AFW1002 - Introduction to financial accounting

Offered

Berwick First semester 2009 (Day)
Berwick Second semester 2009 (Day)
Gippsland First semester 2009 (Off-campus)
Gippsland Second semester 2009 (Day)
Gippsland Second semester 2009 (Off-campus)
Sunway First semester 2009 (Day)
Sunway Second semester 2009 (Day)
Sunway Summer semester A 2009 (Day)
Peninsula Second semester 2009 (Day)
South Africa Second semester 2009 (Day)

Synopsis

This unit will cover various aspects of financial accounting. A deeper understanding of accounting processes to cover adjusting entries and reconstructions will be presented. Issues relating to financial statement elements will be investigated with reference to both historical cost and fair value accounting. Accounting procedures for partnerships and companies will also be considered.

Objectives

The learning goals associated with this unit are to:

• develop accounting skills in recording inventory, balance-day adjustments, cash flows and through reconstruction from incomplete records
• apply the definition and recognition criteria to the elements as discussed in the AASB Framework, within the context of both historical cost and fair value accounting
• account for the contributions of owner's equity and the distribution of profit within partnerships and companies, both in terms of recording and reporting
• apply critical thinking, problem solving and presentation skills to individual and/or group activities dealing with financial accounting issues.

Assessment

Within semester assessment: 30%
Examination (3 hours): 70%

Contact hours

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

Prerequisites

AFW1000 or AFW1001(pre 2009)

Prohibitions

AFC1030, AFF1121