ACC1100 · Introduction to financial 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

Assessment

The Handbook lists an examination for this unit.

Assessment details may change. Please refer to the assessment information in Moodle closer to the start of the teaching period.

Requisites

Learning outcomes

1. FIRST SEMESTER: identify and analyse measurement systems and their relationship with the accounting Conceptual Framework SECOND SEMESTER: explain fundamental accounting concepts and rules by justifying how and why economic transactions are recorded in accounting systems
2. FIRST SEMESTER: apply the principles of double-entry and accrual accounting SECOND SEMESTER: apply the Conceptual Framework and selected Accounting Standards to record transactions and prepare basic financial statements
3. FIRST SEMESTER: describe and apply definitions and recognition criteria for assets, liabilities, incomes and expenses as specified in the Conceptual Framework SECOND SEMESTER: interpret accounting data to derive and communicate meaningful and relevant business insights
4. FIRST SEMESTER: apply principles of selected Accounting Standards and prepare financial statements for business entities including service and retail organisations SECOND SEMESTER: collaborate effectively in team-based accounting tasks to contribute disciplinary knowledge and support collective problem solving
5. FIRST SEMESTER: apply critical thinking, problem solving, and communication skills within corporate financial reporting topics. SECOND SEMESTER: 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.

Student experience, not official rules. Nothing here changes what the Handbook says.