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
OfferedClayton First semester 2015 (Day)
Malaysia First semester 2015 (Day)
Clayton Second semester 2015 (Day)
Malaysia Second semester 2015 (Day)


This unit will provide a conceptual framework for accounting; the definition and recognition criteria for assets, liabilities, equity, income and expenses (including leases, inventory valuation, non-current assets, depreciation and impairment); the form and content of financial reports for partnerships and companies; and evaluate alternative measurement systems (historical cost, modified historical cost and fair value accounting).


The learning goals associated with this unit are to:

  1. account for recording and reporting of inventory applying the periodic and perpetual method as per issues raised in AASB 102. Prepare and complete balance day adjustments, closing entries and internal control systems to allow all final statements and bank reconciliations to be complete
  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 organisational forms
  4. apply the definition and recognition criteria for elements of financial statements as per the framework and specific international financial reporting standards
  5. identify and comprehend the accounting and accountability issues that arise from different measurement methods
  6. apply critical thinking, problem solving and presentation skills to individual and/or group activities dealing with financial accounting and demonstrate in individual summative assessment tasks the acquisition of a comprehensive understanding of the topics covered by ACC1030.


Within semester assessment: 35%
Examination: 65%

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)


AFC1000 or ACC1000 or AFC1021 or AFC1022


ACB1002, AFF1121, ACF1121, AFG1002, ACG1002, AFC1030, AFC1031, AFC1032, AFW1002, ACW1002, AFW1032, AFC1030