ACCT6003 Financial Accounting Process
Assessment Individual Assessment – Part 1
Individual/Group Individual
Length 600 words +/- 10%
Learning Outcomes 1. Explain the regulatory framework that governs financial reporting in Australia with emphasis on the Conceptual Framework for financial reporting
3. Apply accounting principles and standards when accounting for non-current assets, revenue and liabilities and recognise the judgements required in a range of diverse business contexts
5. Differentiate between shares and debentures and apply appropriate accounting procedures
Submission End of Module 2, i.e. by 11:59 pm AEST/AEDT Sunday of Week 4
Weighting Part 1: 5% (Full assessment: 30%)
Total Marks 100 marks
Context:
This assignment forms Part 1 of the major assignment. Students are provided with a business case in which an entrepreneur, Xiaojing Wu, from China immigrated to Australia and considered setting up a small business in South Australia. Xiaojing started her business as a partnership but decided to dissolve the partnership. Subsequently, Xiaojing considered forming a company and discussing with the accountant and remaining partner on accounting regulation and reporting requirements relevant to companies.
Business Case
Refer to the transcript for Module 1 Accounting Regulation and Revenue Instructions:
Students are expected to review the content of Module 1, Part 2 on Accounting Regulation and Revenue Recognition, then respond to the assignment questions.
The following rubric provides guidance for marking Part 1.
Acct6003 Fap_Assessment Brief_Individual Assessment Part 1
Page 1 of 3
Learning Rubrics (100 marks)
Assessment Attributes Fail (Unacceptable) Pass (Functional) Credit (Proficient) Distinction (Advanced) High Distinction (Exceptional)
Knowledge and understanding of the regulatory framework that governs financial reporting in Australia
30% Limited understanding of the regulatory framework that governs financial
reporting in Australia
Satisfactory understanding of, with possible confusion between, the regulatory framework that governs financial reporting in
Australia
Thorough understanding of the regulatory framework that governs financial reporting in
Australia
Demonstrated capacity to explain and apply relevant concepts
Highly developed understanding of the regulatory framework that governs financial reporting in Australia
Well demonstrated capacity to explain and apply relevant concepts Sophisticated understanding of the regulatory framework that governs financial
reporting in Australia
Mastery of concepts and application to new situations and further learning
Discussion of the regulatory requirements relevant
to the business case
40% Fail to identify and/or explain the regulatory requirements relevant to the business case
Identify majority of regulatory requirements relevant to the business case
Provide justification, perspective or arguments on some of the regulatory requirements relevant to the business case
Identify all regulatory requirements relevant to the business case
Provide justification, perspective or arguments on major regulatory requirements relevant to the business case
Identify all regulatory requirements relevant to the business case
Provide justification, perspective or arguments on all regulatory requirements relevant to the business case Specific position, perspective or arguments are presented expertly, authoritatively and accurately consider the complexities and scope of business case
Limits of arguments are
acknowledged
Justify conclusions with
sophisticated arguments
ACCT6003 FAP_Assessment Brief_Individual Assessment Part 1 Page 2 of 3
Use of academic and discipline conventions and sources of
evidence
20% Poorly written with errors
in spelling and grammar
Inconsistent use of relevant research sources to support and develop
ideas
Mistakes in using the APA style
Correct essay format (i.e. introduction, body, conclusion) with accurate spelling, grammar, sentence and paragraph
construction
Consistent use of research sources to support and develop ideas but these are not
always explicit or well
developed
No mistake in using the
APA style
Well written and adherence to essay
format where applicable
Consistent use of relevant research sources to support and develop
ideas
No mistake in using the
APA style
Well written and adherence to essay
format where applicable
Consistent and expert use of high quality, creditable and relevant research sources to support and develop appropriate arguments and
statements
Evidence of reading beyond key reading
No mistake in using the
APA style
Expertly written and adherence to essay
format where applicable
Consistent and expert use of high quality, creditable and relevant research sources to support and develop appropriate arguments and statements
Evidence of extensive reading beyond key reading
No mistake in using the
APA style
Effective
communication
10% Difficult to understand for
audience
No logical or clear
structure, or flow of ideas
Arguments lacks
supporting evidence
No effort is made to keep audience engaged
Audience can not follow the line of reasoning Information, arguments and evidence are presented in a ways that is not always clear and logical.
Attempts are made to keep audience engaged but not always successful.
Line of reasoning is often difficult to follow Information, arguments and evidence are well presented
Mostly clear flow of ideas
and arguments
The audience is mostly
engaged
Line of reasoning is easy to follow
Information, arguments and evidence are very well presented
Presentation is logical, clear and well supported by evidence
The audience is fully engaged.
Arguments and evidence
are expertly presented
Presentation is logical, persuasive and well
supported by evidence
Clear flow of ideas and
arguments
Engage and sustain the audience’s interest in the content
ACCT6003 FAP_Assessment Brief_Individual Assessment Part 1 Page 3 of 3
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