AFC1030 - Introduction to financial accounting

Offered

Clayton First semester 2009 (Day)
Clayton Second semester 2009 (Day)

Synopsis

This unit will provide a conceptual framework for accounting; the definition and recognition criteria for assets, liabilities, equity, income and expenses (including leases, inventory valuation, non-current assets, depreciation and impairment); the form and content of financial reports for partnerships and companies; and evaluate alternative measurement systems (historical cost, modified historical cost and fair value accounting).

Objectives

The learning goals associated with this unit are to:

• apply the double-entry recording process to a range of transactions and balance-day

• describe the definitions and recognition criteria for assets, liabilities, equity, income and expenses
• evaluate and compare alternative measurement systems
• apply critical thinking, problem solving and presentation skills to individual and /or group activities dealing with financial accounting.

Assessment

Within semester assessment: 35%
Examination (3 hours): 65%

Contact hours

Two 1-hour lectures and one 1.5-hour tutorial

Prerequisites

One of AFC1000, AFC1021 or AFC1022

Prohibitions

AFF1121, AFW1002