Undergraduate - UnitAFG1002 - Introduction to financial accounting

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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.

Outcomes

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.

Assessment

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

Chief examiner(s)

Dr Les Hardy

Prerequisites

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

Prohibitions

AFC1030, AFF1121, AFW1002