ACX1100 - Introduction to financial accounting

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Overview

This unit is designed for you if you are undertaking the accounting major. It will provide 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. You will integrate theoretical … For more content click the Read More button below.

This unit is designed for you if you are undertaking the accounting major. It will provide 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. You will integrate theoretical and technical knowledge learned and exercise judgement to explore accounting issues.

Requisites

Prohibition

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.

Teaching approach

Peer assisted learning

Active learning

Assessment

1 - Within semester assessment

2 - Examination

Scheduled and non-scheduled teaching activities

Lectures

Tutorials

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.

Learning resources

Technology resources

Other unit costs

Costs are indicative and subject to change.
Electronics, calculators and tools: $40