Faculty of Business and Economics

Undergraduate - Unit

This unit entry is for students who completed this unit in 2013 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.

print version

6 points, SCA Band 3, 0.125 EFTSL

To find units available for enrolment in the current year, you must make sure you use the indexes and browse unit tool in the current edition of the Handbook.

FacultyFaculty of Business and Economics
Organisational UnitDepartment of Accounting and Finance
OfferedCaulfield First semester 2013 (Day)
Caulfield Second semester 2013 (Day)


This unit is concerned with developing a conceptual and practical accounting framework for financial reporting through the process of collecting, analysing, classifying, measuring, recording, presenting and interpreting financial information and developing financial reports for service and trading entities from both a manual and a computer-based system.


The learning goals associated with this unit are to:

  1. explain and discuss generally accepted accounting principles (GAAP), measurement systems and the accounting conceptual framework
  2. describe and apply definitions and recognition criteria for assets, liabilities, equities, expenses and income as specified in the conceptual framework
  3. prepare financial statements for accounting entities including service and retail organisations using generally accepted accounting principles
  4. apply principles of selected accounting standards
  5. apply critical thinking, problem solving and procedures to individual and/or group activities dealing with financial accounting, and demonstrate in an individual summative assessment task the acquisition of a comprehensive understanding of the topics covered by AFF1121.


Within semester assessment: 40%
Examination: 60%

Chief examiner(s)

Contact hours

3 hours per week


AFF1000, AFF1110 or AFP1000