Undergraduate - UnitACF1121 - Introduction to financial accounting

This unit entry is for students who completed this unit in 2014 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.

Level	Undergraduate
Faculty	Faculty of Business and Economics
Organisational Unit	Department of Accounting
Offered	Caulfield First semester 2014 (Day) Caulfield Second semester 2014 (Day)

Synopsis

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.

Outcomes

The learning goals associated with this unit are to:

explain and discuss generally accepted accounting principles (GAAP), measurement systems and the accounting conceptual framework
describe and apply definitions and recognition criteria for assets, liabilities, equities, expenses and income as specified in the conceptual framework
prepare financial statements for accounting entities including service and retail organisations using generally accepted accounting principles
apply principles of selected accounting standards
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 ACF1121.

Assessment

Within semester assessment: 40%
Examination: 60%

Chief examiner(s)

Dr Eric Lee

Workload requirements

Minimum total expected workload equals 144 hours per semester.

Prerequisites

Students must have passed one of the following before undertaking this unit: AFF1000, ACF1000, AFF1110, ACP1000 or AFP1000.

Prohibitions

ACB1002, AFC1030, ACC1030, AFG1002, ACG1002, AFW1002, ACW1002, AFF1121