| Introduction to Accounting I |
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ACT B211
Introduction to Accounting I
| Introduction |  |
Welcome to ACT B211 Introduction to Accounting I.
ACT B211 Introduction to Accounting I is a middle-level course. It must be taken by all students wishing to complete their Bachelor of Business Administration Degree.
This course is a 5 credit course. That is, on passing this course, you will receive five credit points towards your degree at the Open University of Hong Kong (OUHK). It will take you one semester to complete the course, and you will need to set aside a minimum of ten hours per week of study time. To succeed in this course, it is especially important that you spend time tackling exercises and problems included in the study units and in the textbook. Sufficient practice is the key to achieving a good grade in the examination.
On completion of ACT B211, you will need to study ACT B212 Introduction to Accounting II, which is a continuation of the course ACT B211, as well as a core, compulsory course.
The approach that we have taken, and which is taken by the textbook, is to teach you the basics of writing up books of accounts and preparing financial statements. We will use accounting terminology as we proceed through the course. Accounting terminology is a major element in the language of business. You will need some accounting knowledge and skills if you are to understand and use this language properly. A glossary of important terms is provided in the study units to help you.
| Purpose of this Course Guide | |
Before you begin studying, you must understand how the course operates and how its parts fit together. The Course Guide can explain this to you. It is very important that you read this Course Guide thoroughly and carefully.
The Course Guide will tell you the following:
what the course covers
the aims and learning outcomes of the course
what textbook you need to buy
how to use the study materials effectively
how the tutorial system works
- what you need to do to pass the course.
You have probably taken other courses through the Open University of Hong Kong, so you should now be well aware of both the study skills required for distance learning and how OUHK courses are organized. It is still recommended, though, that you read this Course Guide thoroughly before looking at the study units or supplementary readings.
The Course Guide tells you briefly what the course is about and how you can work your way through the material. It suggests the amount of time you are likely to need to spend in order to complete the course and will give you a general idea of when your assignments are due. For detailed information on assignments, and for information on due dates for work to be submitted, please refer to the Assignment File.
In distance learning as practised by the Open University of Hong Kong, the study units (not the tutor) replace the university lecturer. This is one of the great advantages of distance learning: you can read and work through specially designed study material at your own pace at times and places that suit you best. Think of it as reading the lecture instead of hearing it from a lecturer. In the same way that a lecturer might set you some reading to do, the study unit will tell you when to read your textbook or other material. In the same way that a lecturer might give you an in-class exercise, your study unit will have exercises (called by various names) for you to do at appropriate points. You are also likely to find review questions at the end of each unit. Do them all, as these exercises and questions give you the practice necessary to achieve the objectives of the course and to pass the examination.
| Course overview | |
Each unit in the course is self-contained and has a set of stated learning outcomes found just after each introduction. You must keep the learning outcomes in mind as you work through a unit. Doing so enables you to assess whether you have mastered them. Study units are the driving force in this course. Each unit addresses a number of major topics, usually with sub-topics.
As you read through the topics, you will be asked to do activities, self-tests and sometimes readings. These are provided to help you apply the concepts and techniques so that you have a better understanding of the nature of accounting. You should complete activities and self-tests when you are asked to do so. The answers to the self-tests can be found at the back of the unit, but you should avoid looking at the answer while you attempt an activity. You should return to your unit after each activity or self-test for further discussion of the subject matter, a reading, or another activity.
Activities and self-tests are designed to encourage you to think about what you are reading and to enable you to assess whether you understand the material. Whenever you find that you are unable to successfully answer an activity or self-test, go back over the material it relates to, then try to answer the question again. If you continue to have problems, contact your tutor. Units end with a summary and sometimes a set of review questions. Some exam-type questions will be added to some units in order to further reinforce your understanding of the topic concerned and apply it to solve relatively complicated problems.
| Course aims | |
The course aims to provide learners with the fundamental knowledge about accounting. It introduces the basic skills in recording business transactions and procedures in preparing financial statements for sole proprietorship. It also explains the purposes of financial statements and the accounting concepts underlying their preparation.
| Course learning outcomes | |
After working through ACT B211, you should be able to:
Explain basic accounting principles and prepare basic financial statements.
Analyse and record transactions in purchases, sales and inventories, and prepare special journals and subsidiary ledgers.
Explain the application of internal control principles to cash management, and perform accounting treatment for property, plant and equipment.
| Course materials | |
In addition to this Course Guide, the course materials consist of the following:
Assignment File and study units;
your textbook (please refer to the 'Textbook' section of this Course Guide); and
your own notes and summaries made from the textbook and your written attempts at the activities and problems.
If you have never studied via distance learning, you will need to become familiar with this approach to learning. Your starting point will always be the study units, which are contained in this folder.
You are not expected to read the textbook from cover to cover. The study units will direct you to read selected pages and chapters in your textbook.
Study units
You should read the study units carefully as they guide your learning and tell you how to approach any assignment related to the unit. Otherwise, you may miss important information. You must read both the study units and the textbook. Moreover, you should also read articles in newspapers and journals and other books related to the topics. The more widely you read, the better your appreciation and understanding of the course.
To enhance learning, two to three key concepts/topics of accounting of each unit have been identified for video presentation, which can illustrate the content more clearly than just using the study units and textbook of the printed course materials. You will be guided to access the video presentations on the Online Learning Environment (OLE) in relevant parts of the units.
Each unit is divided into a number of sections. The first section provides the overview of that unit and introduces the materials to be covered. The next section constitutes the contents of the study unit. This section will guide your learning and direct you to complete the activities and self-tests.
All students and tutors are expected to have access to a PC with an Internet connection in order that they may access the learning resources available at the textbook's Online Learning Center (optional), the OLE, and current financial statements of relevant organizations. You may also use the OUHK lab PCs, all of which have access to the Internet.
The course has six units in total. Each unit includes objectives, course content, activities and self-tests. The six units are listed below.
Unit Title 1 Accounting in business 2 Accounting cycle 3 Merchandising operations and inventory 4 Accounting information system and internal control 5 Receivables and payables 6 Plant assets and depreciation
Set textbook
You are required to purchase a set textbook for this course. The course textbook will provide consolidation of the various topics you will be covering in the units. It will provide further examples and additional commentary and exercises to help your understanding. You will find that the statement of financial position / balance sheet and ledger account formats in the textbook may be different from those given in the study units.
The main course textbook is:
Wild, J J et al. (2016) Fundamental Accounting Principles (International Financial Reporting Standards), 2nd edn, McGraw-Hill Education (Asia).
References
If you are interested in doing some extra reading, you might wish to refer to the following textbook. However, purchase of this book is not compulsory for the course.
Horngren, C, Harrison, W and Oliver, S (2012) Accounting, 9th edn, Upper Saddle River, NJ: Prentice Hall.
Assignment File
The Assignment File contains details about the assignments: what they require you to do, what their due dates are, and how many marks each is worth.
Non-print media
During the course, you will be set activities involving use of the textbook's Online Learning Center on the World Wide Web and some company websites. You may also need to use a word processor in order to prepare your assignments. You may find it useful to use a spreadsheet package, such as Microsoft Excel, though there is no requirement that you do so.
You are required to follow the accounting presentation formats adopted in the study units.
Online Learning Environment
This course is supported by the OUHK's Online Learning Environment (OLE). You can find course materials and the latest course information from the OLE and use the discussion board to communicate with your tutor, the Course Coordinator and fellow students.
| Tutors and tutorials | |
You will be assigned a tutor for this course. Before the course begins, you will be advised by the OUHK Registry of your tutor's name, address and phone number. Your tutor will:
conduct the tutorials for your group;
mark your assignments; and
be available by phone at specified times to help you. (You will be advised of these times separately by your tutor.)
Your tutor is your first point of contact with the OUHK. Please speak with your tutor first about any problem you might have or advice you may need. Your tutor will advise you if you need to contact the Course Coordinator. It is not the tutor's role to give lectures on the course material. Your tutor is a helper, or facilitator, who can provide you with considerable assistance when you run into difficulties. He or she is also a leader who can arrange opportunities for you to put into practice some of the course concepts. The OUHK urges you to make use of this assistance.
Tutorials
To assist you in this course, tutorial sessions will be held by your assigned tutor at several points during the course. The first session will be an introduction to the course, and it may take a different format from the other classes. The times, dates and locations of the tutorials will be sent to you before the start of the semester.
We strongly recommend that you attend these tutorials. Their purpose is not only to assist you with any problems you may have, but also to give you the opportunity for further practice on accounting problems. However, these classes are not compulsory; if your situation prevents you from attending, you can still complete the course satisfactorily. Contact your tutor by phone more often if you are in this situation.
Tutors are required to start classes on time. If a tutor fails to turn up 30 minutes after the scheduled starting time, students may assume that the session is cancelled.
Please note that the function of these classes is to complement your distance-learning material, not to replace it through lectures. In this course, your primary means of learning is through the written word, that is, your OUHK study materials and your textbook.
| Course assessment | |
Your assessment comprises two assignments and one two-hour examination.
To pass the course, you are required to fulfil the requirements of both the continuous assessment (i.e. assignments) and the final examination.
The marks are allocated as follows:
Assessment type Marks Assignments Assignment 1 20% Assignment 2 20% 40% Examination (2 hours) 60% TOTAL 100% Details of the assignments are contained in your Assignment File. For each assignment, there is a cut-off date (i.e. due date) which is the last date for the assignment to be received by your tutor (unless he or she feels there are exceptional reasons why you should be allowed to submit the work later). You should refer to the Student Handbook for the procedures to be followed if you wish to submit an assignment after the cut-off date.
Continuous assessment
All the continuous assessment in this course consists of tutor-marked assignments. Except for unusual circumstances, these will be marked by your tutor and monitored by your Course Coordinator.
The assessment tasks have been designed to meet two purposes:
to measure your performance and give evidence of your success or failure
to give you, and us, important feedback on your progress and performance so that we can pick up any misconceptions or problems you may be having.
Apart from contributing to your final score, the programme of continuous assessment will help us to monitor your progress so that we can give advice and assistance if you are not performing well. It will give you valuable practice for the final examination. It will also help you to pace your learning and ensure that you develop and reinforce accounting skills regularly. Our experience is that it is usually a mistake to try and learn accounting at the last minute!
The assignments could take the form of case studies and calculations. An online discussion component is included in each of the assignments to encourage students to participate actively in online discussion. For a detailed explanation of how to complete the assignment questions (online and offline), please refer to the instructions in the Assignment File.
To pass the continuous assessment, you must score a minimum overall average of 40% on both assignments. You should submit both assignments. They are designed not just to assess you formally, but to give you important feedback on what you have learned so that you may be better prepared for your examination.
How to submit assignments
You must use word processing software (such as Microsoft Word) to prepare the assignments, and submit the assignments via the Online Learning Environment (OLE). All assignments must be uploaded to the OLE by the due date.
Failure to upload an assignment in the required format to the OLE may result in the score of the assignment being adjusted to zero.
Assignment extension policy
The assignment policy of the University as stated in the Student Handbook should be observed. Students are required to submit assignments for a course in accordance with the due dates. Except for the assignment question with the online discussion component, students may apply for a submission extension on the grounds of illness, accident, disability, bereavement or other compassionate circumstances (with good justifications and documented proof).
Applications for extensions of up to seven days should be submitted to the tutor. The tutor shall consider valid and unexpected emergencies on an individual basis. Normally, documented proof of the extenuating circumstances is not required for extensions of up to seven days. The tutor shall decide and advise the student of the revised date for submission.
For extensions of over seven days, students should note the following:
- If students require an extension of more than seven days on the grounds of illness, accident, disability, bereavement or other compassionate circumstances, they are required to complete an 'Application Form for Assignment Extension over seven days' and submit it to the Course Coordinator.
- Supporting documents must be submitted along with the application for extension of over seven days to justify the claim.
- Applications for extension should normally be lodged before or on the due date.
- Applications are considered by:
- the Course Coordinator for extensions of 8 to 21 days; and
- the Dean for extensions of over 21 days.
After an assignment is submitted via the OLE, it is your responsibility to check that the assignment has been successfully submitted. Extension applications due to any problem with uploading will not be accepted. The University cannot accept any responsibility for assignments that are not received by your tutor due to any problem with submission via the OLE. As a precaution, you are advised to keep a copy of each assignment you submit.
According to the University's policy, no extension of the due date will be allowed for the final assignment. This policy will be strictly enforced. Any late submission of the final assignment will result in the score of the assignment being adjusted to zero.
Final examination
At the end of this course, you are required to sit for a two-hour examination. The examination is worth 60% of the total marks for the course. You must pass the examination (as well as the continuous assessment) in order to pass the course. To pass the examination, you must score a minimum of 40%. If you fail the examination, you may be given the opportunity to resit the exam at the end of the next presentation of the course. However, to qualify for a resit you must have got a minimum score in the continuous assessment and, in your exam, you must have reached the minimum resit score, which will be determined by the examiners.
You will receive a copy of the specimen examination paper before the examination. The OUHK Registry will also send you information on the date, time and location of your exam. For your planning, the examination for the April presentation is usually held the following August, whereas the examination for the October presentation is usually held the following February.
Remember that your final result in this course depends on your performance in both the continuous assessment (assignments) and the examination; to be assured of achieving a Pass result, you must pass in both the continuous assessment and the examination. Students who have failed marginally in the overall continuous assessment (e.g. having a score of 30 or above) might be considered by the Award Committee for the granting of a resit opportunity or a pass award, depending on their overall course score. For more information on the University's policies on assignments and examination, please refer to Section 7, 'Assignments and Examination', in the OUHK Student Handbook.
| Study schedule | |
It is important that you organize your study schedule at the beginning of the course.
Set out below is a suggested study schedule showing the minimum amount of time you should spend on each unit. The cut-off date for each assignment indicates when you should have completed studying the relevant units.
Units Study
(weeks)Assignments 1 Accounting in business 2 2 Accounting cycle 3 Assignment 1 3 Merchandising operations and inventory 3 4 Accounting information system and internal control 3 5 Receivables and payables 2 Assignment 2 6 Plant assets and depreciation 2 Total 15 You can set your own pace in this course, provided you meet the deadlines for assignments. However, you are urged to move ahead as soon as possible because once you fall behind in your studies, it is difficult to catch up.
The study of accounting is a time-consuming and, at times, difficult task. However, the rewards are considerable. People with accounting skills are always in demand.
Remember, too, that although you are responsible for your own study, staff members of the OUHK are here to help you. If you experience difficulties with any aspect of your course, contact your tutor. If you need any further help, contact your Course Coordinator or other OUHK staff members.
Good luck with your studies!
| The course developer | |
Dr. Kevin Li, CPA, FCCA, MSc (Economics), DBA, is a Senior Lecturer at The Open University of Hong Kong. His research interests are corporate governance and earnings management.
| Deferment of studies | |
If you wish to defer your studies of this course until a later date, you should apply for deferment of studies. For the regulations governing deferment of studies, please refer to your Student Handbook. If you have applied for deferment of studies you should continue with your studies of this course and submit the required assignments until formal approval is given by the University. Should you have difficulties in submitting an assignment, you are advised to liaise with your Course Coordinator and apply for an assignment extension. Students who have been granted deferment of studies will not be allowed to submit assignments due before the date that their application for deferment of studies is received by Registry.
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