ACB1120 - Financial accounting 1

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Overview

This unit provides students with an introduction to financial accounting guided by the Conceptual Framework and Accounting Standards. Emphasis is placed on accounting processes, practices and policies that enable the financial statements to be prepared. Students will integrate theoretical and technical knowledge learned and exercise judgement to explore accounting issues.

Offerings

S1-01-PENINSULA-ON-CAMPUS

S1-FF-PENINSULA-FLEXIBLE

Requisites

Prohibition

Contacts

Chief Examiner(s)

Dr Mahendra Goyal

Learning outcomes

On successful completion of this unit, you should be able to:

identify and analyse measurement systems and their relationship with the accounting Conceptual Framework

apply the principles of double-entry and accrual accounting

describe and apply definitions and recognition criteria for assets, liabilities, incomes and expenses as specified in the Conceptual Framework

apply principles of selected Accounting Standards and prepare financial statements for business entities including service and retail organisations

develop the ability to work effectively in a team; and demonstrate the development of skills in research, judgement and oral communication.

Assessment summary

Within semester assessment: 50% + Examination: 50%

This unit contains a hurdle requirement that you must achieve to be able to pass the unit. The consequence of not achieving a hurdle requirement is a fail grade (NH) and a maximum mark of 45 for the unit.

Workload requirements

Workload

Minimum total expected workload to achieve the learning outcomes for this unit is 144 hours per semester typically comprising a mixture of scheduled learning activities and independent study. Independent study may include associated readings, assessment and preparation for scheduled activities. The unit requires on average three/four hours of scheduled activities per week. Scheduled activities may include a combination of teacher directed learning, peer directed learning and online engagement.