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
OfferedCaulfield First semester 2015 (Day)
Caulfield Second semester 2015 (Day)
City (Melbourne) TRI-B-29 2015 (Day)
City (Melbourne) TRI-C-29 2015 (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 ACF1121.


Within semester assessment: 40%
Examination: 60%

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 before undertaking this unit: AFF1000, ACF1000, AFF1110, ACP1000 or AFP1000.


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