ACS1002 - Introduction to financial accounting - 2017

This unit will cover various aspects of financial accounting and builds on the principles introduced in AFS1000/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 goals 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 effects 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, and 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 an individual summative assessment task the acquisition of a comprehensive understanding of the topics covered by ACS1002.

Within semester assessment: 30% + Examination: 70%

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

Mr Irshaad Varachia

Students must have passed one of the following: AFG1000, ACG1000, AFS1000, AFW1000, ACW1000 or AFW1001 (pre 2009) before undertaking this unit.

AFC1030, ACC1030, AFF1121, ACF1121, ACB1002, AFG1002, ACG1002, ACW1002, AFW1002.