ACCT103-24S2: An Introduction to Accounting and Taxation
Assessment: Learning Reflection
This assessment contributes 15% towards your final grade for the course.
You must submit your learning reflection by Friday 18 October, 7:00pm via the submission page on
the ACCT103 LEARN site.
The learning reflection is comprised of six questions. You should write about 400 words per question
(excluding references). The word limit is 500 words per question.
You should cite any sources that are quoted or paraphrased in the body of your answer to each
question, and then list these sources at the end of each question. See the UC Library website for
details on how to cite various sources: https://www.canterbury.ac.nz/library/support/citations-andreferencing/. Use the APA style (7th edition) when presenting references.
Your submission must be your own work. You must not use Artificial Intelligence (AI) such as
ChatGPT to assist you with this assessment. Also, your submission must be not copied from someone
else’s work.
Academic Integrity
One of the key principles at UC is academic integrity, which involves acting honestly, ethically, fairly,
and respecting others in teaching, learning, research, and administration. It means producing honest,
ethical work and it's one of the key foundations of being a good student. It is expected that you are
familiar with UC’s regulations on academic misconduct, which can be found here:
https://www.canterbury.ac.nz/regulations/general-regulations/academic-misconduct-regulations/.
Question 1: Learning Activities
Discuss the following issues:
• What learning activities you have undertaken? E.g. attending lectures and tutorials, watching
recordings on LEARN or ECHO360, reading the notes on LEARN and chapters in the
textbook, working through questions on LEARN (self-study and previous test/exams),
completing the quizzes, etc.
• How beneficial (or helpful) have these learning activities been to you?
• Which topics have you found most interesting and challenging?
• Should more or less time have been spent on any topics covered in the course?
• Have you had any other challenges or difficulties with the course?
• How could the course be changed to improve your learning experience?
You do not need to include any references in your answer to this question.
Marking Rubric for Question 1:
0-1 mark
2-3 marks
4-5 marks
The student’s submission is The student’s submission is The student’s submission is
very brief and does not cover brief and only superficially detailed and thoughtfully
all the issues.
covers the issues.
covers all the issues.
ACCT103-24S2
Learning Reflection
Page 2 of 4
Question 2: Kaitiakitanga (or Guardianship) Applied to Financial Reporting
The difference between operating income and expenses, which is called a profit or loss for entities in
the corporate sector and a surplus or deficit for entities in the public and third sectors. This figure is
the primary focus of attention when entities release their financial reports to the public. A loss or
deficit is generally considered unacceptable to the governing board of entities and their stakeholders.
Discuss whether financial reporting is overly focused on profit at the expense of people and planet,
and then how financial reporting can be changed or reimagined, so that greater attention is placed on
social and environmental challenges in the world.
Marking Rubric for Question 2:
0-1 mark
2-3 marks
The student’s submission is The student’s submission
very brief and does not cover summarises
the
issues
all the issues.
discussed in the lecture slides
and notes. The arguments are
supported by a couple of
references.
4-5 marks
The student’s submission
examines the issues discussed
in the lecture slides and notes,
and highlights alternatives for
financial reporting.
The
arguments are supported by
several references.
Question 3: Valuation of Non-Current Assets
For property, plant and equipment, an entity can choose to use the cost model or revaluation model
under NZ IAS 16. The choice between the cost model and revaluation model and then the choice
among valuation methods (fair value, current cost or value-in-use) significantly affects an entity’s
income statement and balance sheet.
For intangible assets, an entity can also choose to use the cost model or revaluation model under NZ
IAS 38, although there are some restrictions. Most notably, internally generated brands and goodwill
cannot be recognised as assets.
Goodwill can be recognised as an asset but only upon acquisition under NZ IFRS 3.
Non-current assets are also subject to depreciation and/or impairment.
Discuss the merits and problems with how non-current assets are valued under the applicable NZ
accounting standards. Also, discuss how, if at all, you would change the NZ accounting standards to
resolve these problems. Limit your discussion to the large companies in corporate sector.
Marking Rubric for Question 3:
0-1 mark
2-3 marks
The student’s submission is The student’s submission
very brief and does not cover summarises
the
issues
all the issues.
discussed in the lecture slides
and notes. The arguments are
supported by a couple of
references.
4-5 marks
The student’s submission
examines the issues discussed
in the lecture slides and notes,
and
highlights
possible
changes to NZ accounting
standards. The arguments are
supported
by
several
references.
ACCT103-24S2
Learning Reflection
Page 3 of 4
Question 4: Capital Gains and Wealth Taxes
Revisit the tutorial question, “Question 1: Discussion of the NZ Tax System”. During lectures and
tutorials, there was some discussion of whether people with very high incomes and wealth are
currently contributing enough taxation for the NZ tax system to be considered fair and equitable.
For this question, you should discuss the possible merits and problems with introducing a
comprehensive capital gains tax or a wealth tax in NZ. Conclude your answer by stating if you do or
do not favour introducing such taxes.
Note that there is no “correct” answer to this question. All opinions are acceptable. However, to
receive full marks, your answer should be clearly expressed, logical and supported by evidence.
Marking Rubric for Question 4:
0-1 mark
2-3 marks
The student’s submission is The student’s submission
very brief and does not cover includes some pros and cons of
all the issues.
introducing capital gains and
wealth taxes and concludes
with their opinion on the
matter. The arguments are
supported by a couple of
references.
4-5 marks
The student’s submission
includes pros and cons of
introducing capital gains and
wealth taxes, which are
supported by evidence. Their
conclusion is well-justified.
The arguments are supported
by several references.
Question 5: Test and Exam
Discuss how you prepared for the mid-semester test, how you answered questions during the test, and
your test result. How, if at all, could you have prepared differently for the test? How, if at all, could
you have changed your approach during the test?
Discuss how you are preparing (or how you are planning to prepare) for the final examination.
You do not need to include any references in your answer to this question.
Marking Rubric for Question 5:
0-1 mark
2-3 marks
The student’s submission is The student’s submission
very brief and does not cover describes how they prepared
all the issues.
for the test, describes how they
coped during the test, and
reflects on their test result.
Their approach to preparing for
the final exam is described, but
their approach could be
improved.
4-5 marks
The student’s submission
critically reflects on how they
prepared for the test and
answered questions during the
test. They discuss their test
result and how they are
preparing for the final exam.
Lessons learnt from the test are
incorporated
into
their
preparation for the final exam.
Question 6: MYOB Project
As you completed the MYOB Project, you learnt to use MYOB to a basic level. First, discuss
MYOB’s ease of use. How user-friendly is MYOB? Second, discuss the features of MYOB that
were not utilised in the MYOB Project, the possible benefits of these features, and the circumstances
in which these features would most likely be used (or adopted).
ACCT103-24S2
Learning Reflection
Marking Rubric for Question 5:
0-1 mark
2-3 marks
The student’s submission is The student’s submission
very brief and does not cover describes MYOB’s ease of use
all the issues.
and some advanced features of
MYOB. The MYOB website is
referenced.
END OF ASSIGNMENT
Page 4 of 4
4-5 marks
The student’s submission
discusses MYOB’s ease of use
and a range of advanced
features of MYOB.
The
MYOB website and other
sources are referenced.