Undergraduate - UnitAFC1030 - Introduction to financial accounting

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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).

Outcomes

The learning goals associated with this unit are to:

1. account for recording and reporting of inventory applying the periodic and perpetual method as per issues raised in AASB 102. Prepare and complete balance day adjustments, closing entries and internal control systems to allow all final statements and bank reconciliations to be complete
2. apply the principles of double entry accounting to the reconstruction of accounts
3. demonstrate how the regulatory environment affects accounting statements in the context of a range of organisational forms
4. apply the definition and recognition criteria for elements of financial statements as per the framework and specific international financial reporting standards
5. consider accounting and accountability issues that arise from different measurement methods
6. apply critical thinking, problem solving and presentation skills to individual and/or group activities dealing with financial accounting and demonstrate in individual summative assessment tasks the acquisition of comprehensive understanding of the topics covered by AFC1030.

Assessment

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

Chief examiner(s)

Mr John Gerrand

Contact hours

3.5 hours per week

Prerequisites

One of AFC1000, AFC1021 or AFC1022

Prohibitions

AFF1121, AFG1002, AFW1002