Week 1 ACCT5001 Instructions for Outside-of-Class Study

Self-Study Questions are to be prepared after the Week 1 Seminar Questions marked with * are optional questions that students may want to attempt Chapter 1, LO1-4 Answer all self-study questions as required in the textbook. Mid-semester quiz helpful hint. There will be short answer questions in the mid-semester quiz. To practice, answer each of these questions as if each one is a 3-mark quiz question. Strategy - simply agreeing or disagreeing receives no marks. Marks are awarded for your explanation or justification and are based on the accuracy and depth of your answer. To illustrate: Refer to in class example on how to answer a question (PSA1.1a or PSA1.2a). Strategy: There are 2 parts to this question. 1. Determining which organisation of business is appropriate for the problem and 2. Explaining and justifying the answer. The second part is very important and is awarded more marks than the first when answering a short answer question. Suggested solution: refer to lecture slides for suggested example of PSA1.1a or PSA1.2a Helpful hints and things to watch out for in this weeks topic Pro-formas of financial statements will not be provided in exams. Students are expected to know the proper format of financial statements as well as their content. In relation to PSA1.1, note that the difference between accounting for a sole proprietorship and a corporation is how we deal with the owners' equity. For a sole proprietorship, by definition, all of the investor claims to the resources belong to one person - so only one owner's equity account is required. For legal reasons, a corporation must account separately for contributed capital & earned capital. Complete the weekly reflection, self-evaluation and learning strategies exercises.

ACCT 5001 Weekly Reflection, Self-Evaluation and Learning Strategies Exercises

Weeks 1-13

Background and Aims of the Exercises: One of the Graduate Attributes this unit aims to support is the development of students Personal and Intellectual Autonomy. In particular, we wish to support students to be able to demonstrate a commitment to life long learning through reflection, self-evaluation and self-improvement. How will you know if you are doing well in the unit if you do not reflect on your learning, take the time to self-evaluate your progress and take action to remedy any gaps in your understanding? The weekly exercises are intended to help you learn to reflect, self-evaluate and improve your learning outcomes and learning processes. They have been developed to help you become responsible for your own learning, become an independent learner and achieve good learning outcomes. The weekly exercises will also be very helpful in your quiz and exam revision. These exercises can help you keep track of your learning efforts and outcomes and they provide you with a way to understand how you learn, how much time you are putting into your learning, where you need to improve your learning outcomes and processes and how to put learning strategies in place if you need assistance with your learning. So, it is recommended that you complete these exercises weekly In the unit outline we have indicated the workload and minimum requirements. In addition to attending one 3-hour seminar each week (at the time indicated on your timetable), an average student seeking to get an average result for ACCT5001 should plan to spend 912 hours each week on learning. The amount of time each student needs to spend will vary depending on their background and prior knowledge. Remember, there are only 13 weeks in the semester and it is very important to keep up to date in your learning as one topic builds on the next. We cannot stress enough how important it is for you to complete the weekly Self-Study Questions as shown in the unit outline. Instructions are provided on Blackboard each week to assist you in answering the questions. Solutions to all self-study questions will be provided on Blackboard each week. Students are strongly advised to attempt these questions each week after attending classes and before consulting the solutions. Learning accounting is best achieved by working through the self study questions and practicing accounting processes. It is not sufficient to simply read the material and learn the concepts, as you must be able to complete the questions on your own in the exam and the quiz. The more practice you do with a variety of questions, the better you will understand the concepts, principles and processes of accounting, and the quicker and more confident you will be at doing them. We do not advise you to take short cuts by relying on others, or by looking at the solution without having already completed the work yourself, as this can give you a false sense of security. Remember that in the quiz and the exam you will have to work quickly and independently, and you wont have the benefit of the solution to rely on. The teaching staff on this unit aim to support your learning and will work in partnership with you, so please ensure you make the time to complete the readings, attend classes, complete exercises, determine if you need further help and then seek it. We cant do the work for you but we can support your learning. It would be helpful when seeking assistance from staff about your learning, to bring your reflection and self-evaluation exercise sheets with you. This way we can best help you based on your individual needs. Best wishes in your studies from the team from ACCT 5001. Please see overNow lets begin

Week 1 Continued ACCT 5001 Weekly Reflection, Self-Evaluation and Learning Strategies Exercise
These exercises are to be completed after you complete your week 1 readings and self-study questions.

Reflection: How many hours have you spent completing the readings (text and lecture notes)? How many hours have you spent completing the self-study questions and exercises on your own? How many hours have you spent completing the self-study questions and exercises with others? How many hours have you spent checking your answers to the self-study questions and exercises? How many hours have you spent on your group assignment? How many hours have you spent revising for quiz and examinations? Self Evaluation: After you have completed the self-study questions and exercises, access the solutions on Blackboard and checked your answers. Then answer the following questions either here, or on the back of this page: What aspects of this weeks topic have you understood? Prepare a brief summary.

List the aspects of this weeks topic that you still do not understand or are not sure about.

(Another strategy is to go through each learning objective to evaluate how well you can achieve them). Note: These reflective sheets will be very helpful in your quiz and exam revision so keep them up to date

Learning Strategies: In relation to the aspects you listed above that you still do not understand, what learning strategies will you take so that you can learn more about those aspects? Place a tick in the circle next to the strategies you intend to use and the date you will complete them. You can choose as many strategies as you need, and you can try different strategies to see which are the most helpful. Possible strategies include:
DATE

o Access the solutions to the self-study questions and exercises from Blackboard and compare your answers to the
solution thoroughly, or complete the self-study questions and exercises again with the solutions

o Read the section(s) of the relevant textbook chapter(s) again on those aspects you did not understand. o Post a question on the Blackboard discussion forum. o Attend the optional Monday workshop on Monday 9 -10am and from 10 -11am (see blackboard for details). o Attend consultation with John Trowell on Monday 11.30am -12.30pm (Level 3, Economics & Business Building) o Attend Peer Assisted Study Session (PASS). See unit outline or blackboard for details. o Complete the self-study questions and exercises that you didnt do well again on your own. o Go over the self-study questions and exercises again with another student or in a study group. o See your lecturer during their consultation time. If you cant make it to their allocated time, seek another lecturer
during their consultation time. (see Blackboard under staff info for consultation times).PLEASE BRING THIS COMPLETED WEEKLY REFELCTION SHEET WITH YOU, SO THEY CAN HELP WITH YOUR LEARNING

o Any other strategy that will assist your learning e.g. completing the extra questions provided in the Unit of Study
Outline and in the special folder on Blackboard.

Summary of the recommended weekly learning activities and processes 1. Complete the pre-reading from text book before your class each week. Each weeks reading list is provided in the unit outline. 2. Print off the lecture notes and demonstration problems from Blackboard before the class and bring them to class. You will need them to make notes and work on exercises. 3. Attend and actively participate in the weekly class you have been assigned in your timetable. 4. Complete the self-study questions for the week. The questions are provided in the unit outline and further essential instructions for each week are provided on blackboard. Please refer to the instructions before completing the exercises. 5. Consult Blackboard and access the solutions to the weekly self-study questions. Then correct your self-study answers. 6. Complete the weekly reflection, self-evaluation and learning strategies exercises. 7. Take actions to improve your understanding of the subject as you selected in your learning strategies. 8. Ensure you understand the material for the week so you can build on your knowledge with the following weeks work. 9. Begin at 1 each week and complete the cycle each week.