ACC101A- Financial and Commercial Literacy Assessment

Assignment Overview

Subject Learning Outcomes

In this assessment, you will be tested if you have successfully met the following Subject Learning Outcomes (SLOs):
a) Identify the terminology and concepts that underlie the preparation of general-purpose financial reports
c) Explain the information needs of management

Assessment Type and Required Format

The type of assessment you will be completing is a Video Presentation.

It should cover the following sections:

• ICMS Cover Page

• Screencast O-Matic or similar video file

• References

Assessment Track: Track 2 conducted in unsupervised settings

Assessment Details

Assessment Purpose

The purpose of this assessment is to enhance students’ ability to explain accounting concepts, stakeholders, and qualitative characteristics of financial reporting through a concise, professional video presentation tailored for non-accounting audiences.

IMPORTANT NOTE:

• Refer to the Artificial Intelligence in Education (AIED) Framework and Use of Artificial Intelligence (AI) in Assessment Guidelines for further information.

• Engaging with AI tools without authorisation can result in a breach of academic integrity.

• Using AI in an unethical or irresponsible manner, such as copying or paraphrasing the output without citation or evidence; or using the output as your own work without verification or integration or using the output to misrepresent your knowledge or skills, is considered a form of academic misconduct. Refer to the Academic Integrity Policy and Procedures for more details.

Assessment Instructions

In this assessment, you will need to create a 5-minute video presentation that explains key accounting concepts, stakeholders, and characteristics of financial accounting to managers with non-accounting backgrounds.

The presentation will address three particular items with the key details included below:

1. Accounting concept (Choose ONE from the list provided):

• Briefly explain the concept

• Outline which financial statement it belongs

• Provide an example, outlining its key features

1. Key stakeholder (Choose ONE from the list provided):

• Definition of stakeholder

• Relationship with business which financial statement it belongs

• Main type of accounting information they need (include an example)

1. Qualitative characteristic (Choose ONE from the list provided):

• Briefly explain the characteristic

• Outline why it is important for accounting

• Provide an example that shows its importance.

Options available for selection:

Accounting concepts: Asset, Liability, Equity, Revenue, Expense
Key stakeholders: Employees, Government, Suppliers, Shareholders, Environment, Creditors, Customers
Qualitative characteristics: Relevance, Materiality, Faithful representation, Comparability, Verifiability, Timeliness, Understandability

As part of your presentation, you are required to create an accompanying PowerPoint document that provides the key points of your presentation. Your presentation will require you to record both the webcam and the screen simultaneously. Hence, you will not be required to submit your PowerPoint document as it will already be included in your recording.

This video presentation needs to be submitted to your lecturer via ECHO360 by Week 4 Sunday at 23:59. (Please refer to the video provided on how to upload your submission). Late submissions will result in off marks in accordance with Assessment Submission, Extension and Feedback Procedures.

Submission Details Instructions

Submission Guidelines:

• Submit video through ECHO360.

• Your assessment will be marked ‘non-genuine’ if it has:

  • a cover page only

  • an irrelevant or empty document

  • an assessment template or brief with no answers

• Include a signed ICMS cover sheet.

• Don’t forget to save drafts of your work and keep them throughout your time at ICMS.

Brief Summary of Assessment Requirements

The ACC101A Financial and Commercial Literacy Assessment 1 required students to create a 5-minute video presentation that demonstrates their understanding of accounting concepts, stakeholders, and qualitative characteristics of financial reporting. The assessment aimed to test the following Subject Learning Outcomes (SLOs):

1. Identify the terminology and concepts underlying the preparation of general-purpose financial reports.

2. Explain the information needs of management for decision-making purposes.

The presentation needed to cover three main elements:

• Accounting Concept: Explain a selected concept (Asset, Liability, Equity, Revenue, or Expense), identify the financial statement it belongs to, and provide a practical example.

• Key Stakeholder: Define a stakeholder (options: Employees, Government, Suppliers, Shareholders, Environment, Creditors, Customers), explain their relationship with the business, specify the financial statement relevant to them, and describe the type of accounting information they require with an example.

• Qualitative Characteristic: Explain a selected characteristic (Relevance, Materiality, Faithful representation, Comparability, Verifiability, Timeliness, Understandability), its importance in accounting, and provide an example illustrating its significance.

The format requirements included:

• ICMS Cover Page

• Recorded video using Screencast O-Matic (or similar tool) including both webcam and screen

• References

• Submission via ECHO360 by the deadline

The assessment was conducted in unsupervised settings (Track 2), and AI tools could only be used in an authorised and ethical manner, following the AIED Framework.

Approach Taken by the Academic Mentor

The Academic Mentor guided the student through a step-by-step process, ensuring all assessment requirements were met efficiently:

Step 1: Understanding the Assessment Brief

The mentor first explained the purpose of the assessment, the SLOs, and the structure of the presentation. The student was encouraged to identify the key elements: accounting concept, stakeholder, and qualitative characteristic.

Step 2: Selecting the Topic Options

The student was guided to select one accounting concept, one stakeholder, and one qualitative characteristic from the approved lists. The mentor discussed examples for each option to help the student understand practical applications.

• Accounting Concept Example: Asset – Explained as resources owned by a business, included in the Balance Sheet, with an example of company equipment.

• Stakeholder Example: Shareholders – Defined as owners of equity, interested in financial statements such as Statement of Profit and Loss, requiring information on profitability and dividends.

• Qualitative Characteristic Example: Relevance – Explained as information that influences decisions, supported by an example showing how timely financial reports aid managerial decisions.

Step 3: Structuring the Presentation

The mentor helped the student outline the presentation in a logical sequence:

1. Introduction and ICMS Cover Page

2. Explanation of accounting concept, with example

3. Explanation of stakeholder, with example

4. Explanation of qualitative characteristic, with example

5. Conclusion and references

A PowerPoint was created to summarise key points, ensuring the student had a concise script for the video recording.

Step 4: Creating the Video Presentation

The student was instructed on how to use Screencast O-Matic to record both the webcam and screen simultaneously. The mentor provided tips on voice projection, pacing, and clarity to ensure professional delivery within the 5-minute limit.

Step 5: Referencing and Submission

The mentor emphasised the importance of referencing all sources according to the ICMS Style Guide and checking the video for completeness before submission. Drafts were reviewed to ensure all assessment elements were addressed.

Outcome Achieved

By following the structured guidance:

• The student successfully created a concise 5-minute video covering the accounting concept, stakeholder, and qualitative characteristic.

• The PowerPoint slides effectively summarised the key points and supported the presentation visually.

• The student submitted the video on time via ECHO360 with the ICMS Cover Page and reference list included.

Learning Objectives Covered

1. Understanding of Accounting Concepts: The student demonstrated the ability to explain and apply basic accounting terminology and concepts.

2. Identification of Stakeholder Information Needs: The student articulated the specific accounting information relevant to a selected stakeholder.

3. Understanding Qualitative Characteristics: The student explained the importance of key qualitative characteristics in financial reporting.

4. Professional Communication: The student developed skills in presenting accounting information clearly to a non-accounting audience.

5. Ethical Use of AI: The student adhered to guidelines for authorised AI tool usage, maintaining academic integrity throughout the process.

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