Faculty of Business and Economics

Monash University

Undergraduate - Unit

This unit entry is for students who completed this unit in 2012 only. For students planning to study the unit, please refer to the unit indexes in the the current edition of the Handbook. If you have any queries contact the managing faculty for your course or area of study.

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6 points, SCA Band 3, 0.125 EFTSL

Refer to the specific census and withdrawal dates for the semester(s) in which this unit is offered, or view unit timetables.

FacultyFaculty of Business and Economics
OfferedGippsland First semester 2012 (Off-campus)
Gippsland Second semester 2012 (Off-campus)


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.


The learning goals associated with this unit are to:

  1. Account for the recording and reporting of inventory applying the periodic and perpetual method as per issues raised in AASB 102/IAS 102. Prepare and complete balance day adjustments, closing entries and internal control systems to allow all final statements and bank reconciliations to be completed.
  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 organizational forms.
  4. Apply the definition and recognition criteria for elements of the financial statements as per the Framework and specific international financial reporting standards. Consider accounting and accountability issues that arise from different measurement methods.
  5. Apply critical thinking, problem solving and presentation skills to individual and/or group activities dealing with financial accounting issues.


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

Chief examiner(s)

Dr Les Hardy


Students must have passed AFW1000 or AFW1001 (pre 2009) or AFG1000 before undertaking this unit.


AFC1030, AFF1121, AFW1002