Faculty of Business and Economics

Monash University

Undergraduate - Unit

This unit entry is for students who completed this unit in 2015 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.

FacultyFaculty of Business and Economics
Organisational UnitDepartment of Accounting
OfferedBerwick Second semester 2015 (Day)


This unit will cover various aspects of financial accounting and builds on the principles introduced in AFW1000/ACW1000. Aspects associated with transaction reporting and the preparation of financial statements investigated include: the recording of inventory in a retail context, the use of control accounts, the role of specialised journals, a range of balance day-adjustments, reversing entries and account reconstruction. The unit also focuses on internal control procedures. The definition, recognition and disclosure criteria of financial statement elements are explored as well as the cost and fair value measurement of various financial statement elements.


The learning objectives 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 according 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. 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 and demonstrate in individual summative assessment task the acquisition of a comprehensive understanding of the topics covered by ACB1002.


Within semester assessment: 30%
Examination: 70%

Workload requirements

Minimum total expected workload to achieve the learning outcomes for this unit is 144 hours per semester typically comprising a mixture of scheduled learning activities and independent study. Independent study may include associated readings, assessment and preparation for scheduled activities. The unit requires on average three/four hours of scheduled activities per week. Scheduled activities may include a combination of teacher directed learning, peer directed learning and online engagement.

See also Unit timetable information

Chief examiner(s)


Students must have passed one of the following: ACB1000, ACC1000, ACF1000, ACG1000, ACP1000, ACW1000, AFC1000, AFC1021, AFC1022, AFF1000, AFF1110, AFG1000, AFP1000, AFW1000 or AFW1001 (pre 2009) before undertaking this unit.


AFC1030, ACC1030, AFF1121, ACF1121, AFG1002, ACG1002, AFW1002, ACW1002