the role of special journals, subsidiary ledgers, and control
    accounts within the accounting recording system
    6. Be able to record transactions using special journals, subsidiary ledgers, and
    control accounts.

    Page 2
    Required Readings

    The prescribed textbook for this course is: Trotman, K, Humphreys, K, Clout, V &
    Morgan, K (2023). Fundamentals of Accounting and Financial Management 8E.
    Cengage Learning Australia. (Henceforth referred to as THCM)

    There is a discount code on Moodle if you wish to purchase directly from the publisher (see
    “ACCT2511 Course Overview” and scroll down to “Course resources”).

    Required reading for this topic:


    • Chapter 10
    • Chapter 11, sections 11.1- 11.10 (inclusive)

    • Useful revision: Chapters 3 & 4

    Additional References https://www.aasb.gov.au/

    PASS Questions for Topic 1

    All from THCM (2023):


    • Chapter 11 - Discussion Questions 4, 5, 7, 12
    • Problem 11.8
    • Problem 11.16

    Page 3
    Tutorial Questions for Topic 1

    From THCM (2023):


    • Problem 11.6
    • Problem 11.12
    • Problem 11.15
    o Side note for P11.15 – the wording is a bit odd with respect to customer
    receipts. For example, when you read that “Milky Way paid an amount owing
    of $1100, less $30 discount”, it means that Milky Way owed $1100, but it
    received a $30 discount. It therefore didn’t have to pay the full $1100 to clear
    the debt. You have to work backwards to calculate the actual cash amount
    that was paid to clear the debt i.e., $1100 - $30.

    Additional Question
    In the last decade companies which utilise a buy-now pay-later type model, such as Afterpay,
    have become increasingly popular. Afterpay is known for its "pay later" service that allows
    customers who are either in-store or online to purchase a product immediately, and then repay
    that amount in four fortnightly instalments over 6 weeks. While these repayments are interest-
    free, late fees are accrued if the repayments are late. Afterpay also charges a fee to the retailer
    companies that use its services (a flat fee of 30 cents plus a commission ranging from 4-6%
    on all sales made via the platform).
    Required:
    1. Imagine that Carrington Ltd is a company that sells stand-up desks online. Customers
    can purchase desks with cash, or use credit directly from Carrington according to its
    credit sales terms. Carrington Ltd has had a policy of allowing the customers who
    purchased on credit to repay the amount owing within 60 days from the date of
    purchase. It has also utilised an allowance for doubtful debts account in relation to
    these credit sales.

    On 1 July 2021 Carrington Ltd stops offering its own credit sales terms to customers,
    and instead relies exclusively on the services of Afterpay. There is a positive accounts
    receivable balance at the beginning of the financial year (01/07/21), related to credit
    sales in the previous financial year.
    What will be the impact of switching to the use of Afterpay on the income statement
    and balance sheet for the year ended 30 June 2022?

    Page 4

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