Units / ACB1120
ACB1120 · Financial accounting 1
2027 Handbook6 credit pointsLevel 1Department of Accounting
Overview
This unit introduces you to fundamental accounting concepts and rules to provide a foundation for further study within the accounting discipline. Emphasis is placed on developing meaningful understanding of both accounting terminology and technical rules for recording, guided by the Conceptual Framework and selected Accounting Standards. Applying this knowledge along with critical thinking skills will facilitate evidence-based decision-making using accounting data, and the preparation and interpretation of financial statements.
Offerings
| Campus | Teaching period | Mode |
|---|---|---|
| Peninsula | First semester | Teaching activities are on-campus (ON-CAMPUS) |
Assessment
The Handbook lists an examination for this unit.
| # | Assessment | Type | Weight | Hurdle |
|---|---|---|---|---|
| 1 | 1 - Exercise | Exercise | 24% | — |
| 2 | 2 - Project | Project | 26% | — |
| 3 | 3 - Examination | Examination | 50% | — |
Assessment details may change. Please refer to the assessment information in Moodle closer to the start of the teaching period.
Requisites
Learning outcomes
- explain fundamental accounting concepts and rules by justifying how and why economic transactions are recorded in accounting systems
- apply the Conceptual Framework and selected Accounting Standards to record transactions and prepare basic financial statements
- interpret accounting data to derive and communicate meaningful and relevant business insights
- collaborate effectively in team-based accounting tasks to contribute disciplinary knowledge and support collective problem solving
- analyse accounting data to identify issues and support reasoned conclusions in business contexts.
Workload
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. You are expected to complete all pre-class activities prior to your scheduled class, and post-class activities should be completed after your scheduled class. Learning activities may include a combination of teacher directed, peer directed and online engagement activities.
| Activity | Duration |
|---|---|
| Lectures | 12 hours |
| Tutorials | 24 hours |
| Seminars | 6 hours |
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