Faculty of Business and Economics

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This unit entry is for students who completed this unit in 2016 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.

Monash University

6 points, SCA Band 3, 0.125 EFTSL

Undergraduate - Unit

Refer to the specific census and withdrawal dates for the semester(s) in which this unit is offered.


Business and Economics

Organisational Unit

Department of Accounting


Mr Alan Serry



  • First semester 2016 (Day)
  • Second semester 2016 (Day)

City (Melbourne)

  • Trimester A 2016 (Day)
  • Trimester B 2016 (Day)
  • Trimester C 2016 (Day)


This unit provides students with an introduction to financial accounting guided by the Conceptual Framework and Accounting Standards. Emphasis is placed on accounting processes, practices and policies that enable the financial statements to be prepared. Students will integrate theoretical and technical knowledge learned and exercise judgement to explore accounting issues.


The learning goals associated with this unit are to:

  1. identify and analyse measurement systems and their relationship with the Accounting Conceptual Framework
  2. apply the principles of double-entry and accrual accounting
  3. describe and apply definitions and recognition criteria for assets, liabilities, incomes and expenses as specified in the Conceptual Framework
  4. apply principles of selected Accounting Standards and prepare financial statements for business entities including service and retail organisations
  5. develop the ability to work effectively in a team and demonstrate the development of skills in research, judgement and oral communication.


Within semester assessment: 50%
Examination: 50%

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)

Mr John Webster (City)
Dr Martin Weisner (Caulfield)


ACB1002, AFF1121, ACF1121, AFG1002, ACG1002, AFC1030, AFW1002, ACW1002, ACC1100, ACP1100.