Professional Documents
Culture Documents
Introduction
and
Assignments Semester 1,
2014
This material has been prepared by the University of the South Pacific
for use by students enrolled in the course for which it was developed.
It may contain copyright material copied under the provisions of the Fiji
Copyright Act 1999 or under license from rightsholders or their agents.
Copyright in material prepared by USP is owned by USP.
This material cannot be sold or copied for further distribution without the
Universitys permission. Where provided in electronic format, it can only be
printed by or for the use of the student enrolled in the course.
Content
Course introduction......................................................................................
Study schedule..............................................................................................
Assessment overview...................................................................................
Plagiarism.....................................................................................................1
Assignment 1................................................................................................1
Assignment 2................................................................................................1
Beginning of semester 1
Laucala, Emalus and Alafua
campus students -Final day
for withdrawal with
remission of tuition fees for
semester 1 courses is 28
February 2014
Week 1
1721 February
2428 February
Week 2
Week 3
37 March
Week 4
1014 March
Week 5
1721 March
Week 6
2428 March
Week 7
31 March4
Week 8
Week 9
Week 10
Week 11
Week 12
Week 13
Week 14
Week 15
Week 16
Week 17
Mid-semester break
Study break
Examinations
Examinations
Dear student,
Welcome to AF100: Introduction to Accounting and Financial Management For the
Non-Specialist.
The name and the email address of the course coordinator for this unit will be
announced at the beginning of the semester.
Please note that all important notices and information will be put on the AF100
DFL Moodle and sent to your centres as well. Check AF101 Moodle regularly and
your centre for any information. If you encounter any problems with this course
you can contact your local tutors first. If you do not have a tutor, contact the
course coordinator via AF101 DFL Moodle or through email.
Other contact details of the coordinator are as follows:
AF 100 Course Coordinator School of Accounting and Finance, Faculty of
Business and Economics, University of the south Pacific, Private Mail bag,
Suva, Fiji.
Telephone: + 679 323-2517 or + 679 323-3571 (School Office)
Fax: +679 330-1487
All the best in your studies!
Course introductio
Learning Outcomes:
You should have already received the following materials a week before semester
starts:
1. The Introduction and Assignments book, which you are reading now
2. Study Guide
3. A course Moodle page
Contact your USP Campus or Centre immediately if you are missing any of the
materials mentioned in 1 and 2 above.
The prescribed textbook for the course is:
Birt, J., Chamers, K., Byrne, S., Brooks, A., & Oliver, J. (2012). Accounting:
th
business reporting for decision making, 4 edition, John Wiley & Sons Australia,
Ltd.
Local tutorials
To assist you with your studies, regular face-to-face sessions may be held with a
tutor. You should check with your Campus or Centre at the start of semester to see if
face-to-face tutorials will be held for your course.
Study groups
Most people find it easier to study in a group or with a friend, at least for part of the
time. Working with others helps to motivate us. It provides a shared goal and
reduces feelings of isolation or boredom. Your local Campus or Centre will be able
to put you in touch with students doing this course and may help you get organised.
Library services
Making good use of the library and its resources is vital for you to be a successful
student. Learn about library support and services and the importance of information
literacy at your Campus or Centre library.
1
Note that before your REACT tutorial session begins your tutorial
group will be advised as to who all the participants are (regional and oncampus). Try to note down names of your colleagues and which Campuses or
Centres they are listening from.
2
Speak slowly and pronounce your words clearly so that your colleagues
can understand what you are saying.
3
Be courteous and try to maintain a polite tone of voice.
4
When you want to address your tutorial group, press the "speak button",
and aim to maintain a 6-inch distance between your mouth and the microphone
whilst speaking. Please note that you may be using two different types of
microphones as shown below.
1.
Online learning
Moodle is USPs learnin ng management system and will be used to su upport
learning in some of yourr courses.
How to login t
to Moodle
If your course has a Mooodle component, the instructions below will hhelp you
access the system.
You will need a computeer connected to the Internet. The computer m must have a
Web browser such as Intternet Explorer or Firefox. Such a computer s should be
available at your USP C Campus (if you dont already have one at hom me or
work). You will also be given a a username and password by your local USP C
Campus.
Step 1: Accessing Moo
odle
1.
Open your brow wser: Internet Explorer, Firefox, or other. Type in
the follo owing at the address bar: http://elearn.usp.ac.f fj/
2.
Press Enter.
Click Login.
Lost or forgotten n
password
Contact your local ITS s student Helpdesk or email: moodlehelp@usp..ac.fj
Study schedul
Satellite Tutorial
Tuesday 11 March
2014 7.00 8.00pm
5 and 3
(pages 89
-94)
6 and 3 Assignment 1 due
(pages 89- Friday 28 March
108)
2014 Satellite
Tutorial Tuesday
25 March 2014 7.00
8.00pm
Week 7 31 7. Statement
7
Mid-Semester Test
March4 of cash Flows
April
513 April MID-SEMESTER BREAK
8. Analysis
Week 8 14 and
18 April
Interpretation
Week 9 21 9. Budgeting
25 April
10. CostWeek 10 28
Volume Profit
April2
Analysis
May
10
11. Costing
Week 11 5
and Pricing in
9 May
an Entity
12. Capital
Week 12
Investment
1216 May
11
Week 13
13. Financing
1923 May the Business
Review and
Week 14
Revision
2630 May
12
Satellite Tutorial
Tuesday 15 April
2014 7.00 8.00pm
Satellite Tutorial
Monday 28 April
2014 7.00 8.00pm
Assignment 2 due
Monday 5 May
2014
Satellite Tutorial
Monday 12 May
2014 7.00 8.00pm
13
Satellite Tutorial
Monday 26 May
2014 7.00 8.00pm
(GMT + 12hours)
Assessment overvie
Continuous assessment
Continuous assessment makes up 50% of the final score and includes 2
assignments. It is weighted in the following way:
Assignment 1 10%
Assignment 2 15%
Mid-semester Test 25%
Total value 50%
Assignments
During the course you will be required to submit two written assignments. This helps
you and your coordinator to see how you are progressing with the course. It will
allow you to demonstrate that you are actively studying and learning. The feedback
you get from your assignment is important, so make sure you submit your
assignments by the due date. It should help to guide your studies and set you in the
right direction if you are experiencing difficulties.
Mid-semester Test
You will be required to sit a mid-semester test in week 7 of the semester. This will
account for 25% of your total course mark and will be 2 hours in duration. It will
cover all work up to and including week 6. Please confirm the date and time with
your Campus or Student Academic Services. A sample past MST test paper is
available at the end of this book.
Final examination
The final examination will consist of a 3 hour paper at the end of your course. This
will account for 50% of your final course mark. Please confirm the date and time
with your Campus or Student Academic Services. A sample past final examination
paper is available at the end of this book.
Grading System
a) The following grading system will be used by all faculties in awarding final
grades for academic performance in a course:
Pass Grades
Grade Percentage
Description
s
(%)
A+
85+
Pass with Distinction
A
78 84
B+
71 77
64 70
C+
57 63
Pass
50 56
Pass
Aegrotat Pass
Comp Compassionate
Pas
Pass or Competent
Satisfactory
Note: Pas and S are used in circumstances where graded passes are inappropriate
such as in postgraduate thesis and Professional Diploma in Legal Practice.
Fail Grades
Grade Percentage (%)
Description
D 40 -49
Work below the standard required for a pass
E 40 (Less than)
Very weak performance or failure to complete to the
satisfaction of the examiner such practical, field or other work as may be prescribed
c)
Students may be awarded a Restricted Pass if they satisfy the
conditions prescribed in Regulation 7.
d)
Students who have been granted an extension of time past the last day of
lectures to complete work required for the final assessment of their course shall be
awarded the provisional grade of I (Incomplete) for an undergraduate or postgraduate
course assessed by coursework, or IP (In progress) for a Supervised Research Project
or thesis for a Masters degree or a thesis for a PhD degree. At the end of the period
of extension the School or Department Assessment Meeting shall determine a final
grade.
e)
Students who have not submitted their masters or PhD thesis or Supervised
Research Project by the end of the maximum period of candidature prescribed in the
regulations shall be awarded the grade of NC (Not completed).
[Extracted from 2013 Handbook & Calendar, pp 449-450]
Submission of assignment
You should submit all your assignments by the dates given in your study schedule or
on your course Moodle page. Please upload them in the correct assignment drop box.
Hard copy
You should submit all assignments by the dates given on your study schedule.
Please submit them in the correct order and address the envelope to the Course
Coordinator. For each assignment, you should fill out a yellow assignment cover
form which you collect from Student Academic Services (SAS). If you do not have
assignment covers, contact your USP Campus.
For Suva based students, all assignments are to be posted or dropped off at the
allocated boxes in your Faculty at Laucala Campus. Foundation and
Preliminary students are to post or drop off their assignments at the College of
Foundation Studies Building.
The only assignment(s) that are to be posted or dropped off at Student
Academic Services at Laucala Campus are for the Agriculture courses.
For all other students, please confirm with your Course Coordinator about
your assignment submission.
It is very important that you keep to the study schedule and complete the
assignments so that you get regular feedback on your progress through this
course.
1.
2.
3.
4.
Correct labelling will help ensure that the marker receives your assignment on time,
and that you get the credit for the work that you do. If your marker receives one of
your assignments late because you did not label it correctly, you may lose marks.
Late assignments
Plagiaris
Plagiarism is the copying of another persons creative work and using it as ones
own without explicitly giving credit to the original creator. Work copied without
acknowledgement from a book, from another students work, from the internet or
from any other source is plagiarism. Plagiarism includes the following:
a)
Copying of the published or unpublished words of another writer without
acknowledging the source using acceptable reference citation methods. Thus, to;
cut and paste from internet sources or lift sentences, ideas and sections from a
textual source qualifies as plagiarism.
b)
Lifting or cutting and pasting extracts without quotation marks
or appropriate acknowledgement of sources.
c)
Paraphrasing of content and ideas without proper acknowledgement of
the source.
d)
The use of images, diagrams, photographs and material from blogs
and social networks, without acknowledgement.
e)
Copying part or all, of another students assignment. In this instance,
student assignment refers to a piece of academic work submitted for
assessment purposes for any course, in past or current years at any
educational institutional including USP or any other university.
i) Collusion
Collusion means working with someone else to deceive or mislead to gain an
unfair academic advantage. It includes; a) Submission of a paper that has been
written by an author other than the author credited for that piece of writing. This
includes the use of paid services of a student, or any other person that has been
solicited for that purpose. b) Facilitating or enabling another student to plagiarise
in any way.
ii) Cheating
Cheating involves acting in any way that directly contradicts the explicit rules
and guiding principles of that form of assessment. It applies in any form of
examination including short tests, quizzes and final examinations.
Cheating includes (inter alia): a) Doing anything to gain an unfair or illicit academic
advantage in an examination; b) Possessing, referring to or having access to any
material, or to access the internet crib notes or device containing information
directly or indirectly related to the subject matter under examination other than what
is explicitly approved for examination purposes; c) Using a cell phone to
communicate with any other student or person inside or outside the examination
venue; d) Copying from another student in a test or examination; enabling another
student to cheat in a test or examination;
f)
Manipulation of scores in tests or examination or in any other form
of assessment; and
g)
Enabling another student in any or a combination of any of the above.
[Extracted from 2013 Handbook & Calendar, pp 457-458]
Assignment
1.
This is an individual assignment. If you work in groups to discuss the
assignment, make sure you submit your own original work. Similar answers to
assignment will be seen as copying. If copying is detected in your assignment
you will be automatically be awarded a mark of zero.
2.
There are three questions to be answered in this assignment.
3.
Late assignments will incur a 10 percent deduction per day late.
4.
Assignment must be typed
1
2
3
4
5
Management Accounting
Conceptual Framework
Assets
Corporate Social Responsibility
Single-Entry Error
Compare and contrast the income tax issues associated with the
partnership and company forms of business structure.
Assignment
2011
18
071
(13
082)
2010
16
871
(12
119)
2009
14
934
(10
595)
Operating expenses
($m)
Earnings before interest
4 770 4 8354 259
and tax (EBIT) ($m)
Profit after tax ($m)
3 825 3 9073 449
24 23 20
Equity($m)
350 516 500
39 37 33
Assets($m)
282
952 255
Required:
14 14 12
Perform the following ratio analysis and present your answer in
a table as shown. Show all workings on the table.
2011
Ratio
Return on
Equity
Return on
Assets
Profit
Margin
Operating
expenses
2010
2009
(12 marks)
(8 marks)
Required:
1.
Calculate the break-even units for 2013.
2.
Calculate the margin of safety in both units and dollars.
3.
Calculate the profit achieved in 2013.
4.
Changes in marketing strategy are planned for 2014. This would
increase variable marketing and distribution costs by $4 per unit, and reduce
fixed non-manufacturing costs by $10 000 per year. Calculate the units that
would need to be sold in 2014 to achieve the same profit as in 2013.
5.
Would you recommend the change? Explain.
$26 000
22 000
18 000
24 000
You are given the following past test paper to help you to prepare for your test.
However, remember that the test paper that you will take this semester may not
follow exactly the same structure, format or content as this one.
Serving the Cook Islands, Fiji, Kiribati, Marshall Islands, Nauru, Niue, Samoa, Solomon Islands, Tokelau, Tonga, Tuvalu, and
Vanuatu.
SCHOOL OF ACCOUNTING
AND FINANCE
AF 100: INTRODUCTION TO
ACCOUNTING AND FINANCIAL
MANAGEMENT FOR THE NONSPECIALIST
MID-SEMESTER TEST
SEMESTER 2, 2011
PRINT MODE
Time Allowed 2 hours plus 10 minutes reading time
100 marks (20% of final grade)
INSTRUCTIONS
1.
e University of
Pacific
4.
5.
6.
7.
8.
Circle the letter of the correct choice on the multiple choice answer sheet provided.
1.
2.
is:
3.
4.
Select the option that does not represent criteria for differentiating
between financial and management reporting.
A. The level of detail in the reports
B. Regulations binding the reporting
C. Timeliness of the reports
D. Whether the reports are useful for decision-making
5.
6.
7.
Which of these is
not
A. Share capital
B. Retained earnings
C. Revaluation reserve
D. Equipment
8. Which of these is not a current liability?
A. Bank loan repayable in five years
B. Accounts payable
C. Tax payable
D. Accrued expenses
9. The distinction between current and non-current liabilities is based on:
A. Whether the liability is secured or unsecured
B. The size of the liability
C. Whom the liability is owned to
D. When the liability is due for payment
10. If current assets are $100 000, non-current assets are $400 000 and equity is
$200 000, liabilities must be:
A. $700 000
B. $300 000
C. $200 000
D. $100 000
11. The balance sheet
A. presents the income and expenses of an entity for a specific period of time.
B. reports the changes in assets, liabilities and equity over a period of time.
C. reports the assets, liabilities and equity at a specific point in time.
D. summarises the change in equity over a specific period of time.
12. Which of these is not a business transaction?
A. Business owner uses personal funds to buy a laptop for home use.
B. Money is collected from a customer owing from goods sold last week
C. A sale is made on credit
D. Additional capital is contributed by the owner
13. For a retailing entity, cost of goods sold is calculated as
A. sales less purchases.
B. sales less all expenses.
C. stock at the beginning plus purchases less stock at the ending.
D. stock at the ending plus purchases less stock at the beginning.
14.
Given the following balances in various accounts, prepare an income statement for
Prasad Pty Ltd for the year ended 30 June 2010.
Accounts
$62 Equity
$100
Receivable
000 30/06/2009
000
Rent Expense
48 Insurance
30
000 expense
000
Cash at bank
25 Advertising
60
000 expense
000
Wages expense
120 Equipment
240
000
000
Accounts payable 48 Cost of sales
280
000
000
Utilities expense 3 600
Loan (long -term) 176 Interest expense 9 000
000
Depreciation
24 Retained
42
expense
000 earnings
000
30/06/2009
Sales
642
Paid
20 income statement of
1. Revenue
Prepare
a Dividend
simple (unclassified)
600for the year ended
00030 June 2010. (15 marks)
Prasad Pty Ltd
2.
Prepare a classified balance sheet on 30 June 2010 in T
form.
(15 marks)
The End
You are given the following past examination paper to help you to prepare for your
final examination. However, remember that the examination paper that you will
take this semester may not follow exactly the same structure, format or
content as this one.
Serving the Cook Islands, Fiji, Kiribati, Marshall Islands, Nauru, Niue, Samoa, Solomon Islands, Tokelau, Tonga, Tuvalu, and
Vanuatu.
SCHOOL OF ACCOUNTING
AND FINANCE
AF 100 : INTRODUCTION TO
ACCOUNTING AND FINANCIAL
MANAGEMENT FOR THE NONSPECIALIST FINAL EXAMINATION
SEMESTER 2, 2011
PRINT MODE
Circle the letter of the correct choice on the multiple choice answer sheet
provided.
1.
A.
B.
C.
D.
Benchmarks
Industry averages
Arbitrary (rule of thumb) standards
All of the above
2.
A.
B.
C.
D.
3.
A.
B.
C.
D.
avoidable costs
unavoidable costs
cost benefits of the decision
all of the above
4.
A.
B.
C.
D.
5.
A.
It is difficult to understand.
B.
It ignores the importance of cash as the ultimate resource, without
which businesses cannot survive.
C.
It is relatively unknown.
D.
None of the above.
Some costs, by nature, are both fixed and variable (e.g. a mobile phone on fixed
plan plus call costs). How are these costs referred to?
A.
B.
C.
D.
Fixed
Variable
Mixed
None of the above
8.
The decision rule with Internal Rate of Return (IRR) is to accept projects
A.
B.
C.
D.
for which the IRR exceeds the entitys Required Rate of Return (RRR).
that have a positive time value for money.
that ignore inflation.
for which the Pay back Period is greater than the IRR.
9.
If senior managers set targets and budgets for their unit managers, this
is referred to as what?
A.
B.
C.
D.
14.
2007
2008
Current ratio4:1
3:1
Quick ratio 1.5:1
1:1
Inventory
30 days
40 days
turnover
period
Debtors
60 days
75 days
Turnover
period
Debt ratio 60%
80%
Interest
Comment
on the entitys liquidity, asset efficiency and capital
5 times
3 times
coverage
structure.
(3 marks for each plus I mark for correct
category)
Question 22 (10 marks)
Gordon Ltd is considering a possible investment in one of two projects. Both
projects are to do with the purchasing of new machinery. The firms cost of
capital is 14%. Details relating to the projects are given below.
Internal Rate of
17% 13%
Return (IRR)
Net Present
$20,0 $130,0
Value (NPV)
00
00
Payback Period 4
Required:
3 years
(PP)
years
a) Based on the quantitative data provided, which project should Gordon Ltd
invest
in if it uses:
i) Payback Period method? Why? ii) Internal
Rate of Return method? Why? iii) Net
Present Value method? Why?
(6 marks)
b) Which project do you think Gordon Ltd should invest in if there is no resource
constraint? Why?
(2 marks)
c) State two qualitative factors which Gordon Ltd should consider before
investing in a project.
(2 marks)
The end