ACCT103-17S1 (C) Semester One 2017

Accounting and Taxation: An Introduction

15 points

Details:
Start Date: Monday, 20 February 2017
End Date: Sunday, 25 June 2017
Withdrawal Dates
Last Day to withdraw from this course:
  • Without financial penalty (full fee refund): Friday, 3 March 2017
  • Without academic penalty (including no fee refund): Friday, 19 May 2017

Description

The course introduces taxation and accounting in the context of service, retail, manufacturing, tourism, farming and construction businesses. It includes the rudiments of bookkeeping and the preparation of reports about cash flows, profits and accumulating capital and wealth. It caters for accounting and taxation majors, and for entrepreneurially-minded students contemplating running their own businesses.

The course introduces taxation and accounting in the context of service, retail, manufacturing, tourism, farming and construction businesses. It includes the rudiments of bookkeeping and the preparation of reports about cash flows, profits and accumulating capital and wealth. It caters for accounting and taxation majors, and for entrepreneurially-minded students contemplating running their own businesses.

While attracting Bachelor of Commerce students who are majoring in Accounting or Taxation and Accounting, and have aspirations for membership of professional bodies of accounting (see below), ACCT103 is of wider interest inside the Commerce degree and outside, particularly for Law, Arts, Sciences, Humanities and Engineering students contemplating administering their small businesses. Students learn how to account for a variety of transactions and how to prepare financial reports in accordance with normal practices. For Commerce degree students, ACCT103 complements ACCT102’s financial information readership perspective.

Learning Outcomes

Having engaged in learning during the course, students will be able to demonstrate an understanding (e.g. explain, discuss and apply) of:

1. Explain and apply principles and praxis of financial reporting about business organisations in the context of preparing and supplying information to business organisers, business owners, business workers and interested external parties.
2. Explain taxation concepts, including taxable entities, and income and capital for taxation purposes; apply those concepts to rudimentary cases.
3. Describe, explain and apply the double entry system of bookkeeping within accounting entities.
4. Distinguish revenue, expenses, assets (including inventory, receivables, and property, plant and equipment), liabilities and capital of business entities.
5. Prepare financial records for service, transport, retail and manufacturing businesses, including ones having the following legal forms: sole traders, small partnerships, stand-alone limited companies and iwi organisations.
6. Prepare, from the records referred to in 5, classified general-purpose financial reports, including statements calculating costs, trading profits and organisational cash flows, and reconciling assets, liabilities and capital, all within a regulatory framework for general-purpose financial reports.
7. Prepare classified control reports comparing revenue and expenses with budgets, for departments or responsibility centres of businesses.
8. Explain and apply valuation concepts for assets and liabilities.

Prerequisites

Restrictions

ACIS103, AFIS101, AFIS103, AFIS111, AFIS121, AFIS131

Timetable Note

Please note the Wednesday 9am tutorial has been cancelled

Course Coordinator

Julia Wu

Lecturers

Keith Dixon and Alistair Hodson

Assessment

Assessment Due Date Percentage 
Learning Reflections 25%
Final Examination 44%
Test One 14%
Test Two 17%

Textbooks / Resources

Required Texts

Mitrione, Lorena; Principles of financial accounting ; 3rd ed; John Wiley and Sons Australia, 2013.

Course links

Course Outline
Learn

Indicative Fees

Domestic fee $775.00

International fee $3,188.00

* All fees are inclusive of NZ GST or any equivalent overseas tax, and do not include any programme level discount or additional course-related expenses.

For further information see Department of Accounting and Information Systems .

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