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Week 3 ACCT5001 Instructions for Outside-of-Class Study

Self-Study Questions are to be prepared after the Week 3 Lecture


Self Study Questions for this week: Q.1,5,8; E2.6;E2.7; E2.8; PSA2.2; PSA2.4, PSA2.7;PSA2.10 PSB2.5* *optional

Helpful hints and things to watch out for in this weeks topic Journalising transactions (journal entries) follow a particular format. A complete journal entry consists of Date Account Title (Explanation) Posting Reference Debit Credit

e.g. A new desk was purchased for the office on 23 January 2010. $2 500 were paid cash. 23 January 2010 Equipment 165 2 500 Cash 100 2 500 (purchase of desk for office)

Accounts are presented in T-Account format. Each Account has an Account Title, account number, a debit and a credit side. You need to know for each account where the normal balance is. Account Numbers are generated by the entity. Asset accounts will start with 1, Liability accounts with 2, Equity accounts with 3, Income accounts with 4 and Expense accounts with 5. A trial balance is only complete if you present the totals for both, all debits and credits. Without the totals, you only present a list of accounts. Generally, when attempting questions requiring you to correct errors that have been made, it is important to firstly establish what HAS been recorded and secondly what SHOULD HAVE been recorded. Then you can determine the necessary adjustments required.

Complete the weekly reflection, self-evaluation and learning strategies exercises.

Week 2 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:

o o o o o o o o o

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 9am to 11am (see unit outline or blackboard for details). Attend Consultation with John Trowell Monday 11.30 12.30am, 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. 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 in the additional study materials on Blackboard.