GE1222 Accounting in Everyday Life

Part I

Course Duration : One Semester
Area: Study of Societies, Social and Business Organizations
Credit Units: 3
Level: B1
Medium of Instruction: English
Prerequisite(s) : None
Precursors(s) :None
Equivalent Course(s) : None
Exclusive Course(s) : CB2100, FB2100, not for Accounting major students, and also not for BBA3/BBA4 programmes.


Part II

Abstract:

This course is intended to provide an understanding of financial and managerial accounting for non-business majors. No prior background in business is expected. The students will learn concepts related to the measurement and presentation of accounting information on the financial statements. While not formal accounting entries will be required, students will be asked to calculate values found on the financial statements and to understand what those numbers mean. Students will also study qualitative information on the conceptual framework of financial accounting, ethics in accounting, corporate governance. Upon completion of this course, students will be able to understand and appreciate some of the elements of financial statements, identify accounting concepts in their daily lives, and understand how accounting influences societies and economies
.


Course Aims:

This course aims to introduce the fundamental concepts of accounting and guide students to discover how accounting affects their life every day. Through this course, students will learn different accounting techniques with a focus on financial accounting with topics such as the trade-off between relevance and reliability, conservatism, and valuation. To encourage inter-disciplinary learning, students will be required to integrate the concepts of accounting into their own disciplinary knowledge.


Course Intended Learning Outcomes (CILOs)
Upon successful completion of this course, students should be able to:

No.

CILOsWeighting (if applicable)
1.Demonstrate the capacity for self-directed learning by explaining how basic accounting principles relate to the student’s own discipline and to the student’s daily life.   
2. Explain the basic methodologies and techniques of inquiry in daily life and how accounting informs those inquiries.  
3.Demonstrate critical thinking skills by analysing accounting information in decision making on issues in daily life.  
4.Interpret information and numerical data commonly found in a company’s financial reports that are related to their daily life.  
5.Demonstrate effective teamwork skills and oral communication skills through a group presentation.  



Teaching and Learning Activities (TLAs)
(Indicative of likely activities and tasks designed to facilitate students’ achievement of the CILOs. Final details will be provided to students in their first week of attendance in this course)

TLA

CILO No.Hours/week (if applicable)

Flipped Classroom Discussions  

The course makes use of the flipped classroom method through the use of the Echo360 technology. Formal lectures are recorded and put online for students to review prior to coming to class. Within class, students work together to solve problems in creating, understanding, and interpreting accounting information that they may encounter in their daily life.  

CILO
2, 3, 4
2

News of the Week 

Students will be guided in a discussion from a current news article that relates to their daily lives. Students should be prepared to do most of the discussion while the instructor leads or directs the discussion. This is meant to engage the students to express their ideas on accounting related topics.  

CILO
1, 2, 3
1

Online Discussions 

To motivate students who are more to participate in interactive discussions, learning through online forums (e.g. Blackboard or Facebook forums) will be adopted. Students from different disciplines/majors can voice their opinions on the subject matter, learn through discussions among their peers and the instructors, and relate how accounting is integrated into the knowledge of their own disciplines. Each student will be responsible for starting one discussion and commenting on a discussion the student did not start.  

CILO
1, 3
 

Group Project 

In groups of 4 or 5, students will present a financial analysis of the financial statements of a firm in order to make an analysis of whether the firm had good performance over the past year with an emphasis on whether the company should be added to the students MPF portfolio.

CILO
2,3,4,5
 

 

Assessment Tasks/Activities
(Indicative of likely activities and tasks designed to assess how well the students achieve the CILOs. Final details will be provided to students in their first week of attendance in this course) 

Type of Assessment Tasks/Activities

CILO No.Weighting (if applicable)Remarks
100% Coursework and in-class participation   

Class-based assessment activities:
In-class mini quizzes to assess students’ understanding and application of the topics. 

In-class participation in discussions. Students will be given a grade on the quality of their participation in classroom discussions. Feedback will be given on an aggregate basis and marks awarded based on the students participation. These marks will be available to the students via blackboard.  

 

 2,3,4   

0 - 15%   

 


0 - 15%
 

 

Online Assessments:
Students will be required start a discussion on an observation that student makes about how accounting relates to the students own discipline. Other students will comment on that discussion. Towards the end of the semester, the student is required to write up a two page summary of the discussion the student started along with an additional analysis to enrich the discussion. To provide feedback to the student, the lecturer should comment on each discussion as it evolves. Marks will be awarded primarily on the two page summary.

 

 1,2,3 0 - 40% 

Midterm Exam:
A midterm exam will be given to assess the students’ ability to interpret information and numerical data commonly found in a company’s financial reports. Some emphasis will also be placed on analysing accounting information in decision making. 

 

2,320 - 50% 

Group Report:
Students will get together in groups to prepare a report on the financial analysis of the financial statements of a firm in order to make an analysis of whether the firm had good performance over the past year. 

Group Presentation:
Each student will be required to present during a group presentation and individual presentation skills will be assessed.   

 2,3,4,5

 

 


 
5

 0 - 30%

 

 

 0 - 30%

 
 


Grading of Student Achievement :
Refer to Grading of Courses in the Academic Regulations and to the Explanatory Notes.

CILO No.

Excellent

  A+   A  A-

Good

 B+  B  B-

Adequate

 C+  C C-

Marginal

 

D

 

CILO 1Demonstrate a superior grasp of accounting principles and how they relate to the student’s own discipline and to the student’s daily life. Demonstrate a good grasp of accounting principles and how they relate to the student’s own discipline and to the student’s daily life.Demonstrate basic knowledge accounting principles and how they relate to the student’s own discipline and to the student’s daily life.Demonstrate some familiarity with accounting principles and how they relate to the student’s own discipline and to the student’s daily life.
CILO 2 Demonstrate a thorough understanding of how accounting information aides in decision making in daily life.Demonstrate a good understanding of how accounting information aides in decision making in daily life.Demonstrate basic understanding of how accounting information aides decision making in daily life.Demonstrate little understanding of how accounting information aides in decision making in daily life.
CILO 3 Demonstrate excellent critical thinking skills to analyze accounting information for decision making on issues in daily life.Demonstrate good critical thinking skills to analyze accounting information for decision making on issues in daily life.Demonstrate basic critical thinking skills to analyze accounting information for decision making on issues in daily life. Demonstrate marginal critical thinking skills to analyze accounting information for decision making on issues in daily life.
CILO 4Demonstrate excellent skills in interpreting financial reporting information and numeric data that are related to their daily life. Demonstrate good skills in interpreting financial reporting information and numeric data that are related to their daily life.Demonstrate basic skills in interpreting financial reporting information and numeric data that are related to their daily life.Demonstrate marginal skills in interpreting financial reporting information and numeric data that are related to their daily life.
CILO 5Demonstrate excellent teamwork and oral communication skills.  Demonstrate good teamwork and oral communication skills.Demonstrate basic teamwork and oral communication skills.Demonstrate some teamwork and oral communication skills.

 

 

 

 

 

 

 

 

  

 

 


 

 

 

 

 

 

Part III

Keyword Syllabus:
Financial Accounting, Conceptual Framework of Accounting, Interpreting Financial Statements, Transaction Cycle, Accounting for and presenting current assets, Accounting for and presenting non-current assets, Accounting for and presenting liabilities, Accounting for and presenting owner’s equity, Cash Flow Statement, Financial statement analysis. Accounting for decision making in daily life, Effects of accounting on society and economies 

 

Related Links
Department of Accountancy