ACF5950 · Introduction to financial accounting

Overview

This unit provides you with an introduction to accounting and an understanding of the preparation, presentation and interpretation of financial statements. In particular, emphasis is placed on accounting processes, practices and policies that enable the financial performance and financial position of an entity, as displayed by the balance sheet, income statement and statement of cash flows, to be measured, analysed and interpreted.

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

The Handbook lists no prerequisite, corequisite or prohibition for this unit.

Learning outcomes

1. describe and apply the definition and recognition criteria for assets, liabilities, income and expenses as specified in the conceptual framework
2. apply the principles of double-entry accounting and appraise the relative merits of accrual and cash accounting
3. analyse and record accounting transactions throughout the accounting cycle, and prepare financial statements consistent with accounting standards
4. demonstrate effective technical skills to construct accounting records and financial statements using an accounting information system
5. apply principles of selected accounting standards for service and retail organisations
6. critically evaluate an entity's financial position and performance utilising financial statement analysis.

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.