Posted: May 15th, 2022

Acct6003 Fap_Assessment Brief_Individual Assessment Part 1

Acct6003 Fap_Assessment Brief_Individual Assessment Part 1
Page 1 of 3
ASSESSMENT BRIEF
Subject Code and Title 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 2 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 3 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

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