Week 8 ACCT5001 Instructions for Outside-of-Class Study

Self-Study Questions are to be prepared after the Week 9 Seminar Questions marked with * are also available to answer on line using WileyPLUS Text: Ch 7 LO 1-8, pp 372-411 Demonstration Questions: Automart Bank Reconciliation, PSA7.8, E7.11, BE7.6* Self-Study Questions: Q.7,8; E7.3; PSA7.2; PSA7.4, PSA7.5, PSA7.6 & PSA7.7 * optional Helpful hints and things to watch out for in this weeks topic When completing bank reconciliation questions remember that Outstanding Deposits and Unpresented Cheques arise because of timing differences between the records of the business and the records of the bank. They appear on the reconciliation because they help to explain why there is a difference between the bank balance recorded by Moony Company and that recorded by the bank (on the bank statement). Remember that if any errors had been made by the bank they would also appear on the reconciliation until they had been corrected by the bank. Actual adjustments to Mooneys bank account in the general ledger are required to be made by Mooney for any direct debits or credits recorded by the bank which have not yet been recorded by Mooney. Similarly, any errors made by Mooney must be corrected in the general ledger of the company. Part (b) of the question gives a hint as to how the two errors should be corrected. Remember to always check the previous Bank Reconciliation to see if there are any deposits which are still outstanding (unlikely) or cheques still unpresented (quite possible) or any errors made by the bank which have still not been corrected which will have to be included in the current Bank Reconciliation. It is important when preparing a bank reconciliation to be methodical. When completing questions about accounting for receivables, note the differences (in accounting treatment and in effect on financial statements and decision making) between the direct write off method and the allowance method. Note also that there are different ways to estimate the amount of AR that should be estimated. The allowance method is most closely aligned with the matching principle, but is more complex technically with regards to recording estimates of uncollectible amounts (as an adjusting entry), the actual write off of bad debts, and then the recording of uncollectible amounts in the following period. The purpose of the adjusting entry at the end of each period is to ensure that the net AR figure on the Statement of Financial Position accurately reflects amounts deemed collectible at the time. As indicated above, this is done through estimating the amount that will not be collected in the next period (in the Allowance for doubtful debts account) that offsets the closing balance in AR. Difficulties arise because the amount of the adjustment to the Allowance account is based on three components: 1. the opening balance of the allowance account 2. the amount of bad debts written off during the period, and 3. the amount in the closing balance of the allowance account that is estimated to represent amounts that will not be collectible in the following period, and to net off AR so that the net figure at 30 June represents the amount likely to be collected from customers in the following period.l Complete the weekly reflection, self-evaluation and learning strategies exercises.

Week 9 ACCT 5001 Weekly Reflection, Self-Evaluation and Learning Strategies Exercise
These exercises are to be completed after you complete your weekly readings and self-study questions.

Reflection: Have you completed your selected learning strategies from the previous week? Do you now understand the aspects that you did not understand last week? You are now ready to learn the material for this week. . Please complete the learning strategies and ensure you understand last weeks material so you do not fall behind in your work and are ready to build on your knowledge with this weeks material. 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 and 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 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:

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Access the solutions to the self-study questions and exercises from Blackboard and compare your answers to the solutions thoroughly, or complete the self-study questions and exercises again with the solutions Read the section(s)s of the relevant textbook chapter(s) again, on those aspects that you did not understand Post a question on the Blackboard discussion forum. Attend the optional Monday revision workshop on Monday 12-1 or 1-2 (see unit outline or blackboard for details). Attend Consultation/tutorial with Annette Rea Monday 10 11.30am, Level 3, Economics & Business Building Attend Peer Assisted Study Session (PASS). (See unit outline or blackboard for registration details). Complete the self-study questions and exercises that you didnt do well in again on your own. Go over the self-study questions and exercises again with another student or in a study group.

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See your lecturer during their consultation times. If you cant make it to their allocated time, see another ACCT5001 lecturer during their consultation time (see Blackboard under staff information for times). PLEASE BRING THIS COMPLETED WEEKLY REFELCTION SHEET WITH YOU, SO THEY CAN HELP WITH YOUR LEARNING Any other strategy that will assist your learning e.g. completing the extra questions on WileyPLUS.