AFC1021 - Accounting principles

Leader: Mr John Gerrand

Offered

Clayton First semester 2007 (Day)

Synopsis

A conceptual framework for financial reporting; basic accounting procedures including transaction recording in journals and ledgers; balance day adjustments; methods of ensuring efficiency and control within the accounting information system; preparation of financial statements; the nature and preparation of cash flow statements; analysis and interpretation of short-term financial position.

Objectives

The learning objectives of this unit are to:

• describe the elements of financial reports;
• apply double entry recording and prepare financial reports for service and trading firms;
• describe internal control procedures;
• analyse and interpret financial information and explain its use for decision making;
• apply critical thinking, problem solving and presentation skills to individual and/or group activities dealing with introductory accounting.

Assessment

Written: 10%
Mid-semester test: 15%
Student presentation: 10%
Examination (3 hours): 65%

Contact hours

Two 1-hour lectures and one 1.5-hour tutorial per week

Prerequisites

This unit should only be taken by students who achieved a score of 40 or above in VCE Accounting (or equivalent Year 12 study)